Posted on 03/13/2023 1:22:53 PM PDT by knighthawk
Executives at Silicon Valley Bank focused on woke initiatives to increase diversity amongst its ranks and invest in startups promoting a 'healthier planet,' but failed to spot its glaring problems with investments as interest rates rose.
The now-failed bank had an A rating for its Environmental, Social and Governance policies according to the MSCI index after creating its own initiatives to 'advance inclusion and opportunity in the innovation economy' and investing in clean energy solutions over the past few years.
It even announced that it would invest a whopping $5billion by 2027 to support sustainability efforts, while its European offices held a monthlong Pride celebration and promoted 'safe spaces.'
(Excerpt) Read more at dailymail.co.uk ...
They own the etfs and funds that own just about everything ...
its all purposeful....all of it...
The last time the banks went broke was due to a focus on the minority race of mortgage applicants instead of financial qualification for loans.
...and use other people’s money to do it
“Go woke, get bailed out.”
The bank leadership should be held legally responsible as a lesson to other bankers.
Instead, other bankers get the lesson that they will be rewarded for putting wokeness over fiduciary duty to shareholders and bank customers.
This is lighting a fuse.
Don’t do business with sodomites.
What distinguishes this potential bailout of uninsured depositors from the bailout of the 7 big banks in 2008 is that 2008 involved government loans to the undercapitalized banks, that had not yet failed, to avoid systemic failure of the banking system The loans were paid back with interest. SVB is not a bank bailout in the true sense. Nor do I see its failure as systemic to the entire banking system as was 2008 which was exposed to a national economic crisis. How the media loves that word “systemic” to promote crisis and panic. It is systemic solely to that one poorly managed bank coupled with a unique sense of growth circumstances in one industry- tech. It may end up being an uninsured depositor bailout where the bank has already failed and, if the government does reimburse uninsured depositors, which is currently unclear, it is a gift by the taxpayers, not a loan as was the case in 2008. Uninsured depositors should not be reimbursed with taxpayer funds.
Oh well, at least a mid-manager could feel empowered if he showed up in high heels and a dress....
Same thing this administration is doing with our country
good riddance to bad garbage
Sounds like Brandon’s White House staff...
Yes, they are woke and didn’t watch their business properly, but Yahoo Finance has an article up blaming it on...guess who? The Trump Administration.
It’d really suck if a Californian went to the bank to withdraw his cash and the bank couldn’t process it because of a Newsome power outage.
I hope they are held personally liable for not being fiduciary responsible, as required under law.
By itself, hiring ESG and DIE officers doesn’t cause bankruptcy. It’s the stupidity associated with such decisions that causes the failures (along with the atmosphere of total stupidity in the organization).
It’s all about China.
Biden’s help is to help China
Biden’s daddy Xi is the recipient of this bailout.
I wouldn’t give them a dime.
And where are the loser “republicans” opposed to this bailout?
Silent and/or complicit.
Woke is a cancer, a terminal cancer
God has plans for immoral people.
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