Go Woke, Go… and break the global financial market. [Silicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes., The Federalist, March 14, 2023]:
Silicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
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.
Two months after racially charged riots led to the most destructive outbreak of American political upheaval in more than a century, the bank joined the chorus of corporate firms touting their commitment to so-called “diversity, equity, and inclusion.”
“Innovation is global and is touching every aspect of our lives, which is creating even more need for inclusiveness of ideas and approaches,” read a report from August 2020. “We are on a journey committed to increasing diversity, equity and inclusion (DEI) in our workplace, with our partners and across the innovation economy.”
Silicon Valley Bank’s report highlighted the fact that 67 percent of its total workforce checks a “diversity” box. Employees considered “diverse” included “any woman, any person of color, veteran, or person with disability.” When the report was published, half the bank’s senior leadership and 69 percent of board members met the criteria.
That same month, riots erupted in Kenosha, Wisconsin, wreaking havoc on communities that are still recovering years later.
A Corporate Responsibility Report in 2020 also highlighted SVB’s activist efforts in “supporting” people based on their race and sex.
“In recent months, we’ve expanded our philanthropic giving through corporate donations and employee matching programs,” wrote CEO Greg Becker in an introductory letter attached to the report. “These programs focus on pandemic response, social justice, sustainability and supporting women, Black and Latinx emerging talent and other underrepresented groups.”
According to numbers emphasized in the report’s facts page, SVB spent $2.8 million on “gender parity innovation” and “diverse emerging talent.”
How many other banks and Fortune 100 companies have committed to a similar governing ideology of Diversity, Equity, and Inclusion. Oh… our entire Federal Government.
Silicon Valley Bank is the first of many to fall to Diversity, Inclusion, and Equity. Is America next?
SVC had many BIPOCs and LGBTQ+s on its board of directors and in its management. They were all about promoting “woke” ideology and causes.
What they did not have for some time was a “risk manager”. They could not meet depositors withdrawals and had to sell long-term bonds at a loss for liquidity. (((Goldman Sachs))) bought most of their bonds.
So no one was paying any attention to the actual banking business.
Won’t be long before white christian males are the most ‘underrepresented’ group—if they’re not already. Will they get benefits and preferences? Didn’t think so.
Poetic justice… Not for the spoiled customers, though..
All of the n-words and queers at SVB should go to jail for incompetence, gross negligence, and fraud and have their asses sued for everything they are (undeservedly) worth.
Oh don’t worry, the bug eyed buzzard is going to fix everything right up..
another case of the Eloi answering the bells
Sad fact is, if you’re going to do business with the California bay area, or even not necessarily business like developing Free and Open Source Software (FOSS), certain taxes you might say are imposed, and that includes being Officially woke. We’re told you can’t find a single white man on SVB’s web site except when you get to the “About” page where there’s more than a few like the CEO.
$74 million isn’t much when you’re hit with a social media coordinated bank run the last day of which tried to withdraw over $40 billion, over 23% of SVB’s deposits as of their end of 2022 balance sheet. Surely we’ve all seen the beginning of It’s a Wonderful Life?
Brandon steps up to prevent the suffering of marginalized depositors (like the mulatto princess and Oprah) in SVB. All deposits over $250,000 immediately available! The $250,000 insurance limit, “listen here jack, that’s white supremacy.”
Meanwhile the deplorables in Palestine, Ohio have seen the value of their measly $100,000 homes cut in half. Tough shit.
Let’s go Brandon!
Do you think that red-pilled Euro-Americans can systematically destroy the woke banks by making strategically-timed runs / withdrawals, followed by depositing money in the next victim bank, followed by another run/withdrawal? Wash, rinse, repeat until a trail of destruction is left on the (((banking system))).
The people in charge of this bank should be arrested and given 50 year sentences for the frauds and scams and misuse of funds they perpetrated.
