The Nation’s Most Woke Bank
The bank took down their home page where the touted how woke they were in Diversity, Inclusion and Equity.
The bank was so proud on being the lender and employer of choice for Gays, Women and Minorities that they totally missed the business concept of competence of both borrower or employees. They had all the typical “Woke” benefits, including “Safe Spaces” aka “crying Rooms”.
They were also the “Go To Bank” for risky Green Energy startups. Solar Panels from China, Lithium Batteries from China, Wind Power – they threw money at crazy Liberals wanting to launder money for Democrats.
The combination of “Go Woke – Go Broke”, the piss-poor Biden Economy causing interest rates skyrocketing, Silicone Valley businesses laying off tens of thousands of their employees, and picking their loan approvals based on Diversity, Inclusion and Equity is what killed this bank. You can bet other Woke banks to follow with their crash and Burn.
Biden says that all depositors will be made whole, even if they exceed the FDIC’s $250k limit. Make’s sense, as the majority of those over the FDIC limit are Chinese Startup companies, with the Chinese government owed most of that money. There are Chinese companies like Open Door buying 30% of the property listed for sale in big Cities. the CCP want to be America’s largest Slum Lord and base in San Francisco.
There were many other banks that wanted to buy SVB, and then the taxpayers wouldn’t be on the hook. However, the Biden Administration had a very short “White List” of Woke banks that could buy SVB. Those wanting to Privately bail out the SVB weren’t on Biden’s White List, and not approved.
This bail out will not only hurt the economy further. However, it is also telling banks that if they make poor decisions that loses money, there will be a bailout and no consequences. You expect a few to push the envelope.
Don’t expect depositors at less Woke banks to be made whole. They won’t have the same (Liberal Biden Voters) type of clientele.
Now Democrats are wanting Facebook to eliminate discussions on the topic of bank failures so there won’t be run on banks. You can now add that to “Hunter’s Laptop”, “Election Fraud”, “Jan 6th Political Prisoners”, “Afghanistan Pull out”, and “Covid” to what the taxpayer funded Government NGOs will be scanning for and request Facebook to ban and Shadow ban.