I’ve returned from a week of paradise to a literal woke perdition! That’s right! Silicon Valley bank is yet the latest victim of one of the undeniable laws of the universe: go woke go broke! We’re gonna look at exactly what happened and we’re gonna see precisely why going woke is actually becoming a legal liability; that’s right, going wokey means going to the pokey! Which means, that the collapse of SVB evidences nothing less than the collapse or wokeness itself; you’re not gonna wanna miss this!
-WOKE BANKS ARE IMPLODING!
-Of course the feds are already talking about bailing out these idiots
-Get Woke, Go Broke may become LEGALLY RELEVANT!
On Friday, financial regulators announced that they had officially shut down Silicon Valley Bank and took control of its deposits, in what represented nothing less than the single largest U.S. bank failure since the GFC, the global financial crisis back in 2008. Silicon Valley Bank was, up until Friday, one of the world’s leading financial institutions for technology and innovation companies, both here in the United States and globally, and its collapse was the second largest bank failure in history! According to CNBC, the company’s downward spiral began late Wednesday of last week, when officials from the bank shocked investors with news that the bank was suffering from a $2 billion shortfall; keep that number in mind, it’s going to come back later. So they needed $2 billion dollars to shore up their balance sheet. What then followed was a massive run on the bank, with customers withdrawing a staggering $42 billion dollars of deposits by the end of Thursday. So in a matter of a mere 24 hours, Silicon Valley Bank went from being one of the most well-capitalized institutions on the planet to basically broke, with investors and depositors uncertain whether they’ll ever see their money again!
Bloomberg is reporting that 93 percent of SVB’s deposits are uninsured, FDIC only covers accounts up to $250 thousand dollars. There are companies like Roku that have hundreds of millions of dollars of deposits that they may never see again! And so, needless to say, bailout talks are already underway; that’s right; our elites are once again discussing whether to bailout these woke leftist losers on the backs of you and me, the taxpayers! And that’s key to all of this; as the dust begins to clear in this shocking implosion, more and more investors and pundits are recognizing that SVB, Silicon Valley Bank, appears to be yet the latest victim of President Trump’s undeniable truism: ‘everything woke turns to shit!’ It’s being more and more reported that SVB executives appeared far more concerned about pushing woke ideology like LGBTQ programs, including a ‘safe space’ for coming out stories, than they were managing their clients’ assets! Here’s Home Depot founder Bernie Marcus on Fox News:
👀 Ex-Home Depot CEO Bernie Marcus Blames Biden’s Woke Policies for SVB
“I think that the Administration has pushed many of these banks into more concern about global warming than they do about shareholder return” pic.twitter.com/UQhle3ad2K
— Chief Nerd (@TheChiefNerd) March 12, 2023
Florida Governor Ron DeSantis is also laying the blame at the feet of wokeness, especially the incessant company obsession with what’s called DEI, DEI standing for Diversity Equity and Inclusion. Many prefer DIE, Diversity, Inclusion, and Equity, because it appears adopting these woke initiatives all but guarantees the death of a company, after all, that’s what the saying: Get woke, go broke is all about; there IS NO market for wokeness, wokeness is forced on the market, and consumers rebel by going elsewhere. And that’s exactly what appears to have happened to SVB, Silicon Valley Bank; Vivek Ramaswamy, who’s running for the Republican presidential nomination, is laying the blame at the feet of SVB’s shameless shilling for what’s called ESG, environmental, social and governance policies. If you don’t know, ESG is a major initiative of the World Economic Forum, the WEF, and Elon Musk has hardly been shy in his opinion of ESG initiatives. He once tweeted out: ‘The S in ESG stands for Satanic.’ By the way, Business Insider is reporting that Musk is open to buying SVB! That would be something, wouldn’t it, since if he did, he’d put an end to their ESG programs overnight! And for good reason!
Ramaswamy noted, get this, this is key, he noted that SVB recently made a $5 billion dollar commitment to a green project, to help finance what they called a climate-ready, healthier planet. Now, do you remember how much their shortfall was? How much money did Silicon Valley Bank need to shore up their accounts? $2 billion! That $5 billion that they gave to woke green causes could have easily served to even out their balance sheet! In other words, the woke idiots at SVB were more worried about a supposedly healthier planet than they were about a healthier balance sheet! And THIS, gang, THIS is what is going to ultimately destroy wokeness! We’re going to see precisely how many are already noting that the days of wokeness are actually LEGALLY coming to an end!
More and more studies are coming out proving that woke investments, the kind of investments that particularly ESG initiatives promote, are just plain BAD investments! In fact, a recent study by the London School of Economics and Columbia University concluded the following:
‘ESG funds appear to underperform financially relative to other funds within the same asset manager and year, and to charge higher fees. Our findings suggest that socially responsible funds do not appear to follow through on proclamations of concerns for stakeholders.’
That’s a rather sanitized way of saying that ESG investments are losers! Their costs are higher and their returns are lower; period! And James Pinkerton over at Brietbart is noting that these studies are calling into question the actual LEGALITY of these woke investments! In other words, the question is increasingly being raised whether banks or investment companies or pension fund holders or insurance companies can continue to promote this woke nonsense while still upholding what’s called their fiduciary duty! Fiduciary duty involves the legal responsibility to act solely in the best interest of another party and as Pinkerton notes, that duty is a heavy legal concept, containing significant civil and even criminal penalties if violated. When it was announced back in January of 2022 that SVB was committing $5 billion dollars to a bunch of green nonsense, CEO Greg Becker apparently didn’t even address the fiduciary relevance of the donation! Why precisely was giving $5 billion dollars of investors and depositors’ money to some woke cause in their best interest?! You see, THIS is what is ultimately going to crush wokeness! What this all ultimately means is that ‘go woke go broke’ ain’t just a slogan; it’s actually a very real legal liability! Going woke can mean going to jail! Going wokey could mean going to the pokey! And if that’s the case, the implosion of SVB may indeed mean nothing less than the implosion of wokeness itself!