Page 10 - Andy Kessler News Today

You have to be “woke” to understand it, I guess.

the usa’s 16th largest bank collapsed because of poor investment and risk strategies that left the bank with insufficient cash to weather a mass withdrawal of assets from its largely tech sector customers, who have been particularly hard hit in the current economy, financial and banking experts explain.

Instead of putting the blame for recent bank failures where it should be, some people want to blame diversity, equity and inclusion programs.

Some Republicans and one WSJ columnist have come up with a whacky theory on what caused Silicon Valley Banks collapse: Wokeness.

Risky investments and a lack of regulatory oversight contributed to the failure of Silicon Valley Bank.

The collapse of Silicon Valley Bank (SVB) occurred just days after Congress passed the Braun-Barr resolution, which overturns the Biden administration’s “Prudence and Loyalty” rule and its encouragement of environmental, social, and governance (ESG) investing by pension managers under the Employee Retirement Income Security Act (ERISA). The timing could hardly be more instructive. The Prudence and Loyalty rule, the White House had recently argued in its defense, “reflects what successf...

With the Silicon Valley Bank collapse, many Republicans have strayed from the vague safety of wokeness and nonsensically pinned the blame on DEI.

Republicans are blaming the nation’s second-largest bank failure on “wokeness,” not lax regulation, ill-fated business decisions or panicked customers

With the Silicon Valley Bank collapse, many Republicans have strayed from the vague safety of wokeness and nonsensically pinned the blame on DEI.

Republicans are blaming the nation’s second-largest bank failure on “wokeness,” not lax regulation, ill-fated business decisions or panicked customers