Silicon Valley Bank, Woke’s bank that stood up, only to be seized and shut down by the feds, was a major donor to the discredited activist group “Black Lives Matter.”
On Friday, SVB became the second largest bank in US history to close. The Federal Deposit Insurance Corporation closed its doors, exposing numerous business depositors to the risk of insolvent funds.
However, since then, the US government has stepped in to bail out billions in bank deposits. Treasury Secretary Janet Yellen and President Joe Biden have avoided invoking the loaded term “bailout.”
But Neil Barofsky, the former Obama administrator who oversaw the Troubled Asset Relief Program, is giving the Biden administration a reality check. This is indeed a “wild”.
“If your definition is government intervention to prevent private losses, this is certainly a bailout,” Barofsky said.
A new report suggests a possible reason for the Biden administration’s pivot from its first adamant stance that “bailouts” did not happen: Silicon Valley Bank is a big contributor to left-wing activism.
According to the Claremont Institute, records show that Silicon Valley Bank had pledged approximately $74 million to Black Lives Matter and associated groups.
Black Lives Matter was a charity group with very dubious governance, and has been credibly accused of corrupt distribution of funds.
Will Hild, the executive director of Consumers’ Research, told The Federalist that SVB’s failure “is yet another indication that SVB focused on awakening virtue signaling rather than protecting its customers’ deposits.”
“Time and time again we see the same pattern: the companies that are most concerned about ESG scores and woke politics do the worst jobs serving their customers,” explained Hild. “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.”
But Biden’s bailout will ensure the exact opposite: He’ll encourage banks to spend big on left-wing causes to ensure the federal government gets his back.
It’s the exact kind of “moral hazard” that can create a domino effect on the banking industry, ensuring that the administration’s Environment, Society and Governance (ESG) and Diversity, Equity and Inclusion (DEI) initiatives continue to spread- it’s like a contagion everywhere. the fundamental institutions of American capitalism.
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OPINION: This article contains comments that reflect the opinion of the author.