While risk warning signs should have been obvious, the left-leaning bank was apparently far more interested in appeasing gays, lesbians and transgenders than in actually running a bank that wouldn't collapse. The bank brags in its own documents, "We have a Chief Diversity, Equity and Inclusion Officer, an executive-led DEI Steering Committee and Employee Resource Groups with executive sponsors focused on these objectives."
Get woke. Go broke.
It turns out that woke idiots aren't very good at operating in reality, where the laws of economic cause and effect can't be overwritten by "gender identity" nonsense from woke leftists. You can pretend that a man is a woman -- for a while -- but you can't pretend that your deposits aren't being wiped out when every last client is demanding their money back.
Thus, SVB has collapsed due to a combination of risky bond bets, bad money management, "woke" internal politics and a stunning lack of attention to risk management.
Note that this is exactly where America is headed, too, since it's also being run by the same oblivious woke idiots who don't understand much of anything about economics, finance, debt, energy, infrastructure, transportation or logistics.
The collapse of SVB is just a small taste of things to come if woke idiots stay in charge of everything.
Meanwhile, Jay Ersapah, who acts as CRO for the bank in Europe, Africa and the Middle East and who describes herself as a 'queer person of color from a working-class background' - organized a host of LGBTQ initiatives including a month-long Pride campaign and implemented 'safe space' catch-ups for staff.
It adds that she is 'allies' with gay rights charity Stonewall and had authored numerous articles to promote LGBTQ awareness. These included 'Lesbian Visibility Day and Trans Awareness week.'
It's fascinating how the bank's executives were running "trans awareness" programs but apparently not risk awareness programs.
In woke-infested California, TRANS is far more important than RISK. Perhaps all these bank executives and employees can now pretend to self-identify as people who still have jobs and paychecks, too.
To no one's surprise, the very same kind of woke idiots who destroyed the bank and lost hundreds of billions of dollars in customers' deposits are now begging for taxpayer-funded bailouts. Because, of course, woke idiots never take responsibility for the problems they cause. It's always someone else's fault.
Now, they want America to bail them out so they can spend more money on "Lesbian Awareness Day" and trans propaganda targeting children. This is what banks exist for, according to the woke Left: To indoctrinate society into wokeism while pretending to be engaged in the business of banking.
Pedophilia over profits, in other words. Grooming over grounded investments. "Woke" is a cult, and it's a dangerous cult that prioritizes wokeness over everything else, including reason, rationality and economic sense.
Janet Yellen has already announced there will be no bailout for Silicon Valley Bank, according to CNBC. Instead, depositors will receive special "receivership certificates" that might one day pay them some money once SVB's assets are sold off (at huge losses, of course).
In effect, Silicon Valley Bank just carried out a BANK BAIL-IN, which is exactly what we've been warning about for years. A bail-in is where the bank (or regulators) seize your deposits, then issue you IOUs instead. Just like that, you become a creditor to a collapsed institution.
Last night, John Perez joined me to record an emergency weekend interview about the risk of systemic bank collapse stemming from SVB contagion. We are concerned that depositors will start pulling money out of other banks, leading to a bank run contagion that could bring down many other financial institutions in the days ahead:
- Details on the collapse of SVB (Silicon Valley Bank)
- Why #contagion risk is very real and may spread fear to other banks
- #SVB focused on being "woke" instead of reducing risk
- Why Silicon Valley does NOT deserve a taxpayer bailout
- Huge bonuses paid to its employees right before collapse
- Is a bailout coming? How it would cause yet more #inflation and dollar devaluation
- Why the US dollar will collapse as world nations turn away from the US empire's currency
- How it's all intertwined with Russia, Ukraine, world war and China
Watch the full interview here:
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