Online records show Silicon Valley Bank invested heavily in groups related to the Black Lives Matter movement and other social justice causes in the years before its collapse.
In an introductory letter to the report, CEO Greg Becker said SVB touted employee matching programs that focused on "pandemic response, social justice, sustainability, and supporting women, Black and Latinx emerging talent, and other underrepresented groups." Some figures on the right have tried to draw a connection between Silicon Valley Bank’s so-called "woke" priorities and its inevitable demise.
Rep. James Comer, R-Ky., on Sunday argued that Silicon Valley Bank was "one of the most woke banks in [its] quest for the ESG-type policy and investing."
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Can the Government Contain a Banking Crisis? - The Journal. - WSJ PodcastsWhen Silicon Valley Bank imploded last week, it was the second biggest bank failure in U.S. history. Then, over the weekend, another bank, Signature Bank, was also taken over by the government. WSJ financial editor Charles Forelle explains what kicked off this banking crisis and how the government is scrambling to contain it. Further Reading: - How Silicon Valley Turned on Silicon Valley Bank - Silicon Valley Bank Closed by Regulators, FDIC Takes Control - Were SVB and Signature Bank Just Bailed Out by the U.S. Government?
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