SVB Received ‘A’ Rating from ESG Elites Before Going Bankrupt
Silicon Valley Bank focused on woke policies and received an ‘A’ ESG rating while ignoring financial investment changes and realities.
- SVB focused on woke politics and received an “A” rating for its Environmental, Social, and Governance (ESG) standards and invested in startups with sustainable agendas, while ignoring their financial responsibilities to their consumers.
- SVB prided itself on its investments in “green” initiatives, “safe spaces,” diversity, equity, and inclusion (DEI) programs, but the company operated without a Chief Risk Operator for eight months, and ignored rising interest rates which hurt investments and ultimately caused SVB to go bankrupt.
- “The bank suffered from a combination of senior officers more focused on identity politics than risk management and investments in unprofitable virtue-signaling boondoggles, like reportedly financing 62% of all U.S. solar projects, said Will Hild, executive director for Consumers’ Research. “It’s also poetic that SVB would be the first bank to fail from ‘going woke,’ as the general business culture in Silicon Valley itself is notoriously far left and similarly out-of-step with the rest of the country. Let this be a warning, not just to other banks, but all of corporate America: Focus on serving your customers, not woke politicians.”
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