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An outstanding ESG rating - but no chief risk operator: SVB hired woke board obsessed with diversity, invested $5BN for 'healthier planet' and held monthlong Pride celebration - but failed to spot glaring problems with investments
UK Daily Mail ^ | March 13 2023 | MELISSA KOENIG

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 ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: bank; bankfailures; bidenvoters; diversity; esg; siliconvalley; svb; svbbank; woke; wokeboard; wokemanagement
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To: plangent

They own the etfs and funds that own just about everything ...


21 posted on 03/13/2023 2:18:49 PM PDT by bankwalker (Repeal the 19th ...)
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To: knighthawk
we need to stop thinking that these things happen by accident....

its all purposeful....all of it...

22 posted on 03/13/2023 2:22:19 PM PDT by cherry
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To: knighthawk

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.


23 posted on 03/13/2023 2:25:42 PM PDT by SaraJohnson
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To: Red Badger

...and use other people’s money to do it


24 posted on 03/13/2023 2:26:47 PM PDT by Fledermaus (It's time to get rid of the Three McStooges; Mitch, Kevin and Ronna!)
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To: knighthawk

“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.


25 posted on 03/13/2023 2:59:09 PM PDT by UnwashedPeasant (The pandemic we suffer from is not COVID. It is Marxist Democrat Leftism.)
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To: knighthawk

Don’t do business with sodomites.


26 posted on 03/13/2023 3:02:23 PM PDT by ConservativeInPA ("How did you go bankrupt?" Bill asked. "Two ways," Mike said. "Gradually and then suddenly." )
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To: knighthawk

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.


27 posted on 03/13/2023 3:17:46 PM PDT by chuckee ( )
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To: TalBlack
It just seems to me that if bonds are yielding practically zero percent for a decade, to lock in long term bonds at that rate for another decade is idiotic. Did they think that rates would never rise? Did they not forsee the potential for inflation that was on the horizon?

Oh well, at least a mid-manager could feel empowered if he showed up in high heels and a dress....

28 posted on 03/13/2023 3:32:09 PM PDT by fhayek
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To: knighthawk

Same thing this administration is doing with our country


29 posted on 03/13/2023 3:34:45 PM PDT by HollyB
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To: knighthawk

good riddance to bad garbage


30 posted on 03/13/2023 4:19:59 PM PDT by rod5591
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To: knighthawk

Sounds like Brandon’s White House staff...


31 posted on 03/13/2023 4:44:08 PM PDT by Brown Deer (America First!)
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To: knighthawk

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.


32 posted on 03/13/2023 5:09:20 PM PDT by woweeitsme
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To: knighthawk

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.


33 posted on 03/13/2023 6:01:01 PM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: Sicon

I hope they are held personally liable for not being fiduciary responsible, as required under law.


34 posted on 03/13/2023 7:12:36 PM PDT by wgmalabama (Censored!)
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To: knighthawk

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).


35 posted on 03/13/2023 7:36:06 PM PDT by norwaypinesavage (Did Norfolk Southern ESG and Equity policies cause the train derailment in East Palestine?)
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To: cherry

It’s all about China.

Biden’s help is to help China

Biden’s daddy Xi is the recipient of this bailout.


36 posted on 03/13/2023 9:29:38 PM PDT by Syncro (Facts and Truth)
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To: knighthawk

I wouldn’t give them a dime.

And where are the loser “republicans” opposed to this bailout?

Silent and/or complicit.


37 posted on 03/13/2023 10:05:50 PM PDT by july4thfreedomfoundation (Disband and Defund the putrid FBI. America does not need an out of control Gestapo)
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To: BenLurkin
Any sentence or statement that starts with Bernie Sanders says is one that you can ignore.
38 posted on 03/13/2023 11:17:49 PM PDT by neverevergiveup
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To: knighthawk

Woke is a cancer, a terminal cancer


39 posted on 03/14/2023 3:02:18 AM PDT by ronnie raygun
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To: knighthawk

God has plans for immoral people.


40 posted on 03/14/2023 3:14:19 AM PDT by eartick (Stupidity is expecting the government that broke itself to go out and fix itself. Texan for TEXIT)
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