Skip to comments.Did ESG Help Sink SVB?
Posted on 03/18/2023 6:55:04 PM PDT by george76
One entrepreneur says the bank was offering ‘basically subprime business loans.’
If government funds it, they will come. That’s an overlooked story line in the collapse of Silicon Valley Bank. If Washington wants to point fingers, it should aim the biggest digit at itself.
We serve those creating positive environmental change,” SVB’s website brags, noting that the bank worked with some 1,550 companies in the “climate technology and sustainability sector.”
Most of these companies weren’t filling some vital market need. Rather .. SVB was beloved for its willingness to offer “banking services to startups that often weren’t profitable, in some cases didn’t have a product, and
subprime business loans. You’re talking about companies that have no credit profile, they’re burning cash and . . It was basically social credit.”
The Biden bills were a supercharged version of Barack Obama’s 2009 stimulus, which produced Solyndra’s federal loan guarantees and other green embarrassments. Yet Washington is adept at repeating mistakes.
A honey pot of hundreds of billions sits waiting to be taken. Cue the clean-tech scramble.
Even a junior banking regulator should have picked up on SVB’s distress, but that’s apparently a grade above San Francisco Federal Reserve President Mary Daly. She and her team have spent more time of late focused on hypothetical climate risk than the real risk of bank failures. What woke overseer wants to clamp down on the darling of clean-tech banking?
the bank was overly focused on turbofunding climate and social-engineering causes... SVB and its clients were doing exactly what Washington invited them to do—chase the money. And one big lesson is that no good ever comes from D.C. attempts to micromanage markets.
(Excerpt) Read more at wsj.com ...
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Does a bear poop in the woods?
Does the sun rise in the east?
Is the Pope a Marxist?
I spent 43 years in commercial banking, and in that time, I never saw anything as stupidly run as SVB. Over and beyond that, the Bank examiners were totally asleep and criminally negligent.
Bidens clean tech funding giveaways includes harebrained schemes such as pumping CO2 underground. China and Russians are having a great laugh at our climate hysteria. Led by cloistered urbanites who haven’t a clue how the natural world works.
I always say -— Go ask a farmer for a dose of CO2 reality.
stupidly run is an understatement, I’m sure the gay partiers along with ESG and DEI were reassured to keep the party going don’t worry we have your back. You are the first of many allowing us to consolidate by public fear into the pick 4 and the ushering on of digital currency, the main objective
OVERLOADED with loans to “Start-Ups”.
There is an unhealthy attitude towards handing $$$$$$$ to people who haven’t a clue about how to run a business.
Michaelangelo could paint the Sistine Chapel.
Doubt he could be the church treasurer.
Silicon Valley Bank was operated by democrats woke and liberals nothing was on the up and up it would be foolish to think other wise.
Only one person had banking experience it’s believed near 20 other banks are in the same mode as SVB was in.
If you know the right people rules are just a hint.
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