Liberal Forum

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs 

A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.

https://nypost.com/2023/03/11/silicon-v ... -collapse/

I guess the line is true.  

Concentrate on your primary mission.

Huey » 12 Mar 2023, 11:54 am » wrote: ↑

12 Mar 2023, 11:54 am

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs 

A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.

https://nypost.com/2023/03/11/silicon-v ... -collapse/

I guess the line is true.  

Concentrate on your primary mission.

I also read a story that says they paid all their executives bonuses just hours before the institution went south too.

https://www.cnbc.com/2023/03/11/silicon ... eover.html
 

RedheadedStranger » 12 Mar 2023, 11:59 am » wrote: ↑

12 Mar 2023, 11:59 am

I also read a story that says they paid all their executives bonuses just hours before the institution went south too.

https://www.cnbc.com/2023/03/11/silicon ... eover.html

I saw that.

Huey » 12 Mar 2023, 11:54 am » wrote: ↑

12 Mar 2023, 11:54 am

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs 

A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.

https://nypost.com/2023/03/11/silicon-v ... -collapse/

I guess the line is true.  

Concentrate on your primary mission.

well, they can't be that "woke"...climate mental health isn't even mentioned...
 

Huey » 12 Mar 2023, 11:54 am » wrote: ↑

12 Mar 2023, 11:54 am

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs 

A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.

https://nypost.com/2023/03/11/silicon-v ... -collapse/

I guess the line is true.  

Concentrate on your primary mission.

I would like to follow this collapse closely. I am interested to see how this came about. 

Couldn't happen to a better bunch of (Smart Guys). Smug, arrogant egocentric assholes.

RedheadedStranger » 12 Mar 2023, 11:59 am » wrote: ↑

12 Mar 2023, 11:59 am

I also read a story that says they paid all their executives bonuses just hours before the institution went south too.

https://www.cnbc.com/2023/03/11/silicon ... eover.html

not to fret...joe will come to the rescue...

this morning one of the congressmen on the bank finance committee said they hope to have a buyer in place before the Asian markets open later today...holy ****, that's a tall order to fill...

Vegas » 12 Mar 2023, 12:02 pm » wrote: ↑

12 Mar 2023, 12:02 pm

I would like to follow this collapse closely. I am interested to see how this came about.

Yellen said today that there is no bailout planned for SVB either.

Lots of people going to lose a lot of money it seems. We could see a domino effect on Monday if folks start running on their financial institutions out of fear of something similar happening to them.

This could get pretty interesting, real fast.
 
 

ROG62 » 12 Mar 2023, 12:07 pm » wrote: ↑

12 Mar 2023, 12:07 pm

not to fret...joe will come to the rescue...

this morning one of the congressmen on the bank finance committee said they hope to have a buyer in place before the Asian markets open later today...holy ****, that's a tall order to fill...

It's only 209 billion.

Maybe Jeff Bezos will buy it.

 
 

RedheadedStranger » 12 Mar 2023, 12:08 pm » wrote: ↑

12 Mar 2023, 12:08 pm

Yellen said today that there is no bailout planned for SVB either.

Lots of people going to lose a lot of money it seems. We could see a domino effect on Monday if folks start running on their financial institutions out of fear of something similar happening to them.

This could get pretty interesting, real fast.

Well I hope my bank isn't in that domino line. Wells Fargo. They are pretty unscrupulous. We are actually planning on leaving to a credit union soon. 

RedheadedStranger » 12 Mar 2023, 12:08 pm » wrote: ↑

12 Mar 2023, 12:08 pm

Yellen said today that there is no bailout planned for SVB either.

Lots of people going to lose a lot of money it seems. We could see a domino effect on Monday if folks start running on their financial institutions out of fear of something similar happening to them.

This could get pretty interesting, real fast.

They say its expected on the large banks.  The dow will tank and the fed Plunge Patrol will come in-- and save da day.
Don't sweat it. But it may be a fun morning. LOL

Vegas » 12 Mar 2023, 12:10 pm » wrote: ↑

12 Mar 2023, 12:10 pm

Well I hope my bank isn't in that domino line. Wells Fargo. They are pretty unscrupulous. We are actually planning on leaving to a credit union soon.