And now they are upside down, out of business, go figure…
This is the future we can look forward to with negros as well as other assorted freaks and geeks running the show.
FIFY, probably hundreds of thousands of them when you add the employees of the companies that were (often forced to) bank at SVB.
BTW we’re told on the record by a number of people that the (((FDIC))) prevented the sale of SVB, the normal procedure which would have resulted in their taking a haircut as punishment for being stupid. Creating contagion also allowed the powers that be to execute the last remaining US major bank that did crypto transactions, Signature Bank of NY (SBNY) which had no less than Barney Frank on the board, who’s saying they were stressed but OK as of Sunday.
One thing that’s not getting enough attention is that the same cabal of VC etc. firms that told their companies to withdraw their funds in excess of the FDIC $250K previously required them to keep their funding from the cabal inside SVB which provided the funders “levers.”
There’s of course something to be said for a funding entity making sure the people they gave money to don’t make crypto style Lambo as in Lamborghini personal exists. But concentrating this in one firm thus making their ecosystem very fragile continues to confirm these people are now C level financial types, the game changed after SarBox and the A-B level people make way more money on “Wall Street.”
They did at some point, and they flubbed it which is what started the run. But your general thesis has merit.
They did have a US bank risk manager when they made the very dangerous decision that even though inflation was rising above the norm in 2021, that they’d buy what we hear is up to $80 billion in Federal government guaranteed MBS bonds earning 1.5% with a ten year maturity. When the Fed started hiking rates, as they must to prevent hyperinflation, they should have taken immediate steps to mitigate risk and damage from those Hold To Maturity (HTM) bonds (as newer bond rates go higher, older lower fixed interest rate loans lose value).
While this is I assume in the remit of a risk manager, for a bank it’s one of the most fundamental things, unlike for example policies and actions about their 37K depositors, how ever many of them they’d also made loans to, etc. etc. As in something the CEO on down was responsible for, the most basic of bank balance sheet things. But see my other comment, they just may have been too stupid, and/or lacking in courage to make the necessary moves in time to save the bank. In part worried depositors who could would have moved their money elsewhere for higher yields.
Also never forget higher yields (interest rates) always signal higher danger. People and entities obviously borrow money at the lowest rates possible; the more that’s demanded of them, the higher the perceived risk compared to other borrowers at that moment.
Actually the Fed basically nationalized banks this week when it said all insured and uninsured depositors would be made whole at SVB. One of the higher-ups sat on Gavin Newsome’s charity board, so in addition to their Blm funding and woke narrative pandering, they were also connected politically in various ways to the DNC. Thus the decision was made to completely bail them out.
You then have people like Sen. Warren saying there needs to be more regulation… SVB literally passed stress tests and audits weeks before this collapse, and as much as she wants to blame risky practices such as crypto and tech… they ultimately went under because they parked a bunch of their money in USTs (dubbed the safest asset in the world) but got caught by rising interest rates.
In all the debacles we’ve seen over the past few months, is there nothing that the Democrats aren’t knee deep in!?
Donate to MBM or Muh Biscuits Matter
Are they starting to dress gorillas at the zoo?
Normally, neglecting fiduciary responsibility will get you sued good and hard. We will see if that happens in this situation.
Ha, ha, ha!
A few years back an autistic white kid had his ass handed to him by four African’t-Americans after wheeling his wheelchair bound friend home.
Nothing came of it.
As soon as a black-tistic keeid gets beaten up the brownies in da hood cry about ¡muy racismo! Good, you dickheads! Ooh, your own gd kids went after the black! F every one of you!
Priss Factor———–THIS is what pure african IQ looks like.
LOL! Every day these things prove that they aren’t fit for civilization. That pavement ape looks overfed, also.
Are they called the Crimson Tide for the blood they spill? When D’Nigreus encounters disrespeck shit happens! The young woman was out with her boyfriend and let D’Nig know she was unavailable. When it escalated to her date informing D’Nig his advances were not appreciated the blood ran cold in D’Nig’s veins and the warm crimson tide began flowing!
