Silicon Valley Bank Spent $74 Million on Black Lives Matter and Social Justice Causes
By Kira Davis | 9:45 PM on March 14, 2023
Silicon Valley Bank’s collapse is almost entirely self-imposed, but they’re getting an almost-bailout anyway. President Biden has said the taxpayers will bear the brunt of guaranteeing all SVB deposits. The Federal Deposit Insurance Corp. (FDIC) already insures deposits up to $250,000, a pittance compared to the collapse of this billion-dollar bank.
Many in the financial punditry class believe the move is necessary to prevent a chain reaction that could take down other big investment banks. There is plenty to be debated about the merits of that action, but it certainly does make it harder to accept that Americans are being forced to bail out millionaires when SVB has been grossly irresponsible with their own funds.
As it turns out, SVB was a massive donor to Black Lives Matter and other social justice causes, to the tune of nearly $74 million dollars. $73,450,000 to be more exact.
The figure comes from an extensive report dropped by the Claremont Institute on Tuesday. The report details $82 billion dollars in social justice/BLM investments by major American companies. SVB stands out as one of the larger donors, next to big donors like Apple ($100 million) and Comcast ($165 million). While at the top of the donation pool, those contributors do pale in comparison to donors like Blackrock ($810 million) and Citigroup ($1.1 billion). However, the group did pledge on their website to provide in total up to $11 billion dollars by 2026 for Diversity, Equity and Inclusion (DEI) programs and racial justice causes.
https://redstate.com/kiradavis/2023/03/14/silicon-valley-bank-spent-74-million-on-black-lives-matter-and-social-justice-causes-n716419
