Posted on 04/09/2023 1:44:24 PM PDT by MtnClimber
As the current banking crisis continues to roll through the global financial system, one common denominator among all the bank failures to date has been corporate ESG policies promoting climate action, diversity, equity, and inclusion, and other progressive initiatives.
Silicon Valley Bank , the first bank to collapse, lent to more than 1,500 start-up climate tech firms, the majority of which had no cash flow or ability to service bank debt. Most of the directors on the bank’s board had no banking experience but were instead chosen for the DEI boxes that they ticked.
GOP ATTORNEYS GENERAL THREATEN LEGAL ACTION TO COMPANIES WHO PRIORITIZE ESG INVESTMENTS
Signature Bank, the second institution to be seized by federal regulators, prided itself on being “the first bank in the United States to have an openly gay man on the board” and held internal seminars on the use of proper pronouns in the workplace. The bank was also an official supporter of the Task Force on Climate-Related Financial Disclosures and had started to disclose its lending portfolio emissions as the first step toward a net-zero banking model.
First Republic Bank, which recently required a $30 billion bailout from its industry peers to stay afloat, became the first large U.S. bank to stop lending to the fossil fuels industry back in 2021, achieving carbon neutrality that same year.
Even Credit Suisse, the most systemically important bank to fail thus far, believed in “sustainable finance for a better world” and did its part to direct capital toward the achievement of the United Nations’ Sustainable Development Goals for 2030. The Swiss bank also actively promoted its transgender “allyship” by having a high-profile, non-binary, gender-fluid section head within its Global Markets Technology group.
In response, the hashtag “GoWokeGoBroke” has gone viral over the last month.
(Excerpt) Read more at washingtonexaminer.com ...
Give them the J6 prisoner treatment. They deserve it.
I just don’t understand what happened to the concept of fiduciary responsibility.
Hey, Mr. Banker — are you keeping on eye on risk management as you run your bank?
Well, No. I don’t care about that stuff. I’m focused on helping black people get equity all over the country.
Hey, Mr. Big Business — are you trying to make products that please your customers?
Well, No. I don’t care about that stuff. I’m focused on the LGBTQ community and making those people feel valued.
There ought to be lawsuits from stockholders over this stuff.
ESG. Is that like MSG?
“”Signature Bank, the second institution to be seized by federal regulators, prided itself on being “the first bank in the United States to have an openly gay man on the board” and held internal seminars on the use of proper pronouns in the workplace.””
Their ‘pronouns’ are now: deadbroke, bankrupt, doofus
They are all Madoff/Bankman Fried quality gonefs and these criminals should be in prison.
Let’s go, Brandon!
As regards banks, they have no fiduciary responsibility to the depositors. Legally, when you put your money in a bank, you are loaning them money. You are an unsecured creditor. That's all. And that's not worth much. The FDIC has less than 25 billion (last I heard) to cover trillions in deposits.
Every single person who puts money in a bank should be required to see that information in writing and have the legal ramifications of that fully explained to them.
Fair point. But I wasn’t thinking about the depositors. I was thinking about banking and financial services stocks. You can invest in JP Morgan or Bank of America, just like you can invest in Amazon or IBM. People who run these things are expected to be responsible adults.
I agree. As you noted I was only addressing the depositors.
Theoretically at least, investors have the option of not investing in such enterprises. As depositors, realistically, we don’t really have much choice, one bank is largely the same as the next. We don’t even have the option of keeping all our money at home. The IRS considers keeping large amounts of cash to be proof of a crime, it can and will raid you and confiscate your money. A crime of which you are required to prove your innocence, via a very expensive legal battle, if you hope to recover any of your money.
IRS? Pffftt!!
Try every sheriff’s office in the country. You can be going with cash to buy a used car. Or coming home from selling a boat for cash.
And then the department that makes the seizure usually gets to keep the seized money.
I wonder if ….. No, never mind.
Lock them up!
Lock them up!
Lock them up!
Lock them up!
Lock them up!
Lock them up!
Lock them up!
Lock them up!
Lock them up!
Lock them up!
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