The statement further stated that SVB gave its employees “a week of volunteer events focused in part on racial equity, social justice and access to the innovation economy.”
A Corporate Responsibility Report published by the company that year also detailed that SVB intended to donate $50 million in its DEI program called Access to Innovation by 2025 “with a focus on women, Black and Latinx individuals.” In May of that year, the company also proposed a $11.5 billion community benefits plan in collaboration with the Greenling Institute, a leftist organization. The bank also gave money to support “sustainability” goals such as a pledge in January 2022 of $5 billion “in loans, investments and other financing to support sustainability efforts,” according a statement released by the company. The year before, SVB reiterated a pledge of its Environment, Social and Governance (ESG) standards to the World Economic Forum (WEF) in an index given to the organization. SVB’s ESG index directed to the WEF last year also stated that the company gave over $18 million to various nonprofits, amounts that are not included in the Claremont Institute’s report, according to the Post Millennial. Speaking to The Federalist, Will Hild, executive director of Consumers’ Research, stated that SVB’s failure “is yet another indication that SVB was focused on woke virtue signaling instead of protecting their customers’ deposits.” “Time after time we see the same pattern: companies that are the most concerned with ESG scores and woke politics do the worst jobs serving their customers,” Hild continued. “The rest of corporate America should learn from SVB’s failure now, before they are the next company to make headlines for comically poor management.” SVB and Signature Bank are not the only banks that have collapsed since the start of the month. This week, the Swiss government bailed out Credit Suisse in an effort to stop the bank from collapsing. Read more at: LifeSiteNews.comAllstate no longer issuing new insurance policies in California
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