They would get the FBI after them in no time. Advocates of a boycott of Israeli businesses, got FBI interviews.
Gotta sue, gotta prosecute
I bought Signature Bank stock last month. Whom should I shoot?
It won’t. Who is going to argue in court that bLM isn’t the worthiest of all possible causes?
OT: PK and the late Colin Flaherty have both written about events under various names that could be called “black beach week.” As a service to SBPDL readers, I’m posting this news story so you and yours will know to stay away from Virginia Beach, VA, in late April.
Lil Wayne, Wu-Tang Clan, and more to perform at Pharrell’s 2023 ‘Something in the Water’ festival in Virginia Beach
The article notes a previous festival, held in DC, attracted 28,000. That’s a lot of potential TNB. Expect shots to “ring out,” the city and the beach to be trashed, etc., and for Whitey to be blamed.
Ah yes, the ‘hierarchies of oppression’ LOL. So, where do Palestinians belong in this hierarchy?
These miserable freaks, uppity schittskins, female psycho harpies, and diseased sodomites who are currently fking up everything from banking to government to transportation, are the same people who always say they have to work twice as hard as normal White Men to get half as far.
It would be funny if they weren’t destroying what normal White Men have built.
There needs to be a correction on a massive scale, before it’s too late.
That is “man bites dog” news – the (((media))) always makes a big deal of it because it is so rare.
Routine daily TNB “dog bites man” black on white is ignored and suppressed.
White males are the only demographic that pays in more in taxes than they receive from government. The woke will kill the system in a triumph of the left as they keep shrinking the White male group.
look at the nose on her..looks like a man.
would you go to a witch doctor?
are biscuits WHITE?
Man? Looks more like an ape.
“Something in the water” festival? Well in Africa, that something is animal shit but those lip disced spearchuckers will drink it anyways. The village witch doctor said it was safe
Even more bizarre, she rammed the building with her car after they gave her the biscuits.
The only upside: She didn’t ram with that red “haid.”
I’d say more like guaranteed TNB – stay far away.
To conflate a murder with the “importance” of negroes effectively playing a game with a ball, shows the level of value Barkley places on lives.
I cringe when White sportsball cucks heap praise on Barkley, as if that mumblemouth khoon was their buddy or something.
Something in the water? Not them, they can’t swim!
Da watta be real wide, Conrack!
Further south in Myrtle Beach, the locals annually suffer the assault colloquially known as “Black Biker Week.” It’s centered in Myrtle Beach proper but of course spills over to the adjoining residential and retirement communities south of the Boardwalk. I’ve been wintering here but the locals told me to either leave town or lay low if I’m residing here that late into the season.
I’m surprised those towns haven’t just completely eradicated “black beach week”. Colin would detail the ensuing shenanigans every year in his podcasts. He reported that a lot of the White business owners, which are almost ALL of them were starting to close for that week to avoid the bs. This, of course, started the cries of “raycisims” from the perpetually aggrieved retards. If they all banded together and closed up tight there’d be nothing for the groids to do there. Please report back next month on what happens.
Someone is gonna go full “Speed Racer” and take the old “Mach 5” out to have fun. Speed Racer was a cartoon but our “Speed Racewise” will head out in his modified auto. He will mash a button releasing caltrops onto the roadway, then the “oil slick” button.
Caltrops are a thing to check out.
The mother of a friend lives in Myrtle Beach and works at one of the businesses that closes for the week when Black Biker Week comes to town. Her and her husband use the opportunity to go out of town to visit the grandkids.
Daughter doesn’t look like Mom…
VivaLaMigra—————-I lived in Myrtle Beach for 3 years.Black Biker Week is a bigger n-word
shyteshow than you can possibly imagine without first hand experience.
Twice? Black women literally think they work 10x as hard as White men. Their stupidity knows no bounds.
