SVB collapse: Republicans claim ‘woke’ policies led to tech bank’s downfall – By Ryan King (Washington Examiner) / Mar 13, 2023
A growing chorus of Republicans is placing fault for Silicon Valley Bank’s collapse on “woke” investments and policies at the company.
The bank’s downfall, which was in large part precipitated by the company’s heavy investment in Treasury bonds that lost value as a result of the Federal Reserve’s rate hikes, prompted the Biden administration to step in and backstop its deposits, which some decried as a de facto “bailout,” but grumblings over the company’s social justice agenda were particularly pronounced on the Right.
“SVB didn’t insure over 89% of their deposits and instead hedged on failing funds that offered ‘sustainable finance and carbon neutral operations to support a healthier planet.’ In other words the fools running the bank were woke and almost became broke, but the Democrats and the Fed swooped in to make sure their woke donors at SVB didn’t go under,” Rep. Marjorie Taylor Greene (R-GA) tweeted.
The Fed is extending loans against high quality assets to banks for nearly zero interest to prevent a run on the banks Monday all because SVB didn’t insure over 89% of their deposits and instead hedged on failing funds that offered “sustainable finance and carbon neutral…
— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) March 13, 2023
