Embracing a broader woke agenda that eschews underwriting purely based on business fundamentals, a 16-page, January 2022 DEI brochure touted an SVB program "focused on increasing representation and funding for women, Black and Latinx founders, investors and professionals in the innovation economy."
Surveying SVB's wreckage in a Saturday Fox Business News interview, Home Depot co-founder Bernie Marcus decried DEI's destructive influence:
"I think that the system, that the administration has pushed many of these banks into [being] more concerned about global warming than they do about shareholder return. And these banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is shareholder returns." ... "I feel bad for all of these people that lost all their money in this woke bank. You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It's depressing to me. Who knows whether the Justice Department would go after them? They're a woke company, so I guess not. And they'll probably get away with it."
"The phrase ‘you can’t be what you can’t see’ resonates with me," the multi-tasking Ersapah said in another of SVB's multiple DEI brochures. Unfortunately, devoting so much attention to leftist DEI programming helped blind Ersapah and SVB to the bank's impending doom.
you think they would have learned their lesson when Carter signed the CRA (Community Reinvestment Act) and Clinton weaponized it
What could be more woke than funding deals where the buyer cannot perform?
our economy has still not fully recovered from the CRA end game in 2008
I guess it's ok when a single institution fails as long as it's below the level of the Fed?
Banking is supposed to be stuffy, boring and full of people who do what they are told. Today's banks are fun, exciting, inclusive, and full of savvy marketing and social justice initiatives, rockstar CEO's that wear their salmon colored suit pants cut high above the ankle. It is a joke.