Silicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.
According to a new database by the conservative Claremont Institute, the collapsed bank donated or pledged to donate nearly $74 million to groups related to the Black Lives Matter movement.
Will Hild, the executive director of Consumers’ Research, told The Federalist that SVB’s failure on the heels of its left-wing activism “is yet another indication that SVB was focused on woke virtue signaling instead of protecting their customers’ deposits.”
“Time after time we see the same pattern: companies that are the most concerned with ESG scores and woke politics do the worst jobs serving their customers,” Hild explained. “The rest of corporate America should learn from SVB’s failure now, before they are the next company to make headlines for comically poor management.”
Public reports published on the company’s website offer a window into the bank’s leftist corporate apparatus that prioritized Wall Street’s Environmental, Social, and Governance (ESG) standards over its fiduciary duty to shareholders.
Two months after racially charged riots led to the most destructive outbreak of American political upheaval in more than a century, the bank joined the chorus of corporate firms touting their commitment to so-called “diversity, equity, and inclusion.”
“Innovation is global and is touching every aspect of our lives, which is creating even more need for inclusiveness of ideas and approaches,” read a report from August 2020. “We are
