Silicon Valley Bank’s recent collapse has sparked debate about the role of “woke” business practices in its demise. Prominent figures such as Home Depot co-founder Bernie Marcus have blamed these practices, and new data from the Claremont Institute Center for the American Way of Life support their claims.
According to the Blaze, big-name corporations have donated nearly $82.9 billion to Black Lives Matter (BLM) and its affiliates since 2020. BLM reportedly used the money to fund urban riots, undermine capitalism, and indoctrinate schoolchildren. SVB contributed $73 million to BLM, publicizing its woke, identity-based practices, hosting “Conversation Circles,” and investing in diversity, equity, and inclusion programs.
Reports also suggest that SVB had shifted its focus from tech start-ups and shareholder interests to LGBTQ+ activism. The bank’s chief risk officer in Europe, Africa, and the Middle East, Jay Ersapah, organized several pride-related events and was recognized for managing the bank’s first-ever “safe space catch-up.” However, these reports did not mention her capabilities as a financial risk assessor.
Several Republicans have blamed SVB’s collapse on its woke activism, claiming that its emphasis on diversity, equity, and inclusion kept it from focusing on its core mission. However, some in the industry argue that the bank collapsed due to shaky bond markets, uninsured deposits, and rising interest rates.