IN more evidence of “go woke, go broke,” it has now been revealed that the disastrously failed Silicon Valley Bank that federal regulators had to abruptly close down had wasted $74 million of its investors’ money on Black Lives Matter causes.
SVB was far more worried about funding and pushing hardcore, anti-American, woke causes (as we noted here on Monday) than in being good stewards of its assets, as we see yet again with this news.
Per The Federalist:
According to a new database by the conservative Claremont Institute, the collapsed bank donated or pledged to donate nearly $74 million to groups related to the Black Lives Matter movement.
Will Hild, the executive director of Consumers’ Research, told The Federalist that SVB’s failure on the heels of its left-wing activism “is yet another indication that SVB was focused on woke virtue signaling instead of protecting their customers’ deposits.”
“Time after time we see the same pattern: companies that are the most concerned with ESG scores and woke politics do the worst jobs serving their customers,” Hild explained. “The rest of corporate America should learn from SVB’s failure now, before they are the next company to make headlines for comically poor management.”
Public reports published on the company’s website offer a window into the bank’s leftist corporate apparatus that prioritized Wall Street’s Environmental, Social, and Governance (ESG) standards over its fiduciary duty to shareholders.
It also turns out that none of the top officers of the bank had any actual banking experience. They all got their high-dollar jobs as payoffs because of their ties to Clinton, Obama, or Biden.
As the Daily Mail reported, one — ONE — member of SVB’s board had a career in investment banking. The rest were all Clinton/Obama/Biden mega-donors who got the jobs at SVB as payoffs.