Posted on 03/13/2023 1:09:09 PM PDT by grundle
Collapsed lender Silicon Valley Bank operated without a chief risk officer between April 2022 and January 2023 while the operation's United Kingdom-based Head of Risk stands accused of prioritizing pro-diversity initiatives over her actual role.
This revelation comes after the firm became the largest bank to collapse since the 2008 financial crisis - disclosing a $1.8 billion loss in its finances.
SVB's former head of risk, Laura Izurieta, who formerly performed a similar role for Capital One, left the bank in April 2022. She wasn't replaced until January 2023 when the bank hired Kim Olson, formerly of Japanese bank Sumitomo Mitsui.
Meanwhile, Jay Ersapah, who acts as Head of Risk for the bank in Europe, Africa and the Middle East and who describes herself as a 'queer person of color from a working-class background' - organized a host of LGBTQ initiatives including a month-long Pride campaign and implemented 'safe space' catch-ups for staff.
In a corporate video published just nine months ago, she said she 'could not be prouder' to work for SVB serving 'underrepresented entrepreneurs.'
Professional network Outstanding listed Ersapah as a top 100 LGTBQ Future Leader.
'Jay is a leading figure for the bank’s awareness activities including being a panelist at the SVB’s Global Pride townhall to share her experiences as a lesbian of color, moderating SVB’s EMEA Pride townhall and was instrumental in initiating the organization's first ever global "safe space catch-up", supporting employees in sharing their experiences of coming out,' her bio on the Outstanding website states.
It adds that she is 'allies' with gay rights charity Stonewall and had authored numerous articles to promote LGBTQ awareness.
These included 'Lesbian Visibility Day and Trans Awareness week.'
(Excerpt) Read more at dailymail.co.uk ...
AP:
On Monday, Powell announced that the Fed would review its supervision of Silicon Valley to understand how it might have better managed its regulation of the bank. The review will be conducted by Michael Barr, the Fed vice chair who oversees bank oversight, and will be publicly released May 1.
“We need to have humility,” Barr said, “and conduct a careful and thorough review of how we supervised and regulated this firm and what we should learn from this experience.”
Silicon Valley’s CEO, Greg Becker, in the past had lobbied Congress for a lighter regulatory touch, and he served on the board of the Federal Reserve Bank of San Francisco until the day of the Silicon Valley collapse.
“I’m at a loss for words to understand how this business model was deemed acceptable by their regulators,” said Aaron Klein, a congressional aide who worked on the Dodd-Frank banking regulation law that was passed after the 2008 financial crisis.
This is Good. From Cold Fusion:
Silicon Valley Bank, Signature Bank and Silvergate bank have all collapsed throwing up a warning signs that something horrible is happening in the economy. But what’s the truth here? This is a story of incompetence, a changing economic environment and political lobbying.
https://www.youtube.com/watch?v=OU72wcPyUfM
I would hazard a guess that not a single employee involved in strategic aspects will leave banking.
I really don’t think it matters.
They bought T at 2.0.
Never hedged it. Players took it out.
Well she describes herself as “a queer woman of color.”
Yay! Lesbians! Meanwhile SVB gave over $73 million to “BLM and similar causes.”
Lesbian Visability Day.........Lesbians, every banker should have one to lick those rising interest rates!(snark sarc.)
“Everything woke turns to shit.”
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“Everything the government touches turns to shit.” - Ringo Starr
Essentially the same thing - it’s what happens when logic, common sense, a knowledge of history and knowledge of basic human psychology are removed from the decision-making process.
Well said and so true!
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