That's a lot of millions to hand over to a bunch of fraudsters.........
https://www.newsweek.com/svb-gave-7...ains-lot-about-banks-collapse-opinion-1788092
In the wake of the collapse of the 16th largest bank in the U.S., many are speculating as to what led to the sudden, spectacular downfall of Silicon Valley Bank. Some have pointed to a faulty risk management strategy, while others have blamed a classic bank run. Still others have blamed the company's commitment to Democratic causes like diversity, equity, and inclusion (DEI) as the culprit; in a particularly spicy take in the Wall Street Journal, Andy Kessler suggested that the company's pride in the makeup of its board—"SVB notes that besides 91% of their board being independent and 45% women, they also have '1 Black,' '1 LGBTQ+' and '2 Veterans'"—may have been the real culprit.
Kessler's piece got a hefty dose of online backlash, but there is new evidence for the Go Woke, Go Broke theory of SVB's downfall—or at least the theory that its focus on racial issues exposed something important about its business acumen (or lack thereof). A database created by the Claremont Institute revealed that SVB either donated or pledged to donate almost $74 million to organizations affiliated with the Black Lives Matter movement.
Of course, they were not alone. SVB was one of several high-profile corporations that exploited the murder of George Floyd to endear themselves to the public by pretending they care about the plight of Black Americans. Along with many other companies, SVB signaled their virtue by declaring that they would pour oodles of cash into causes designed to help the Black community.
https://www.newsweek.com/svb-gave-7...ains-lot-about-banks-collapse-opinion-1788092
In the wake of the collapse of the 16th largest bank in the U.S., many are speculating as to what led to the sudden, spectacular downfall of Silicon Valley Bank. Some have pointed to a faulty risk management strategy, while others have blamed a classic bank run. Still others have blamed the company's commitment to Democratic causes like diversity, equity, and inclusion (DEI) as the culprit; in a particularly spicy take in the Wall Street Journal, Andy Kessler suggested that the company's pride in the makeup of its board—"SVB notes that besides 91% of their board being independent and 45% women, they also have '1 Black,' '1 LGBTQ+' and '2 Veterans'"—may have been the real culprit.
Kessler's piece got a hefty dose of online backlash, but there is new evidence for the Go Woke, Go Broke theory of SVB's downfall—or at least the theory that its focus on racial issues exposed something important about its business acumen (or lack thereof). A database created by the Claremont Institute revealed that SVB either donated or pledged to donate almost $74 million to organizations affiliated with the Black Lives Matter movement.
Of course, they were not alone. SVB was one of several high-profile corporations that exploited the murder of George Floyd to endear themselves to the public by pretending they care about the plight of Black Americans. Along with many other companies, SVB signaled their virtue by declaring that they would pour oodles of cash into causes designed to help the Black community.
