Posted on 03/15/2023 10:22:34 AM PDT by Milagros
“Was there regulatory failure? Perhaps. SVB was regulated like a bank but looked more like a money-market fund. Then there’s this: In its proxy statement, SVB notes that besides 91 percent of their board being independent and 45 percent women, they also have ‘1 Black,’ ‘1 LGBTQ+,’ and ‘2 Veterans.’ I’m not saying 12 white men would have avoided this mess, but the company may have been distracted by diversity demands.”
(Excerpt) Read more at wsj.com ...
Libtards
They’re good at killing things
It certainly played a part. Only one person on the Board had any financial knowledge at all. How can a board that has very limited knowledge effectively run a bank? How many of the Board members were placed on the Board because of woke polices dictating the decisions to pick them? How many of them made decisions that created the problems?
The opinion piece was taken down by WJS following criticism from another agency, which can be seen as an act of censorship.
Reminds me of Interior Secretary James Watt's statement "I have a black, I have a woman, two Jews and a cripple. And we have talent."
When you toss out “merit” in hiring and replace with something that has nothing to do with doing the job well you will always get a less qualified person.
Being “gay”, trans, lesbian, black, brown, yellow, red, disabled, veteran etc is not a qualification to do anything!
The reason there is a saying “going woke going broke” is true is because once a business loses sight of what their purpose is (making a profit) they will soon begin the downward slide into failure.
Here’s SVG’s report of being in compliance with the WEF’s ESG’s requirements
https://www.svb.com/globalassets/library/uploadedfiles/wef-index-2022.pdf
A true truth. I was not aware that mgmt at SVB went so lopsidedly woke. I still do not understand (well, I understand the mechanics, but not the stupidity of the strategy) of “parking” short term funds in 10 year bonds, when Powell has stood up behind his gilded podium and promised in no uncertain terms that rates would be jacked.
Not ‘wokeness’, IGNORANCE.
It is ignorance of the highest order to believe that investing real money into fake, emotionally based junk schemes will actually be a good thing.
This is Pointy-Haired Boss from Dilbert thinking................
I heard that as well, that only one person on that board of directors has any banking or financial business experience.
The obvious question is, how can you have a group of people with no Financial knowledge running that business? And did their lack of knowledge of the banking business contribute to the bank failure, because that group of people didn’t know what they were doing?
Huh?
Wokeness is more than just an idea?
I thought there were actual people responsible for the failures. I guess that is just a quaint and outdated way of assigning responsibility./s
Long before its epic collapse, Silicon Valley Bank (SVB) was a darling of the left. It allied in cash and manpower with a liberal nonprofit run by California Gov. Gavin Newsom's wife and fully embraced the environmental, social and governance (ESG) platform now being banned in some red states, while celebrating its executives' involvement in the LGBTQ+ movement.
These were a bunch of rich wokey jokers who were not even serious about running a bank. The only adult, apparently, was Joe Gentile, who helped engineer the collapse of Lehman Brothers back on 2007. This is what the whole country has to look forward to as millennial gobshytes take over everything.
No easy task in a government of elitist libtards, by elitist libtards and for the benefit of elitist libtards.
Poor management and inflation did them in.
Here’s the guy who ran Signature Bank which also failed:
Scott A Shay. Carlson featured him on his show last night, the wokester who made videos about pronouns:
They live in a fantasy world.
Which one?
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