Quite a few individuals have expressed shock about the collapse of the Silicon Valley Bank, but anyone with any economic sense saw the crisis coming from years away.
After all, given that the bank elected to focus on woke politics rather than responsible governance and investment of individuals’ deposits, not to mention violate countless fiduciary duties, it is really not a surprise at all that the financial institution mismanaged funds.
In fact, the bank was completely unhedged in a massive bet on bonds and (surprise!) unable to remain solvent after the bond bet went completely sour.
On top of that, the bank housed a massive number of uninsured deposits from individuals and banks: Roku had upwards of $500M
Absurdly incompetent, absurdly woke.
Florida Governor Ron DeSantis was rather unsurprised by the demise of Silicon Valley Bank, noting that banks that remain extraordinarily focused on woke causes are far more likely to fail in achieving their core objectives.
“They’re so concerned with (diversity, equity and inclusion) and politics and all kinds of stuff. I think that really diverted from them focusing on their core mission,” DeSantis remarked briskly.
Yep. Like the core mission of not losing customers’ money on such an epic scale.
Especially when the monies are diverted into ultra-woke causes that usually fund dangerous, invasive riots.
DeSantis also noted that the federal government, rather amusingly, is enormous, yet apparently incapable of preventing major banking failures.
“We have a massive federal bureaucracy, and yet they never seem to be able to be there when we need them to be able to prevent something like this,” DeSantis added with amusement.
Several recent developments have proven more than ample support for the Florida governor’s beliefs.
Perhaps one of the more egregious includes the bank’s fixation on supporting violent organizations that all but endorse total anarchy and ignorance of the law.
SVB donated at least $73M to BLM and other likeminded causes, boasting that the tens of millions of dollars had allegedly opened “opportunities for dialogue, including hosting over 40 small group ‘Conversation Circles’ in which over two thirds of our employees participated in discussions about racial equity issues.”
Other Republicans have also chimed in, such as Representative James Comer, who referred to the Silicon Valley Ban k as “one of the most woke banks” in terms of the “quest for the ESG-type policy and investing.”
How wonderful that taxpayers have to pick up the tab for utterly incompetent, irresponsible bank managers more concerned with giving millions to BLM than protecting responsible parties to whom they owed far more.
Outside of representatives, other individuals with an economic clue have noted that the commentary of the Biden administration tends to run in stark opposition against reality.
For instance, Kevin O’Leary of “Shark Tank” noted that remarkably “weak management” led to the bank’s collapse.
In addition, Home Depot co-founder Bernie Marcus noted that Biden is outright lying about the economy.
“I can’t wait for Biden to get on the speech again and talk about how great the economy is and how it’s moving forward and getting stronger by the day. And this is an indication that whatever he says is not true,” Marcus remarked on Fox News’s “Cavuto Live.”
Given how frequently the White House has lied about the domestic economy, which is abundantly evident to Americans, one can only imagine how frequently the White House may lie about international circumstances …
Author: Jane Jones
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