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SVB is a "Woke bank" and SBV officials sold off (their) stock just before the collapse. "They’re a woke company ... and they’ll probably get away with it.”

Posted by freedomforall 1 year, 3 months ago to Business
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"In a Sunday morning appearance on Fox News, Home Depot co-founder Bernie Marcus said that the bank’s collapse should be a “wake up” call for many Americans about the state of the U.S. economy.

“Maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, that a recession may have already started. Who knows? But it doesn’t look good,” Marcus told the outlet.

He added: “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.”

“The Fed keeps raising rates and inflation keeps going in the wrong direction. It’s not staying where it should be. People are struggling. People can’t pay their bills. They can’t fill their tanks with gas. And if you think that’s a good sign, I don’t think it is. And we have an administration that’s obtuse to this. They just keep talking about the great times and how good it is. It’s not good,” Marcus told the outlet."


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  • Posted by bubah1mau 1 year, 3 months ago
    These comments by a co-founder of a major, successful business are highly significant as they indicate a problem evident, not only at many banks, but at businesses throughout the western world--shift of focus from the bottom line to how best to virtue signal and attract favorable media attention through ESG (woke) commitments.

    This leaves them vulnerable to rapid changes in the climate of doing business such as we now see with the Fed's rapid, short-sighted interest rate dictates.

    https://www.zerohedge.com/markets/fat...
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    • Posted by mccannon01 1 year, 3 months ago
      Good article of things to come. The comments at the end of the article are good as well. Here's one I especially like: "SVB can add bankruptcy as one of its diverse experiences." LOL
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    • Posted by $ Markus_Katabri 1 year, 3 months ago
      As the FED attempts to “buy time” before the Dumb Herd Animals figure out what’s about to happen keep in mind this simple rule.....if EVERYTHING is “insured” then NOTHING is INSURED.
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  • Posted by Lucky 1 year, 3 months ago
    Yes, diversity inclusion equality (DIE) objectives, and performance bonuses paid very recently.

    But the 'beef' is-
    When company execs sell stock in the company they are acting on what they see and what they are doing, the name for that is insider trading. A federal crime and likely the same in California.

    Several federal agencies should be supervising and prosecuting insider trading.
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    • Posted by Dobrien 1 year, 3 months ago
      They are insiders… but insider trading has its own definition and you do not even have to work for a company to engage in insider trading. Company insiders do have trading rules that they must comply with.
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  • Posted by $ Abaco 1 year, 3 months ago
    Fends took over - Which I think means you and I are paying for their mistakes...
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    • Posted by $ Markus_Katabri 1 year, 3 months ago
      Exactly.....and if I'm a bank, tomorrow morning, I'm going to be grabbing up all the deeply underwater Treasuries I can lay my hands on, and putting them to the Fed at Par Value...
      Which seems to be about 70 cents on the dollar. Guess who’s eating the 30 cents.
      It’s a big ole shit sandwich. And we’re all gonna have to take a bite.
      On another note.....this is what it looks like when WOKE Millennials run a bank.
      It’s going to get a whole lot worse.
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  • Posted by term2 1 year, 3 months ago
    They arent talking about how come this bank is belly up? I know the feds are rushing to pay off all the depositors even if they have more than 250k, there must be a reason they are violating their own maximum limits. Something is funny going on here.
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  • Posted by mhubb 1 year, 3 months ago
    a relative worked at a local bank
    he finally retired, was on the bank's board

