CAL THOMAS COMMENTARY MARCH 20, 2023
IT IS AMAZING THE NEWS STORIES THE MAINSTREAM MEDIA REFUSE TO REPORT WHEN THEY DO NOT FIT THEIR PRE-DETERMINED NARRATIVES.
TAKE THE FAILED SILICON VALLEY BANK AS JUST ONE OF MANY EXAMPLES.
THE BANK’S MANAGEMENT PAID MORE ATTENTION TO WOKE CAUSES SUCH AS CLIMATE CHANGE AND SOCIAL JUSTICE THAN TO THE BANK’S FINANCIAL HEALTH.
ANALYSTS SAY BANK OFFICERS WERE FOCUSED ON SO-CALLED ESG POLICIES – THAT STANDS FOR ENVIRONMENTAL, SOCIAL AND GOVERNANCE — WHILE IGNORING RISK MANAGEMENT RESPONSIBILITIES THAT COULD HAVE DETECTED TROUBLE IN TIME TO SAVE IT FROM COLLAPSE. SOME OF THE BOARD MEMBERS WERE MAJOR DONORS TO HILLARY CLINTON AND NANCY PELOSI. ANOTHER ONE, GAREN STAGLIN, A MAJOR CLINTON DONOR, PRAYED FOR GUIDANCE AT A SHINTO SHRINE IN JAPAN AFTER DONALD TRUMP WON THE 2016 ELECTION. SVB DONATED $73 MILLION TO THE BLACK LIVES MATTER MOVEMENT AND PROMISED TO BE CARBON-NEUTRAL BY 2025. THEY WERE ALSO INTO DIVERSITY, INCLUSION AND EQUITY.
NO WONDER THEY FOLDED. THERE SEEMS TO HAVE BEEN LITTLE CONCERN FOR DEPOSITERS, BUT WHAT DO THEY CARE. THE FEDERAL GOVERNMENT IS BAILING THEM OUT. I’M CAL THOMAS.