BLAXX proclivity for violence is only exceeded by their stupidity, if anything.
BarbedWiser————I have worked with black women. The only way they could possibly be working harder than White men is if the company has a production line in the ladies baffoom.
My father went to the University of Alabama after he returned from the Pacific war. Years ago I saw his school yearbook and noticed the student photos were 100% white. That also meant TNB did not exist on campus as it does now.
And we’re told these were “the bad old days” because of segregation and the lack of “diversity.” Oh, to be free of TNB again!
If I recall correctly, Colin reported that NAACP got involved by suing the businesses that closed for the duration of the African tsunami, resulting in a “damned if you do, damned if you don’t” situation for the businesses.
They were, of course, suffering the usual problems: trashed and wrecked hotel rooms, urine and feces in hotel elevators, fights, violence, theft, vandalism, shootings, awful behavior in restaurants followed by running out without paying, etc. In other words, the usual TNB, and to object means you does be razziss, honkie!
The primary problem is their customer base, rather than their money management. Lots of people with flakey tech start ups banked with them, and the tech sector is getting hammered by rising interest rates and inflation. Hence, their customers are now pulling their money out of the bank to pay bills, creditors, etc. If they had a more economically diverse customer base then they wouldn’t be having this liquidity problem.
You are right about the woke angle in the sense that they shouldn’t have been be trying to appeal to the woke crowd, since they already have too many woke customers, and would benefit from toning down the ESG and attracting some conservative clients with different types of businesses that are doing okay in the current environment. Note how Bill Gates has been aggressively diversifying into farm land to hedge his tech investments.
A well run bank should stay out of politics and focus on economic diversity, not “cultural” diversity.
I’ve worked with a few black women over the years, and rarely has it been a pleasurable experience. Back in the early 90’s I worked at a department store, and had some black co-workers, male and female. Got along with most of them just fine, except for this nasty old, condescending black lady that once got me so mad I almost ripped the phone out of the desk. I simply told HR that I refused to ever work with her again. Turns out, she had plenty of other complaints against her as well.
In later years, in the more “corporate/government” type world, I can’t think of one good experience at all. I remember this one woman we had in the office, her hours were 8:30-5, with a 30 minute lunch. It was a miracle if she’d wallow in before 9. Then she’d take a 2-3 hour lunch. Our supervisor worked 7:30-4. She would watch him leave, from the window in her office. Once he got in his truck and left, she’d take off.
One day, he forgot something and had to come back, and caught her in the act. Nothing came of it though. This went on for years. Eventually, she tried to play the race card, and reported him to HR for saying that black people have too many kids. However, I was there. What really went down, was that they were going through a bunch of old papers that a former coworker left behind after she got canned. And yes, she was black, too. In those days we had to separate white paper out from colored and such, and my supervisor just wanted this old workspace cleaned out. So he started throwing everything in the trash. Well, Big J’Quanda said something like “RECYCLE, James! We need to think of the environment!” He responded with “I did think of the environment. I had my tubes tied so I couldn’t have any more kids!!”
Anyway, she finally raised enough of a fuss that she got transferred and what she thought was “a promotion. What really happened was that she got moved over to the headquarters building so they could keep a closer eye on her. One day she came back from one of those three hour tours known as “lunch” and they canned her on the spot.
Oh, as for the one whose work space was being cleaned out? Well, she got carpal tunnel and tried to go out on disability. It went to court. Our company was able to more or less prove that about 90% of her time in the office was spent doing personal work, so she was denied.
PO’d in PG County————–By the time i started working for my last employer,my hearing was pretty bad.That’s not a handicapp when you have to try to work around black females. At times my hearing was selectively worse as in,” I didn’t say your ass was fat.I said fix that.” An easy couple of hours in HR,and Sheboona can’t prove shyte.
SVB’s board of directors had only ONE member experienced in banking of any kind; the rest were wokester assclown seatwarmers.