It’s rarely a good sign when banks are in the news. That’s certainly the case with the headlines generated by the recent high-profile closures of Silicon Valley Bank, Signature Bank, and Silvergate.
Anne Wilbur, right, and Jessika Harville enter a Silicon Valley Bank in Palo Alto, Calif., on Monday, March 13, 2023. The federal government intervened Sunday to secure funds for depositors to withdraw from Silicon Valley Bank after the banks collapse. Wilbur and Harville waited in line before the bank opened to withdraw funds for Wilbur Properties. t’s rarely a good sign when banks are in the news.
Taken together, these closures have raised a bevy of questions, ranging from broad concerns about the overall health of the financial system to more specific queries related to the banks’ investing strategies. Among these questions is what role, if any, the institutions’ support for and celebration of radical gender and racial ideologies had in their downfall. For most of the year leading up to its demise, for instance, SVB
its chief risk officer position in the U.S., while the administrator filling a similar position at the bank’s U.K. affiliate spent what seems to be an inordinate amount of company resources promoting LGBT causes and programs. SVB’s outsize emphasis on promoting contentious issues is also evident in its corporate giving. According toby the Claremont Institute, from 2019 to its collapse, SVB allocated more than $70 million to racially divisive organizations such as Black Lives Matter and other critical race theory-dependent groups.
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