Andy Puzder discusses Silicon Valley Bank's board, their reported lack of banking experience and the company's 'woke' management.
What the G in ESG is supposed to be is governance. And if all you're focused on is climate change and trying to hire people for your qualifications other than their merit, their qualifications, or their character, if you're not focused on how your company is governed and run, if you're just focused on being woke, you're going to have problems. And these are the kinds of problems that arise.
They misjudged the impact of interest rates on their investment portfolio and their customers, they misinterpreted their companies, their customers' needs. They were woke and they had a regulator that was woke and really didn't do its job. So it was a perfect storm for a bank failure and that's what we ended up with.
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