Biden's borrowing and spending putting financial system in peril: Steve Moore
Chief economist at FreedomWorks Steve Moore says inflation, government borrowing and ‘woke’ priorities put banks ‘in jeopardy.’
The head of financial risk management at Silicon Valley Bank (SVB) UK spent the months leading up to the shocking bank collapse launching and leading LGBTQ campaigns for the company.
Jay Ersapah, the head of financial risk management, organized a month-long pride campaign, a space for employees to share their coming out stories, and co-chaired the European LGBTQ Employee Resource Group, as the bank was at the brink of collapse.
Just four months before the bank was shutdown, Ersapah, who labels herself as "a queer person of color and a first generation immigrant from a working class background," was included on SVB’s "Outstanding LGBT+ Role Models List 2022."
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Jay Ersapah, the Head of Financial Risk Management and Model Risk for Silicon Valley Bank UK Limited, organized a month-long pride campaign. (LinkedIn/Silicon Valley Bank)
"The phrase ‘you can’t be what you can’t see’ resonates with me. As a queer person of color and a first generation immigrant from a working class background, there were not many role models for me to ‘see’ growing up. I feel privileged to co-chair the LGBTQ+ ERG and help spread awareness of lived queer experiences, partner with charitable organizations, and above all, create a sense of community for our LGBTQ+ employees and allies," Esrapah wrote in SVB's most recent Diversity, Equity and Inclusion initiative from August 2022.
"I’m encouraged by the greater attention given to issues of inequity in the innovation sector in recent years – but there is much more work to be done." Greg Becker, President and CEO of SVB, also said in the release.
SVB, which was the 16th largest bank in the U.S. before its shutdown, also dropped an ESG report that outlined the company's focus on climate change.
A customer stands outside a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. (Justin Sullivan/Getty Images)
"SVB recognizes the significant economic, societal and ecological threats of climate change. We support entrepreneurs and high-growth companies advancing innovations that reduce greenhouse gas (GHG) emissions, and we take steps to monitor and reduce our own emissions," the report read.
The Silicon Valley Bank was officially closed on Friday by California regulators amid a run on the bank.
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Bernie Marcus, co-founder of Home Depot, blasted the "woke bank" while speaking with Fox News' Neil Cavuto."
"I feel bad for all of these people that lost all their money in this woke bank. You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It's depressing to me. Who knows whether the Justice Department would go after them? They're a woke company, so I guess not. And they'll probably get away with it," he said.
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