CITIZENS NEWS

Failed Silicon Valley Bank gave Black Lives Matter millions of dollars, database shows, while failing to safeguard depositors' funds

By jdheyes // 2023-03-26

Once again, the motto "Go woke, go broke," proves itself to be true. According to a recently released database by the Claremont Institute, Silicon Valley Bank (SVB) and Signature Bank New York (SBNY) donated a total of $71.5 million to the Black Lives Matter (BLM) movement. SVB contributed $70,650,000, and SBNY gave $850,000, according to a new database released by the Claremont Institute, Just the News reported. The records gathered by the conservative think tank cited several "social impact reports" that recorded the transactions and highlighted SVB's pledge from early last year to give $5 billion to companies aiming to assist with "the transition to a sustainable, low carbon, net zero emissions economy." Following their collapse, they were criticized for prioritizing eco-conscious environmental, social and governance (ESG) investing over sound investment principles and for focusing on diversity and social justice in hiring over merit, the report noted further. "One of SVB's LinkedIn posts in 2022 celebrated the 'diversity' hire of Jay Ersapah as the head of Financial Risk and Model Risk Management, highlighting how she helped 'establish and is the lead for the LGBTQ+ network at Silicon Valley Bank; where she works closely with Stonewall to create and promote a culture where all can bring their authentic selves to work,'" the report continued. That same year, Ersapah hosted an "exclusive fireside chat with Suki Sandhu, the author of 'How To Get Your Act Together: A Judgement-Free Guide to Diversity and Inclusion for Straight White Men.'" Included in the subject matter were the topics "How to get started with LGBTQ+ inclusion" and "Global best practice in LGBTQ+ inclusion — what great looks like." The BLM donor database also listed other prominent corporations such as CitiGroup and Facebook, which donated over $1 billion each, Amazon (nearly $170 million), Apple ($100 million), and American Express ($50 million), along with dozens of others. The Biden administration has faced criticism for its involvement in the banking crisis, as experts blame a federal spending spree that led to increased interest rates, causing asset devaluation and worsening inflation. Black Lives Matter Global Network Foundation gave Just the News a lengthy statement. "Associating a multi-billion dollar bank failure to supposed donations made to Black organizations is quite literally the definition of white supremacy — especially when it's a bank that has been and continues to be largely run by white people," the group's statement said.

The SVB failure "happened because of Silicon Valley Bank's financial missteps and due to former President Trump, along with Democrats and Republicans in congress, rolling back regulations on banks in 2018," said the group. "Focusing on donations to black organizations doing righteous change work instead of Silicon Valley Bank's executives that were selling off their stock and profiting from their extreme risks just days before the bank failed, like CEO Greg Becker who profited $3.6 million by selling company stock, is a hilarious attempt to shift blame to black people.

"Silicon Valley Bank held $212 billion in assets and $324 billion in total client funds at the end of 2022. Contributions to a variety of progressive black causes is irrelevant in the conversation about what led to the bank's demise," the BLM continued.

The BLM statement said in conclusion: "We need to be demanding real accountability both from the private sector and the government, which leads to immediate policy change, including public banking options. Until we stop protecting the interests of tech executives, shareholders, and billionaires, and start protecting Black people from their gruesome exploitation, then we will unfortunately witness many more big bank bailouts."

The fact is, most major corporations today are not run by Republican voters and donors but just the opposite -- far-left Democrat activists who put their causes and ideology ahead of sound business decisions, which is completely the opposite of what they're supposed to do. And when they do that, their businesses fail. Sources include: JustTheNews.com NaturalNews.com

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