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March 20, 2023
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SVB DONATED $73M TO BLACK LIVES MATTER MOVEMENT, SOCIAL JUSTICE CAUSES

By
Bradford Betz, Fox Business


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Back to Reading
March 15, 2023 1:32pm
Updated
March 15, 2023 3:41pm
Silicon Valley Bank board members donated to big-name Democrats: Report

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ORIGINALLY PUBLISHED BY:


 * SVB, Signature Bank donated primarily to Democrats in the past two election
   cycles
 * The FDIC and your bank deposits: What to know
 * Chuck Schumer, Dems rush to give back donations from Silicon Valley Bank CEO

Silicon Valley Bank, which collapsed on Friday after a classic bank run, donated
more than $73 million to groups related to the Black Lives Matter movement,
online records show. 

A database from the conservative Claremont Institute shows the bank donated
around $73,450,000 to the BLM movement and other social justice-related causes. 

As first reported by the Federalist, the now-defunct bank pledged in the summer
of 2020 — when the nation was gripped by racial unrest after the police custody
death of George Floyd — to increase its commitment to “diversity, equipment, and
inclusion (DEI)” in the workplace. 

A report from August 2020 highlighted the fact that around two-thirds of the
bank’s workforce met the “diversity” criteria.

Another report that year touted SVB’s achievements in supporting minorities.  

In an introductory letter to the report, CEO Greg Becker said SVB touted
employee matching programs that focused on “pandemic response, social justice,
sustainability, and supporting women, Black and Latinx emerging talent, and
other underrepresented groups.” 

A report from August 2020 highlighted the fact that around two-thirds of the
bank’s workforce met the “diversity” criteria. REUTERS

Fox Business has reached out to BLM for comment. 

Some figures on the right have tried to draw a connection between Silicon Valley
Bank’s so-called “woke” priorities and its inevitable demise. 

Rep. James Comer (R-Ky.) on Sunday argued that Silicon Valley Bank was “one of
the most woke banks in [its] quest for the ESG-type policy and investing.” 

--------------------------------------------------------------------------------

Follow The Post’s coverage of Silicon Valley Bank’s collapse

 * Ex-Silicon Valley Bank CEO Greg Becker jets to Hawaii after collapse
 * Goldman Sachs lost $200M in recent US banking chaos: report
 * Kevin O’Leary grilled on why he kept money at SVB if management were ‘idiots’

--------------------------------------------------------------------------------

Environmental, social and governance (ESG) refers to non-financial standards
used by asset managers and investors in financial decision-making.

“This could be a trend and there are consequences for bad Democrat policy,”
Comer said during a segment on Fox News’ “Sunday Morning Features.” 

A database from the conservative Claremont Institute shows the bank donated
around $73,450,000 to the BLM movement and other social justice-related
causes. AP

The left, meanwhile, has pointed to President Donald Trump’s signing of the
Economic Growth, Regulatory Relief, and Consumer Protection Act, which rolled
back key regulations put in place after the 2008 financial crisis.

Former US Rep. Barney Frank (D-Mass.) served on the board of Signature Bank,
which was shut down in connection with SVB’s collapse. He has said the 2018
regulatory change played no role in either bank’s issues. 

314
What do you think? Post a comment.

Other critics have pointed to many red flags surrounding the bank, including its
rapid growth since the COVID-19 pandemic, its unusually high level of uninsured
deposits, and its many investments in long-term government bonds and
mortgage-backed securities, which tumbled in value as interest rates rose. 

The Associated Press contributed to this report. 




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Filed under
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 * black lives matter
 * environment
 * silicon valley bank
 * 3/15/23

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