Silicon Valley Bank has recently collapsed after disclosing a $1.8 Billion loss without a CRO (Chief Risk Officer) for almost nine months. They operated without a CRO between April 2022 and January 2023. SVB’s former Head of Risk left in April 2022 and was not replaced until January 2023.
$SIVB Chief Risk Officer Laura Izurieta left last October. Actually the footnotes say she was “transitioned” out of her role (do they mean “fired”? ?) in early 2022, but got a cushy $300K/month consulting role until October. Nice work if you can get it! pic.twitter.com/JLz2XQVxvL
— SevenCornersCapital (@sevencornerscap) March 10, 2023
Jay Ersapah, head of risk management, has been getting complaints for valuing the pro-diversity agenda over the actual responsibilities of her job. As chief revenue officer for SVB, Ersapah organized a variety of LGBTQ+ initiatives and a month long pride campaign.
One of the largest banks in the US completely shut down in the last 36 hours.
Here's what went wrong at Silicon Valley Bank and why it affects your money: ? pic.twitter.com/WVyFqnHGRo
— Graham Stephan (@GrahamStephan) March 11, 2023
Previous events held by Ersapah include moderating the EMEA Pride town hall and she also served as a panelist at the bank’s Global Pride town hall to share her experiences from the perspective a as a lesbian of color. Her bio also states she has worked for the likes of Citi, Barclays, and the consultancy firm Deloitte.
Silicon Valley Bank CEO, Greg Becker, endorsed the credibility and necessity of having someone with “deep and multi-faceted financial services experience” and believed Ersapah as the ideal candidate for the job.
What is going on is absolutely disgraceful.
Greg Becker, the CEO of Silicon Valley Bank, sold $3.5 million in stock two weeks before the collapse.
He was removed from the board of directors of the San Francisco Federal Reserve yesterday.
— Gold Telegraph ? (@GoldTelegraph_) March 11, 2023
Critics have been having it out at Ersapah’s apparent preoccupation with LGBTQ+ issues. One Facebook user wrote – ” The [SVB] Board of Directors is filled with diversity hires who are there because of their woke credentials. They all have pronouns in their bios, which are filled with corporate newspeak.”
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