On Tuesday, The Federalist posted an article about some of the financial activities of the Silicon Valley Bank. Admittedly, the Biden economy has made life for banks more challenging, but that should encourage careful use of depositors money–not reckless spending by banks.
The article reports:
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.
Robert DuChemin at Substack points out:
Something that is suspicious about Joe’s (Biden) behavior is that on Monday morning he guaranteed repayment of depositors such as Roku (that had $580 million on deposit in Silicon Valley Bank). On Monday night Joe had a “private” fundraiser in the neighborhood, at which executives of RoKu and other Silicon Valley Bank depositors were present.
So, on Monday morning China Joe gave them hundreds of millions of dollars from government funds and on Monday night they gave some of that money to the democrat party. Nothing to see here.
BTW, Roku only has 1,600 employees worldwide. There is no way in hell they needed $580,000,000.00, to make payroll this month. It is just one more lie from the Biden Administration, a gang that lies every time they speak.
This is corruption on a level that could even make Hillary Clinton jealous.
It’s where we are, folks.