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Crosshairs on Corporate America

“Wanted” posters targeting Wall Street and healthcare executives surfaced in New York City a few days after Luigi Mangione was arrested in relation to the murder of a health insurance executive. Posters with the slogan "Free Luigi" and pictures portraying Mangione as a saint appeared next to them. 


Outrage over refused medical claims and the disclosure of painful personal experiences with insurance companies were the first causes of the deadly shooting of UnitedHealthcare's CEO. However, after years of excessive inflation, that reaction has become a wide plebiscite on big business. 


Social media users have hailed Mangione as a hero for reportedly killing someone they believe had indirectly hurt thousands of people by refusing them insurance, lionising him as a contemporary Robin Hood. Even those who denounce the murder of the executive Brian Thompson, are calling for a reassessment of what they see to be a skewed system where businesses make money off of the suffering of their clients and staff. 


Individual acts of violence against the financial elite provide an opportunity for the ruling class to undermine the working class's democratic rights and strengthen state repression against movements aimed at ending capitalism. The corporate media abruptly learned about UnitedHealthcare's reputation for rejecting claims and mistreating policyholders, revealing that the CEO approved AI-driven claim denials. 


The relationship between corporate power and Americans is complex. Values like capitalism and entrepreneurship are deeply ingrained; executives and brands are respected. Donald Trump's reputation as a prosperous businessman is cited by many Americans as the main factor in their vote. Elon Musk, the owner of X and the CEO of Tesla amassed over 200 million followers on social media, which enabled him to spark national discussions on various controversial topics. 


The gap between reality and perceptions of business malfeasance is significant. There is ongoing debate about how much corporate profit motives have driven

recent inflation. While some companies foster strong brand loyalty, many invest heavily in community-focused philanthropy. Employee trust tends to be higher toward their CEOs than toward corporate executives in general. 


The 2024 Edelman Trust Barometer reveals that trust in business among Americans has fallen to 53%, down from 55% last year. For the first time, Republicans reported lower trust in business than Democrats. Additionally, individuals in the lowest income quartile exhibit significantly lower trust levels, underscoring socio-economic disparities in perceptions of corporate behavior. Nevertheless, the company discovered that Americans continue to have more faith in business than in the government or the media. 


Corporate greed became a campaign talking issue for both major political parties, and Americans have become more distrustful and irate with companies. Complaints about growing pay disparities between CEOs and employees were heightened by well-publicized labor strikes against ports, hotels, automakers, and even Hollywood studios. 


Corporate leaders must recognize that mourning Thompson’s death and tightening security won't suffice in the face of the significant backlash against their organizations. Underestimating public sentiment could be a grave miscalculation. Discontent among consumers and employees has escalated from distrust to outright animosity, reflecting a broader skepticism toward capitalism. Executives overlooking this critical moment risk damaging their reputations and undermining the essential trust needed for sustainable business practices. 


Corporations should carefully assess their core purpose by asking key questions: What is our reason for existence? Who would be affected if we ceased operations? What values do we aim to deliver, and to whom? These inquiries are essential for shaping sustainable strategies. Following this, consider fair profit margins, the relationship between executive compensation and front-line workers, and addressing overlooked externalities in financial assessments. 


This process often requires re-evaluating business models, compensation structures, resource allocation, and stakeholder agreements. Organizations that engage in these discussions early will likely gain a competitive edge in attracting customers and talent, establishing greater trust in the market. While it requires courage to rethink leadership and organizational roles, such change is crucial for long-term success.


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