Go get up, go
Oh I woke up, oh so green, oh so diverse Silicon Valley Bank (SVB) has just gone bankrupt.
One can go to their website – it’s still available for who knows how long – and see it Claims Assets of $212 billion. But as they say, the older they are, the more they fall; The SVB is the second largest bank failure in US history.
noticeable, 93 percent Of the bank’s deposits amounting to 161 billion dollars are United nationsInsured by the Federal Deposit Insurance Corporation (FDIC), which only covers accounts up to $250,000. And Roku, not to mention the Pisces, has had it $487 million In Silicon Valley Bank. So, just for starters, a lot of CFOs – the people who are responsible for managing a company’s money – will have some “falling off to do.
People line up outside the closed headquarters of Silicon Valley Bank (SVB) on March 10, 2023, in Santa Clara, California. (Justin Sullivan/Getty Images)
Speaking of ‘splitting’, SVBs will need to answer a lot of questions, including, What role did wakeness play in the failure of SVB?
The other term for the unit, of course, is ESG, which stands for Environmental, Social, and Governance. ESG is a very relevant question, as there are a wide range of Economic literature Show that obvious investments are not good investments. For example, one study By professors at the London School of Economics and Columbia University it was found that:
ESG funds appear to underperform financially compared to other funds within the same asset manager and year, and charge higher fees. Our findings indicate that socially responsible funds do not appear to follow through on advertisements related to stakeholder concerns.
Shorter version: ESG makes less, costs more, and is a scam.
Of course, if ESG investing soothes the conscience of gullible trust financiers, it might be okay. But now, as a large ESG bank heads higher, we see the threat of systemic risk to the entire economy. This is what happened when bank failures came back under control in 1929.
So, it’s funny, in a not-so-funny way, that on March 7th, it was Treasury Secretary Janet Yellen urge Hurry up please on the ESG. “A delayed and uncontrolled transition to a net-zero economy can lead to shocks in the financial system,” she said.
Well, we haven’t hit net zero yet — and we never will, especially as China continues to build coal plants — but we’ve already given a shock to the financial system.
US Treasury Secretary Janet Yellen speaks at the COP26 Climate Change Summit on November 3, 2021 in Glasgow, Scotland. (Christopher Furlong/Getty Images)
Then there is the matter of saving the SVB beyond FDIC requirements. like Washington Post mentioned Saturday , “A fierce political debate broke out” in Washington about some political reform that could of course cost taxpayers many, many billions. On the other hand, a bigger and more serious banking crisis could wreak havoc on the economy and cost Biden many, many more. sounds. So, what DC will do is unknown.
However, in the meantime, if the evidence continues to accumulate that wake-up/ESG is bad business, it will be difficult for financial officials across the spectrum—in banks, investment houses, pension funds, insurance companies, and university endowments—to argue that they can be woken up while still supporting fiduciary duty. This duty is a weighty legal concept, containing significant civil and criminal penalties if violated.
Surely many have warned about the dangers of ESG, including the House Majority Leader Steve Scales (R-LA) as well as some of those directly charged with the development and protection of pension funds, such as the Treasurer of the State of West Virginia Riley Moore. There is even a new file network Of the right-leaning investment supervisors, the Foundation of State Fiscal Officials.
So now expect conflict, as all the ESG moguls — including Al Gore, BlackRock’s Larry Fink, and maybe even Bono — are quick to tell us. This is good. (As for Janet Yellen, we’ll take her scale later.)
Well, back to the SVB and its fiduciary duty, which is particularly broad when it comes to that Federally regulated banks. (Again, nobody wants another depression.) Let’s keep SVB’s fiduciary duty in mind while browsing the bank’s own statements. (We can leave speculation for another time about any other legal violations that may have been committed—they are, after all, quite a thing for blowing $212 billion).
For example, here is SVB the address As of January 10, 2022: “Silicon Valley Bank is committed to providing $5 billion in sustainable financing and carbon-neutral operations to support a healthier planet.” It looks green! But was this the best use of money? All we know for sure is that CEO Greg Baker chose not to address the fiduciary issue when he said, “Our ability to make meaningful change for people and the planet, and to address the systemic risks posed by climate change, is amplified by the massive impact our innovative customers are having.”
Silicon Valley Bank CEO Greg Baker speaks during a panel discussion at Silicon Valley Leadership Group in Santa Clara, Calif., November 1, 2017. (Anda Chu/Bay Area News via Getty Images)
All that money might sound great to some people (not counting, say, the slave laborers in Africa who mined green minerals) and maybe the planet (except for bald eagles killed by windmills), but it didn’t seem like it was. Great for SVB investors and depositors.
SVB has more Announce About ESG:
Our philosophy of transparency and accountability guides our ESG reporting with the aim of building trust and improving our policies and disclosures.
