One of the biggest bank failures in American history is said to have been the collapse of the Silicon Valley Bank. Many warning signs about the company have been seen in the days following the alleged collapse of the claimed bank, and several regulatory organizations are now looking into it.
One of the aforementioned regulatory bodies looking into this matter is the SEC, which is supposedly looking into Silicon Valley Bank officials’ stock transactions before the bank’s collapse. The Silicon Valley Bank, on the other hand, reportedly donated $73.45 million to the Black Lives Matter Movement and other associated social causes, according to a database from the renowned Claremont Institute.
Silicon Valley Bank’s Initiatives
According to reports, Silicon Valley Bank has promised to strengthen its commitment to “diversity, equipment, and inclusion (DEI)” in the workplace by the year 2020. It was also important to keep in mind that at the time, due to George Floyd’s death while in police custody, there was racial unrest in the United States.
Based on a different report, the aforementioned study from August 2020 was able to emphasize that roughly two-thirds of the bank’s personnel matched the “diversity” criteria. While a different assessment from the same year also praised the bank for its success in assisting minorities.
This is allegedly a response to company CEO Greg Becker’s letter that serves as the report’s introduction, in which he claims that their respective bank was able to praise employee matching programs that focused on timely issues like a pandemic response, social justice, sustainability, and assisting women, Black and Latinx emerging talent, and other underrepresented groups.
Will Hild, the executive director of The Federalist’s Consumers’ Research, has asserted, however, that Silicon Valley Bank’s failure following its left-wing activism is a reflection of the bank’s greater attention to woke virtue signaling than to safeguarding their customers’ deposits.
He went on to say that they had seen a similar pattern, with the corporations perceived as being more concerned with woke politics and ESG scores supposedly performing the “worst jobs” in terms of customer service.
Before they make headlines and become the next business to be renowned for having comically bad management, the executive director has also asserted that the rest of corporate America must learn from the failure of the particular Silicon Valley Bank.