As we all know, this week Silicon Valley Bank, amongst others, collapsed and are being bailed out by the government. Today we find out that a part of their lack of capital was directly related to donating nearly $74 million to the Black Lives Matter Movement.
https://twitter.com/GrammyC4Zone/status/1635755752068464642?s=20
Executive Director of Consumers Research, Will Hild, states that “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.” He also states that “it is yet another indication that SVB was focused on woke virtue signaling instead of protecting their customers.”
There are public reports linked directly on Silicon Valley Banks website that shed light into the leftist corporate agenda on Wall Street’s Environmental, Social, and Governance (ESG) standards over its fiduciary duty to shareholders.
GO WOKE…GO BROKE.
3 contributing factors led to SVB’s collapse
1…Inflation
2…Interest rates
3…When a ESG Score is more important than serving your customers.Too many Banks and Corporations are more concerned with virtual signalling and pushing woke policies than their… pic.twitter.com/7LHzYD0CLn
— ???? ??? ???? (@DameScorpio) March 14, 2023
Greg Becker, SVB Ceo, stated “In recent months, we’ve expanded our philanthropic giving through corporate donations and employee matching programs. These programs focus on pandemic response, social justice, sustainability and supporting women, Black and Latinx emerging talent and other underrepresented groups.”
Top SVB executives, Greg Becker, Jeffrey Leerink and Michelle Draper and the Silicon Valley Bank Political Action Committee have an interesting political donation history. See the 2022 donations for the executives and the PAC on our Substack https://t.co/WWOD4SZrhk
— Breaking Battlegrounds (@Breaking_Battle) March 13, 2023
According to the reports fact page, SVB spent $2.8 million on “gender parity innovation” and “diverse emerging talent.” A Corporate Responsibility Report in 2020 also details SVB’s activist efforts in supporting people based on their race and sex.
SVB has been fixated on this agenda for quite some time. A Proxy statement read “The Governance Committee’s focus on overall diversity continues in 2021 including on race/ethnicity and other underrepresented categories.”
The bank reiterated its commitment to ESG standards at the World Economic Forum (WEF) “stating We aim to enable relevant comparisons of our ESG performance with peer companies.”
Woke Silicon Valley Bank gave $74 Million to BLM causes.
They also spent $2.8 Million on ‘gender innovation.’In 2021 SVB reiterated its commitment to the WEF.
Burn! ???
— ??ProudArmyBrat (@leslibless) March 14, 2023
Another red flag associated with SVB, is that in the same year, there parent company SVB Financial Group invested $11.2 Billion into an ambiguous community benefits plan, which was primarily focused on low income housing.
Today:
Silvergate Capital -42%
SVB Financial Group -60%
Credit Suisse -5%— Financelot (@FinanceLancelot) March 9, 2023
With such a large emphasis on ESG standards, it is no surprise that the companies financial responsibility took a back seat to their political ones. The CEO’s vision of success was too closely related to activism then it was to having a financially profitable business.
Things Silicon Valley Bank was interested in:
?ESG
?Black Lives Matter activism
?Climate changeThings SVB was NOT interested in:
?Risk Management
— Ted Cruz (@tedcruz) March 15, 2023
Another example of the banks promotion of ESG was their heavy involvement of climate activism. in 2022 SVB Financial group pledged $5 Billion in loans to support anti-emissions efforts leading up to 2027. The project “aims to support companies that are working to decarbonize the energy and infrastructure industries and hasten the transition to a sustainable, net zero emissions economy”
Malfeasance is when your obsession w/ woke activism
Trumps your fiduciary responsibility to depositors
Bring on the lawsuitshttps://t.co/nuFbKLcUdH— Jim Hanson (@JimHansonDC) March 13, 2023
The primary concern of the people who ran the Silicon Valley Bank (SVB) — the bank that just went bust — was not banking. Nor was it making money for the bank’s shareholders or safeguarding the funds of its depositors. Their primary concern was social activism — pic.twitter.com/gB6OvyVSUk
— SurvivorsEdge.com (@SurvivorsEdge) March 14, 2023
SVB is the model corporation for leftists – not only funneled American money into Chinese companies but also donated $74M to BLM causes; not to mention SVB's strong ties to Gavin Newsom's wine companies & his family charity board. #LeftistBailout https://t.co/rqvdgfAp0L
— Catt (@CattHarmony) March 15, 2023
https://twitter.com/Paddy27571/status/1636038676735045632?s=20
https://twitter.com/A32jay/status/1636037935521841154?s=20
https://twitter.com/iambethleham/status/1636033008632307721?s=20