Yeah, that’s what SVB is all about, right? Building confidence. Although some have a funny way of building it. For example, SVB CEO Becker apparently sold it 3.6 million dollars Available February 27. Did he know anything? Did he work on Insider info? (There is a whole host of laws related thatThey are doozies.)
And he’s getting better. Here’s more green chatter from SVB:
We support entrepreneurs and high-growth companies at the forefront of innovation, helping to develop solutions that create a fairer and more sustainable world. Our long-standing commitment to innovation, combined with our deep experience in supporting cutting-edge technologies, enables us to contribute to a healthier planet through our efforts and those of our customers.
Good Woke Bingo Paragraph: “Fair”, “Sustainable”, “Healthy Planet” – so many words to win!
Of course, SVB is also big DEI (Diversity, Equity, and Inclusion), declaring, “We are building a culture of belonging to a global workforce that celebrates greater dimensions of diversity.” More bingo hits. And to get a better idea of the DEI footprint of SVB we might consider this (now deleted) tweet From Christina Key, who identifies herself as a former hedge fund executive:
SVB’s collapse has been devastating in more ways than one: They have supported women, minorities, and the LGBTQ community more than any other large bank. This includes not only the various events, but the actual financing. SVB helped us go one step further; Without them, we take two steps back.
sharp one Loudspeaker He replied, “Perhaps other banks will look at this failure and realize that they need to do actual banking rather than utopian signals.”
Hmm. Were all these gestures of virtue in line with fiduciary duty? He is this What might a Biden administration choose to save him?
Sunlight is the best disinfectant
It’s a challenge to get through this conversation. like The song goes, “Information not available to mortal man.” Fortunately, to help, we have subpoenas and other investigative tools. So, while the Biden administration may not be interested in digging deep into the SVB, others will be.
Yes, the fate of the SVB is a topic for congressional investigative committees, at least on their Republican side.
One Republican with a good grasp of how this works is businessman-turned-Republican presidential candidate Vivek Ramaswamy, one of the first The guard woke up. As is chirp In the aftermath of the fall of the SVB:
One of the main causes of the financial crisis of 2008 was the use of social factors to make loans (at that time, the promotion of home ownership). When we don’t learn lessons, history repeats itself: Did a Silicon Valley bank use ESG factors to price its loans? Spin that log and see what creeps in.
One of the main causes of the financial crisis of 2008 was the use of social factors to make loans (at that time, the promotion of home ownership). When we don’t learn lessons, history repeats itself: Did a Silicon Valley bank use ESG factors to price its loans? Spin that log and see what creeps in. pic.twitter.com/eRajMga2sO
– Vivek Ramaswamy (@VivekGRamaswamy) March 11, 2023
For people wondering where their money has gone – and for others who are just curious about how to play with the rich other people’s moneyCongressional hearings can be really helpful. Those curious as to how they operated in the past might Google “Pujo,” “Pecora,” and “Enron,” as well as “Lehman Brothers.”
In each of those previous cases, we found that the financial players were either not as strong as they were promoted or were outright scams. We’ve been through every meltdown, but too many people have lost money – and not enough people have been jailed.
So, does the SVB prove that the green economy is a house of cards? Here at Breitbart World, we may share a common suspicion about that, but we may be interested to know that others seem to have a sneaking sense that we’re right. For example, the Biden administration (!).
Biden is not walking the green mile anymore
After two years of relentlessly hostile real energy policies, we’re on First day (Fortunately, some of Biden’s worst moves have been thwarted Bipartisan opposition in Congress), and the Biden administration It said It is poised to make a surprising turnaround: the approval of development of a new carbon fuel in Alaska. That’s 600 million barrels of oil, which is great news for American energy consumers (and that’s all of us, whether we admit it or not). But that’s also 9.2 million tons of carbon dioxide in the atmosphere, which is low on greens. Why shift towards big oil?
President Joe Biden speaks at the United Nations climate change conference COP26 in Glasgow, Scotland, on November 2, 2021. (Erin Schaff/The New York Times via AP, Pool)
Politico Directory punish His answer as “Biden’s raw move to the center” – since the center is where you get re-elected. “It’s another policy development from the Biden administration that has infuriated the left, this time from environmentalists,” Politico added. (The other notable, exciting development for the left was Biden’s acceptance of a Republican crime bill.)
The moral of this story is that Joe Biden really is truly He wants to be re-elected. And he’s good at it. It happened five times in Delaware. So, if that means leaving ideological The greens are in the lurch, he’ll do it faster than you can say “flip flop.”
rescue issue Financial The Greens (large SVB depositors and investors) are more complex. After all, many of them are donors to the Biden campaign. If the Biden administration thinks it can help them and somehow hide the financial data from the public, it will that Faster than you can say “flim-flam”. The entire Biden clan has proven that they can.
So, can Joe Biden follow his formula for re-election nationwide in 2024? We can’t know yet. But if you see Janet Yellen say, “Practice, baby, practice,” you’ll know he’s doing his best.
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