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After the collapse of Silicon Valley Bank (SVB), the company's emphasis on "underrepresented entrepreneurs" and its adherence to "woke" ideology is under increasing scrutiny. At SVB, which helped fund tech startups – historically a risky endeavor on its own — the ideology of a Financial Risk Management executive for Europe, Africa, and the Middle East, Jay Ersapah, is coming to light in a told-you-so of "go woke, go broke," the New York Post reported. Just nine months ago during Pride Month, Ersapah appeared in a video where she boasted she "could not be prouder" for working for SVB to serve "underrepresented entrepreneurs." Important: Reagan’s OMB Director first warned of major debt and bank crisis to happen in 2023 in new bestseller, advises 4 ways to protect cash – See Emergency Details Here Now! "The phrase 'you can't be what you can't see' resonates with me,'" Ersapah said in a statement that appeared on the company website. "As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to 'see' growing up." Now, customers of that bank who had more than the maximum $250,000 insured by the Federal Deposit Insurance Corporation (FDIC) might not see their money for awhile. "I feel bad for all of these people that lost all their money in this woke bank," Home Depot co-founder Bernie Marcus said, according to the Post. "You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It's depressing to me." Further, Marcus expected, the Biden Justice Department is not going to hold the executives accountable because of their like-minded ideology. "Who knows whether the Justice Department would go after them?" Marcus continued. "They're a woke company, so I guess not. And they'll probably get away with it." The banks like SVB that focus on ESG (Environmental, Social, and Governance) are using ideology in banking and investment that is not sound business, according to Marcus. "These banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is, shareholder returns," Marcus continued. "Instead of protecting the shareholders and their employees, they are more concerned about the social policies. And I think it's probably a badly run bank. "They've been there for a lot of years. It's pathetic that so many people lost money that won't get it back." Among the examples of Marcus' criticism, Ersapah started LGBTQ+ programs like a "safe space catch-up" for coming out, a month-long Pride campaign, and a blog for mental health awareness for LGBTQ+ youth. Ersapah also served as director for Diversity Role Models and volunteered as a mentor for Migrant Leaders, according to the Post. "I feel privileged to co-chair the LGBTQ+ ERG and help spread awareness of lived queer experiences, partner with charitable organizations, and above all, create a sense of community for our LGBTQ+ employees and allies," Ersapah's company website statement read. SVB was shut down Friday as its stock was collapsing amid layoffs and doors closing on startups amid interest rate increases, and financial, inflation, and recession fears. That led customers to run to SVB to pull out their large deposits, moving them to larger banks like JPMorgan or Bank of America. SVB's stock took 60% hits Thursday and Friday before trading was halted and the California Department of Financial Protection and Innovation shut it down. "Venture capital funding had already been in a contraction mode," Y Combinator CEO Garry Tan told NPR. "So this is really a challenging time for something so devastating to happen." Important: Reagan’s OMB Director first warned of major debt and bank crisis to happen in 2023 in new bestseller, advises 4 ways to protect cash – See Emergency Details Here Now! Related Stories: © 2023 Newsmax. All rights reserved. |
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