Just before the shocking Silicon Valley Bank collapse, the bank’s head of financial risk management heavily invested in LBGTQ programs and campaigns for the company.
Jay Ersapah, a self-described “queer person of color” and “first-generation immigrant from a working-class background,” is SVB’s head of financial risk management. As the bank was headed towards a crisis, she focused resources on organizing a month-long pride campaign and creating a space for employees to share their coming out stories. Ersapah also co-chaired the European LGBTQ Employee Resource Group.
In the company’s August 2022 Diversity, Equity, and Inclusion initiative report, SVB’s President and CEO Greg Becker stressed his commitment to focusing company resources on DEI initiatives.
“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,” said Becker.
SVB also released an Environmental, Social, and Governance (ESG) report stating its commitment to using its resources to fight climate change.
“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 said.
Bernie Marcus, co-founder of Home Depot, criticized SVB for prioritizing their woke agenda and for their bank officials selling off stock before the collapse.
Speaking with Fox New’s Neil Cavuto, Marcus said, “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.”
Arizona Rep. Andy Biggs (R) also condemned the woke bank for its poor resource allocation, tweeting,
“No bailouts for SVB (Silicon Valley Bank).
Its resources should have not been blown on woke/DEI initiatives instead of actual financial management.
It also doesn’t help that Biden’s excessive spending is creating interest rate chaos.
He cannot allow more banks to fail.”
No bailouts for SVB (Silicon Valley Bank).
Its resources should have not been blown on woke/DEI initiatives instead of actual financial management.
It also doesn’t help that Biden’s excessive spending is creating interest rate chaos.
He cannot allow more banks to fail.
— Rep Andy Biggs (@RepAndyBiggsAZ) March 13, 2023
Florida Gov. Ron DeSantis spoke out against SVB as well, criticizing the bank for its woke initiatives and diverting focus from its “core mission.”
DeSantis also blamed the federal bureaucracy for the bank’s collapse, saying, “We have such a morass of federal regulations. We have a massive federal bureaucracy, and yet they never seem to be able to be there when we need them to prevent something like this.”
