Monetary Policies Pandering to Political Winds
What happened to SVB? For one, how could it be a “Silicon” bank without a giant focus on “diversity, equity, and inclusion.”
If, as Francis Menton suggests, you had looked at the information being put out as recently as a month ago, “you would have had to conclude that their corporate focus was entirely on the latest political fads that have little to nothing to do with the real risks facing them.”
The Manhattan Contrarian reports on SVB’s paean to DEI, updated in January 2023.
SVB is committed to creating a more diverse, equitable, inclusive and accessible environment within SVB, within the innovation ecosystem, and in our communities. At the heart of this commitment is our effort to foster a more inclusive culture and increase racial, ethnic and gender representation within SVB. In the broader innovation economy, we are focused on breaking down systemic barriers to entry and success, investing in opportunities that ensure more founders and investors with a range of experiences and ideas are represented in. our ecosystem.
As Francis Menton cautions readers, banking is a risky business.
It takes a high degree of competence and focus to manage those risks. If you see a bank veering off into focus on “climate change” risk and Diversity, Equity and Inclusion, you know immediately that they have lost their way. The same applies to many other businesses as well.
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