Author Topic: Pinkerton: Green, Woke, and Now Broke — How SVB Became the 2nd Biggest Bank Failure in U.S. History  (Read 222 times)

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Pinkerton: Green, Woke, and Now Broke — How SVB Became the 2nd Biggest Bank Failure in U.S. History

James P. Pinkerton 11 Mar 2023

Go Woke, Go Bust

Oh so woke, oh so green, oh so diverse Silicon Valley Bank (SVB) just went bust.

One can go to its website—still up for who knows how much longer—and see that it claims assets of $212 billion. But as they say, the bigger they are, the harder they fall; and SVB makes for the second largest bank failure in U.S. history.

Remarkably, 93 percent of the bank’s $161 billion in deposits are uninsured by the Federal Deposit Insurance Corporation (FDIC), which only covers accounts up to $250,000. And Roku, to name just one whale, had $487 million in Silicon Valley Bank. So, just for starters, a lot of CFOs—the folks in charge of handling a company’s money—are gonna have some ‘splaining to do.

Speaking of ‘splaining, SVB officials will need to answer a lot of questions, including, What role did wokeness play in SVB’s failure?

Another term for wokeness, of course, is ESG, which stands for environmental, social, and governance. ESG is a pertinent question, as there’s a considerable body of economic literature showing that woke investments aren’t good investments. For instance, one study by professors at the London School of Economics and Columbia University finds that:

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https://www.breitbart.com/economy/2023/03/11/pinkerton-green-woke-and-now-broke-how-svb-became-the-2nd-biggest-bank-failure-in-u-s-history/
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If there is any good in this the talking heads say it should make the fed put the brakes on future Interest hikes or even roll bake the last one.

Prolly wont happen as the current regime seems hell bent on destroying American's nest eggs.
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The really big upcoming secondary story, and I don't know the exact rules on this matter is when the mortagage holders (home and business)  at this bank aren't going to get their nice cushy 2.5-3.5% loan rates when their loans get reassigned to other banks.   

Sadly, I am guessing that there will be a revolt, and some stupid Fannie Mae type identity will take the loans and the loss will be subsidized by the taxpayers.  What a freakin' mess.
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