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Squawk Pod

A Balance of Power: The CCP, Fox Corp, & “Woke” Executives 10/17/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2543 Ratings

🗓️ 17 October 2022

⏱️ 40 minutes

🧾️ Download transcript

Summary

After President Xi Jinping delivered a speech at the Chinese Communist Party congress over the weekend, leaders and experts around the world are considering what his strategy to maintain power means for the balance of geopolitics around the globe. Member of the Council on Foreign Relations Michelle Caruso-Cabrera discusses the implications of Xi’s speech for the U.S. and for global markets, as well as the next chapter for a U.K. struggling with an energy crisis, falling pound, and leadership transition. Geopolitics have also taken hold in executive boardrooms in the U.S., shifting corporate strategy across industries. NYTimes bestselling author and famed critic of “woke” culture Vivek Ramaswamy argues that ESG initiatives and shareholder capitalism are doing more harm than good; however, Yale’s leadership expert Jeff Sonnenfeld insists that C-suite stances on social justice and the global balance of power are worthwhile. In a heated debate, the two corporate culture pundits spar over the many implications of America’s outspoken companies. Plus, Meta’s metaverse is low on traffic, and reorganizations could be en route for Fox and for Goldman Sachs. In this episode: Michelle Caruso-Cabrera @MCaruso_Cabrera Vivek Ramaswamy, @VivekGRamaswamy Jeff Sonnenfeld, @JeffSonnenfeld Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0

Hi, I'm C.N.C. producer Katie Kramer, today on Squack Pod.

0:08.0

We are taking a long look at China, the world's second largest economy, and a flashpoint in the debate on how far corporations

0:15.4

can weigh in on politics.

0:17.4

The country's ruling elite handing its president and unprecedented third term, Michelle

0:21.5

Caruso Cabrera,

0:22.5

Council on Foreign Relations Member joins us.

0:24.9

Is there any evidence that Shishin Ping

0:27.7

has lost any grip on power or is you consolidating power?

0:31.4

And there is no evidence.

0:33.0

Yale leadership expert Jeffrey Sonnfeld should CEOs be standing up when complex

0:38.1

geopolitics are at stake.

0:40.1

China is not the same thing as Russia, Iran, or North Korea.

0:43.6

I don't know anybody who says corporations have to take on every social issue.

0:48.3

And critic of so-called woke capitalism in its inconsistencies, Vivic Ramaswami.

0:53.6

Now we're in the worst of all worlds where companies get appointed with this moral patina.

0:58.0

Plus, first, Joe Becky and Andrew with all the headlines that got us squawking.

1:03.0

When you're in the teens of October, you get scary.

1:05.0

And about face in the UK.

1:07.0

Completely undoing everything that was set forward and redoing that budget.

1:12.8

Reorg season at Goldman Sachs and at Fox.

1:15.4

I think you're going to see a massive food fight

1:17.2

over the next couple of weeks and months.

...

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