Silicon Valley Bank has donated more than $73 million to Black Lives Matter

Woke Silicon Valley Bank donated more than $73 million to social justice groups linked to Black Lives Matter in the years leading up to its collapse, while failed Signature Bank gave $850,000, it was revealed.

a Database The Claremont Conservative Institute shows that SVB donated approximately $73,450,000 to the movement and other social justice causes as it worked to increase its environmental, social, and governance rating.

Meanwhile, New York-based Signature Bank donated a total of $850,000 over several years before it failed on Sunday.

It’s unclear how the donations by the banks were spent — but the Claremont Institute claimed that the Global Network, a private BLM organization, used its money to fund Black Lives Matter demonstrations and contributed to the organization’s political action committee focused on electing progressive leaders.

The revelations come as banks are being mocked for waking up too much and not focusing enough on red flags in their companies.

Both banks have been praised for their efforts to improve diversity among their employees and to address social issues.

In the summer of 2020, the Silicon Valley bank pledged to increase its commitment to “diversity, equality, and inclusion.”

In a report released at the time, CEO Greg Baker said SVB has an employee matching program for donations focused on “pandemic response, social justice, sustainability, and support for women and emerging talent from Black, Latinx, and other underrepresented groups.”

Company 2021 Power of attorney statement for investors He also noted: ‘Calls to end systemic racism and social injustice following the death of George Floyd in May 2020 have had a profound global impact.

We’ve responded by expanding opportunities for dialogue, including hosting more than 40 small group conversation circles in which more than two-thirds of our staff have engaged in discussions about issues of racial equality.

In addition, we’ve offered job opportunities, mobilizing our employees and customers to join in community service through Tech Gives Back, a week of volunteer events focused in part on racial equality, social justice, and access to the innovation economy.

At the same time, executives at Signature Bank pointed out at Social Impact Report 2021 that approximately 2,200 employees have donated to a variety of organizations and that 431 individual grants totaling $1.86 million have been directed to nonprofits.

The report stated that ‘corporate donations are a key component of Signature Bank’s corporate citizenship, and that the bank’s commitment to supporting global social causes will only grow in tandem with the bank’s size, strength and standing within the corporate community, the national economy and the global community.

Each year, Signature awards unrestricted grants to several non-profit organizations and funds specific activities and initiatives for many other organizations.

As we increase our focus on social impact, including practices related to human capital, diversity, equity and inclusion, along with strategies to support and develop community participation, and our approach to sustainability efforts as individuals and as an organization, the Bank continues to strengthen it. rule in these areas.

It is unclear what funds were specifically donated by Silicon Valley Bank and Signature Bank.

But in an opinion piece for Newsweekexecutives at the Claremont Institute — a conservative think tank seeking to ‘restore the constitutional design envisioned by our nation’s founders’ — alleged that the global network, a private BLM organization, uses its money to “support future operations, purchase luxury real estate, and engage in patronage.” , disbursing grants to dozens of BLM chapters and revolutionary organizations, and operating a PAC “to elect progressive community leaders, activists, and working-class candidates fighting for black liberation.”

DailyMail.com has reached out to Silicon Valley Bank, Signature Bank and Black Lives Matter for comment.