ESG, Inclusion, and the Failure of a Progressive Bank
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spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:11 pmMany failures and mistakes contributed to the collapse of SVB, including ESG-based policies and decisions. How much harm did woke politics actually do to this bank?
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:12 pmOh so woke, oh so green, oh so diverse Silicon Valley Bank (SVB) just went bust.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:12 pmWhat role did wokeness play in SVB’s failure?
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:13 pmAnother 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:
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:14 pmESG funds appear to underperform financially relative to other funds within the same asset manager and year, and to charge higher fees. Our findings suggest that socially responsible funds do not appear to follow through on proclamations of concerns for stakeholders.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:15 pmShorter version: ESG makes less, costs more, and is a fraud.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:16 pmOf course, if ESG investing only soothed the conscience … it might be okay. But now, as a big ESG bank goes belly up, we see the danger of systemic risk to the whole economy. That’s what happened when bank failures domino-ed back in 1929.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:17 pmYet in the meantime, if the evidence continues to pile up that woke/ESG is bad business, then it will be hard for financial officers across the spectrum—in banks, investment houses, pension funds, insurance companies, and university endowments—to argue that they can be woke while still upholding their fiduciary duty. That duty is a heavy legal concept, containing significant civil and even criminal penalties if it is violated.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:19 pmTo be sure, plenty have been warning about the dangers of ESG, including House Majority Leader Steve Scalise (R-LA) and also some of those directly tasked with growing and safeguarding pension funds, such as West Virginia State Treasurer Riley Moore. There’s even a new network of right-leaning investment overseers, the State Financial Officers Foundation.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:20 pmSo, now expect a scramble, as all the Emperors of ESG—including Al Gore, Larry Fink of BlackRock, and maybe even Bono—rush to tell us that this is fine.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:20 pmBack to SVB and its fiduciary duty, which is especially extensive when it comes to federally regulated banks. (Once again, nobody wants another Depression.) Let’s consider SVB’s fiduciary duty as we go through the bank’s own statements.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:22 pmFor instance, here’s an SVB headline from January 10, 2022: “Silicon Valley Bank Commits to $5 Billion in Sustainable Finance and Carbon Neutral Operations to Support a Healthier Planet.” 🍀Sounds green! But was that the best use of funds?
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:22 pmAll that money might have seemed great for some people … and maybe the planet … but it doesn’t seem to have been great for SVB investors and depositors.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:23 pmOf course, SVB is also big into DEI (Diversity, Equity, and Inclusion), declaring, “We’re building a culture of belonging with a global workforce that celebrates greater dimensions of diversity.” … And to get an even better sense of SVB’s DEI footprint, we might consider this (now deleted) tweet from one Christina Qi, who identifies herself as a former hedge fund CEO:
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:24 pmThe SVB collapse has been devastating in more ways than one: They supported women, minorities, & the LGBTQ community more than any other big bank. This includes not just diverse events, but actual funding. SVB helped us move one step forward; without them, we move two steps back.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:25 pmOne sharp tweeter responded, “Maybe other banks will take a look at this failure and realize they need to do actual banking instead of virtue signaling.”
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:25 pmHow are you praying against the ESG agenda?
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 6:27 pmGod, we pray that You would dismantle and dispose of the ESG agenda. Protect us from policies that would hard our finances and misuse our taxes. In the name above every name! AMEN🙏🏻❤️🕊
GodsgalMNPrayers: 880Requests: 17
March 14, 2023 at 10:56 pm◼️ 🙏🏼 SpiritDoc , this info . Is spot on. I’m in agreement with these statements and believe this “Woke” & “Cancel” culture is destroying our country. It makes me frustrated and mad to see what’s going on here and our country. ♥️ 💖 💗 With concern, from a fellow DABber – 🙏🏼 GodsgalMN❄️
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 11:58 pmDearest sweet Lori; Thank you for the feedback! We do our part and God is going to to the rest. I agree with you. Love you i am so glad you are here in this prayer wall. Truly you ate very significant.
spiritdoc1Prayers: 40405Requests: 2401
March 14, 2023 at 11:59 pmMeant you are🤭
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