A growing chorus of Republicans is placing fault for Silicon Valley Bank's collapse on 'woke' investments and policies at the company.
A growing chorus of Republicans is placing fault for Silicon Valley Bank's collapse on"woke" investments and policies at the company.
“This bank, they’re so concerned with DEI and politics and all kinds of stuff. I think that really diverted from them focusing on their core mission,” Gov. Ron DeSantis told Fox News over the weekend. Billionaire Peter Thiel’s Founders Fund was one of the notable actors to pull funds from SVB and reportedly advised clients to withdraw their money.
However, as the Federal Reserve jacked up interest rates to combat inflation, older Treasuries and other securities became less desirable because the new ones yielded higher earnings under the higher interest rates. As a result, the older assets shed value on the open market. It is abundantly clear that SVB was terribly mismanaged. Their executives appeared to be more focused on diversity and ESG than managing their own risks.
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