Shoo were!

I would be more concerned about Wells Fargo losing or stealing my money than going under!

What in the world possessed you to do business with that bunch of crooks?

 
 

RedheadedStranger » 12 Mar 2023, 12:15 pm » wrote: ↑

12 Mar 2023, 12:15 pm

Shoo were!

I would be more concerned about Wells Fargo losing or stealing my money than going under!

What in the world possessed you to do business with that bunch of crooks?

Long story. However, we have no more obligation to stay. We will be leaving.
Bank of America are crooks also. It's not easy to find honest banks these days. 

Vegas » 12 Mar 2023, 12:18 pm » wrote: ↑

12 Mar 2023, 12:18 pm

Long story. However, we have no more obligation to stay. We will be leaving.
Bank of America are crooks also. It's not easy to find honest banks these days.

Hey everyone? where is our board money Ignoramous?  hiding?
@peepee  
 

sootedupCyndi » 12 Mar 2023, 12:22 pm » wrote: ↑

12 Mar 2023, 12:22 pm

Hey everyone? where is our board money Ignoramous?  hiding?
@peepee

LOL! Oh man. I can't wait for his lecture. I have my popcorn ready. 

Vegas » 12 Mar 2023, 12:24 pm » wrote: ↑

12 Mar 2023, 12:24 pm

LOL! Oh man. I can't wait for his lecture. I have my popcorn ready.

He's hiding... LOL  
 

Vegas » 12 Mar 2023, 12:18 pm » wrote: ↑

12 Mar 2023, 12:18 pm

Long story. However, we have no more obligation to stay. We will be leaving.
Bank of America are crooks also. It's not easy to find honest banks these days.

I hear ya. We are with a local credit union for our everyday banking, and they seem pretty solid.

I used to have a BOA account years ago, so I couldn't tell you what they are like now. They were pretty shady 20 years ago with their fee schedules and policies.

Apparently I was part of a class action lawsuit involving BOA from way back then that was just recently settled for something another. I got a check for $10.31 as my part of the payout. It's floating around here somewhere.

 

 
 

RedheadedStranger » 12 Mar 2023, 12:30 pm » wrote: ↑

12 Mar 2023, 12:30 pm

I hear ya. We are with a local credit union for our everyday banking, and they seem pretty solid.

I used to have a BOA account years ago, so I couldn't tell you what they are like now. They were pretty shady 20 years ago with their fee schedules and policies.

Apparently I was part of a class action lawsuit involving BOA from way back then that was just recently settled for something another. I got a check for $10.31 as may part of the payout. It's floating around here somewhere.

Credit unions are probably the way to go. Wells Fargo is always do something ****. However, bank CEOs rarely, if ever, see justice. Of all the crap that Wells Fargo has been found guilty of, not one CEO has ever been fined or jailed. The bank itself has. But not the people behind the schemes. 

Vegas » 12 Mar 2023, 12:32 pm » wrote: ↑

12 Mar 2023, 12:32 pm

Credit unions are probably the way to go. Wells Fargo is always do something ****. However, bank CEOs rarely, if ever, see justice. Of all the crap that Wells Fargo has been found guilty of, not one CEO has ever been fined or jailed. The bank itself has. But not the people behind the schemes.

Been with a credit union for years.  

Huey » 12 Mar 2023, 11:54 am » wrote: ↑

12 Mar 2023, 11:54 am

While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs 

A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming out stories, as the firm catapulted toward collapse.Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.

https://nypost.com/2023/03/11/silicon-v ... -collapse/

I guess the line is true.  

Concentrate on your primary mission.

In the early 1980's at Southwestern Graduate School of Banking at SMU, Dallas the catch phrase was "Stick to the Knitting".  IOW do what you know best in your market.

Now the question is--Will the Fed''s resort to the "too big to fail" solution for SVB and the other banks that are sure to follow.  Monday morning will tell if there will be a run on major banks.