Silicon Valley Bank Pledged Nearly $74 Million To Black Lives Matter Causes

Silicon Valley Bank may have been able pay $74 million it promised customers, if it hadn’t pledged the money leftist causes.

According According to a new database created by the conservative Claremont Institute the bank that collapsed donated or promised to donate almost $74 million to organizations related to Black Lives Matter.

Will Hild (executive director of Consumers’ Research) told The Federalist that SVB failed because 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.”

The bank’s website contains public reports that provide insight into its leftist corporate structure. They prioritize Wall Street’s Environmental, Social, and Governance standards over their fiduciary duty towards shareholders.

Two months after racially charged protests, the most destructive The bank joined the chorus of corporations praising their support for the so-called “American Revolution” and pledged to continue supporting the cause. “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 more Report From August 2020. “We are on a journey committed to increasing diversity, equity and inclusion (DEI) in our workplace, with our partners and across the innovation economy.”

Silicon Valley Bank’s report revealed that 67% of its workforce checks their bank accounts. “diversity” box. Employees considered “diverse” Included “any woman, any person of color, veteran, or person with disability.” Half of the bank’s senior management and 69 percent were able to meet the criteria when the report was published.

The same month saw violence in Kenosha (Wisconsin), causing havoc for the surrounding communities. still recovering Many years later.

Also, a Corporate Responsibility Report for 2020 highlighted SVB’s activism in “supporting” People are categorized based on their race or sex.

“In recent months, we’ve expanded our philanthropic giving through corporate donations and employee matching programs,” Greg Becker, CEO, wrote an introduction letter that was attached to the report. “These programs focus on pandemic response, social justice, sustainability and supporting women, Black and Latinx emerging talent and other underrepresented groups.”

According to the facts page of the report, SVB spent $2.8 Million on these items “gender parity innovation” “diverse emerging talent.”

“The Governance Committee’s focus on overall diversity continues in 2021,” Read a Corporate Proxy Statement, “including on race/ethnicity and other underrepresented categories.”

The bank reiterated its commitment in 2021 to ESG standards for the World Economic Forum (WEF). “We aim to enable relevant comparisons of our ESG performance with peer companies,” Read Its index to global financial institutions.

The bank’s parent, SVB Financial Group, announced a $11.2 billion investment in an unspecified area that same year. “community benefits plan” Spend money on low-income housing aid.

“As a leader in the innovation economy, we strive to use our voice and influence to help shape a better future and contribute to progress in our communities,” Becker In a statement at that time.

Because of its obsession with ESG standards the CEO defines progress in communities as the same thing as activism. SVB’s 2021 Corporate Responsibility Report More commitments were made to move ESG standards forward in a “journey [that] will continue and evolve with the needs of our stakeholders and in alignment with our mission, values, and business strategy.”

Climate activism is also promoted by the bank’s ESG promotion. Last year, the SVB Financial Group Promised $5 billion in loans to finance anti-emissions efforts until 2027 The project “aims to support companies that are working to decarbonize the energy and infrastructure industries and hasten the transition to a sustainable, net zero emissions economy.”

SVB was unable to pay its bills this month because it made a poor bet on lower interest rates. Depositors now have a better chance of getting a favorable rate. bailout Residents of East Palestine, Ohio are concerned about safety and security.

Tristan Justice is The Federalist’s western correspondent and author of Social Justice Redux. This conservative newsletter focuses on culture, wellness, and health. He also wrote for The Washington Examiner as well as The Daily Signal. His work was also featured in Real Clear Politics, Fox News and Fox News. Tristan is a graduate of George Washington University. He majored and minored both in journalism and political science. Follow him on Twitter at @JusticeTristan or contact him at [email protected]. Subscribe to Tristan’s email Newsletter Here.