Javier Palenque

Global Business Development Consultant based in Miami

MARCH 2020

Javier is known for casting vision and expert strategy that transform traditional companies into industry leaders, boost staff morale, and drive profitable, sustainable, and scalable growth.

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CHASE BANK, JAMIE DIMON, USTA, AND CAPITALISM

Last month I saw a short article written by Chase bank’s

CEO Mr. Jamie Dimon, here is a link to his article

(it’s a short read, worth your time) in it, he writes about how

capitalism is :

  • At a tipping point

  • Doing a poor job of helping those who need it most

  • Why Americans are looking for other ways to be
    governed (socialism)

  • Capitalism must be modified to create a better society
    and opportunity

  • Rebuilding our infrastructure system for better education
    for all and do work that 
    benefits us all as a society.

  • Good government is essential

  • Creating win-win for all cities, governments, people, etc.

What Mr. Dimon misses in his analysis is that in order for a society to function well, it is counting on its leaders to do what is right and when these individuals don’t do that simple thing, the best economic system can collapse. So, it is up to us, as participants, investors, contributors to hold people and institutions accountable. Only we can make capitalism better.

 

What is obvious to many of us is that capitalism is not a moral system. Yet morality is impossible unless one is free to choose between alternatives without outside coercion. Since capitalism is based on freedom of choice, it provides the best environment for morality and character development. There can be no morality without responsibility and no responsibility without self- determination. Responsible self-determination implies rationality, honesty, self-control, productiveness, and perseverance. This is what is missing, and this is the main cause of the failure of capitalism.

 

Ok, so what does that have to do with tennis? Everything. You see, these are nice words from the prominent CEO of CHASE, which is the largest and oldest sponsor of the US Open. Let us not forget that the US Open is a nonprofit organization that runs the most profitable spectacle in the USA next to the Super Bowl. This means beaucoup d'argent (lots of money). What I would like for Mr. Dimon and CHASE to do, is to be consequential with his words and analysis. That means to bring that criticism of capitalism to the forefront and the venues they sponsor. It is easy to do and if there is a will it is only a phone call away. That simple phone call can start a change for better accountability and better capitalism.

 

I want CHASE to do right by the nonprofit constituents and that means condition its support to the US Open only after verifying that the mission of the USTA is being followed. I want CHASE to check and validate the revenue numbers that the US Open gets and compare them to the numbers that end up in the hands of the kids, coaches, parks, and schools that need it most. Let us not forget that the USTA is a non-profit. What he will find is an abysmal failure of morality and competence not to mention accountability.

 

If as CHASE you don’t scrutinize to the penny whom you support are you then being lazy? And are you then complicit to the destruction of the sport? Complicit in the failure of capitalism for our kids and parks that need responsible leaders the most? Or are you being a responsible sponsor (capitalist) and making sure that if you give your name and money for a non-profit, that the mission of the non-profit is actually happening? This is the EXTRA step that is needed.

(Diane Bondareff / Invision for JP Morgan Chase)

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This is my request to the largest sponsor of the US Open. Do what you say we need, act on behalf of those who need the most, demand good governance from the USTA to get your sponsorship funds, make sure we have a win-win for all tennis participants. Don't just get your promo out and the check cashed and not follow through, ask for accountability to the penny. Those without a voice count on your responsibility to them.

You see Mr. Dimon, what we need is more involved people in our system with high moral and ethical values. People who see that responsible actions create responsible capitalism. You can do more with your power and influence, use it, help those who are not heard, those who can’t speak, those who lack a seat at the table. Be the moral and ethical leader we need. Can you be that? Can you help capitalism in this way? Can you look after others other than your own interests for the sake of the whole?

I hope you get this matter going, our kids all over the country, our parks, our coaches and our sport, need your help, not only with a check but doing what is morally correct and asking for full accountability from the USTA. I trust that your words will elicit your people to make the call to the USTA and demand transparency and demand changes and make better use of our system before it ends destroyed and our kids hurt.

Lastly, here is a link to an article that will enlighten you to the US open revenue allotment and the mission and your sponsorship, it’s a 90-second read and a world of knowledge revealed. If after reading the piece you are not disgusted and call the USTA and demand change, I would be utterly surprised.

https://www.linkedin.com/pulse/mirage-us-open-reality-shameless-theft-opportunity-javier-palenque/

Do the right thing Mr. Dimon, the sport will thank you for it. Hold the USTA accountable like a good moral and ethical capitalist would, for the benefit of us all. We need you to act on your words, actions mean responsibility and that leads to accountability and it is exactly what we need.

 

Javier Palenque

"I say no to ineptitude and yes to growing the game"

I can be reached @palenquej or jpalenque@yahoo.com

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