    he was the last of anyone that could be considered a "Banker"
    all that are left now are clueless types, like the local chief of police, not REAL Bankers with a clue about how a bank runs
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  • Posted by $ Abaco 1 year, 3 months ago
    Yeah. They'll get away with it. I used this as a teachable moment for my son (who wants to study finance in colelge). "In an environment of raising interest rates you don't want to be invested in fed bonds or other long-term bond securities. See son...These idiots didn't know basic finance even though they were running a bank."
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  • Posted by Running4mylife 1 year, 3 months ago
    They all got away with it. Bad decisions, irrational investments, and no lessons were learned. Biden bailed out his buddies. Elitism among the wealthy paid for by the taxpayers. The French Estates. Biden and his buddy investors, the woke freaks destroying our nation are the First Estate and we the people are the Third Estate.
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  • Posted by Dobrien 1 year, 3 months ago
    Many, many here on this board have been aware and very critical of the FED and this administrations economic policies.
    But….We have a much much larger crisis looming. This liquidity problem stemmed from the rapid increase in interest rates by the FED in response to the high inflation. Those hikes in rates deflated the value of the banks treasury bonds. Bonds trade inversely to interest rates. We very well maybe witnessing just the start of a cascading collapse of the Deep States system of systems. More on that later.
    Specific to the go woke go broke theme discussed by Mr. Markus . The head of the banks Risk management and risk model was working very hard on the Gay Pride parade according to her in the last month. Her Quailfications apprear to be that she’s not white and she likes to have sex with women or perhaps men that pretend to be a woman and to spread awareness of lived Queer experiences. What ever the FuQ that means.
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    • Posted by 1 year, 3 months ago
      Or perhaps this is what they do to frighten the useful idiots to accept digital currency when their banks fail?
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      • Posted by Dobrien 1 year, 3 months ago
        Perhaps , but this “Bank” is where the Tech oligarchs put their money. It is the most “Woke” bank on the planet. The SVB also had close ties to Epstien, hmmm. 98% of depositors had over the $250,000 FDIC insured amount. The bank run reportedly was started by Peter Theil a venture capitalist and staunch supporter of President Donald J Trump. This bank was deeply entrenched in China. The sovereign trio of Trump Putin and Xi are who Soros has called out and is the most afraid of. Rightly so because the scumbags are systematically being destroyed. ( They never thought she would lose)
        We (MAGA) are at war with the SLGGPB cabal.
        They have enslaved the world with their debt system. The Banks are one of their main weapons .You can’t defeat them without destroying the system of systems. Their system is cracking and we still have lots of ammo. Stay tuned. BTW side note Signature Bank canceled Trumps account with them because of J6 false flag. They stepped into Trumps quicksand and that does not go well for those that do.
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        • Posted by 1 year, 3 months ago
          I look forward to the demise of the evil empire.
          Unfortunately, they are still in control two years after they should have been executed for treason.
          I have zero confidence that the GOP will assist in returning liberty to the people.
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          • Posted by Dobrien 1 year, 3 months ago
            Not the GOP of yesterday but the MAGA GOP
            Trump loyalists within the Freedom Caucus known as the 'MAGA Squad', which included Gosar, Greene, Gaetz, Comer, Mo Brooks, Andy Biggs, Scott Perry and Lauren Boebert. All current members… Caucus. There are at least 46 caucus members as of January 2023; those members include:
            Alabama
            Barry Moore (AL-2)[111]
            Gary Palmer (AL-6)[112]
            Arizona
            Eli Crane (AZ-2)[113]
            Andy Biggs (AZ-5)[114]
            Debbie Lesko (AZ-8)[115]
            Paul Gosar (AZ-9)[116]
            Colorado
            Lauren Boebert (CO-3) – Communications Chair[117]
            Ken Buck (CO-4)[118]
            Florida
            Matt Gaetz (FL-1)[119]
            Bill Posey (FL-8)[120]
            Anna Paulina Luna (FL-13)[121]
            Greg Steube (FL-17)[122]
            Byron Donalds (FL-19)[123][124]
            Georgia
            Andrew Clyde (GA-9)[125]
            Mike Collins (GA-10)[126]
            Marjorie Taylor Greene (GA-14)[127]
            Idaho
            Russ Fulcher (ID-1)[128]
            Illinois
            Mary Miller (IL-15)[129]
            Louisiana
            Clay Higgins (LA-3)[130]
            Mike Johnson (LA-4)[131]
            Maryland
            Andy Harris (MD-1)[132]
            Montana
            Matt Rosendale (MT-2)[133]
            North Carolina
            Greg Murphy (NC-3)[134]
            Dan Bishop (NC-8)[135]
            Ohio
            Jim Jordan (OH-4) – Vice chair[136]
            Warren Davidson (OH-8) – Whip[137]
            Oklahoma
            Josh Brecheen (OK-2)[113]
            Pennsylvania
            Scott Perry (PA-10) – Chair[138]
            South Carolina
            Jeff Duncan (SC-3)[139]
            Ralph Norman (SC-5)[140]
            Tennessee
            Diana Harshbarger (TN-1)[141]
            Scott DesJarlais (TN-4)[142]
            Andy Ogles (TN-5)[113]
            Mark E. Green (TN-7)[143]
            Texas
            Ronny Jackson (TX-13)[144]
            Randy Weber (TX-14)[145]
            Chip Roy (TX-21) – Policy Chair[146]
            Troy Nehls (TX-22)[147]
            Michael Cloud (TX-27)[148]
            Virginia
            Bob Good (VA-5)[149]
            Ben Cline (VA-6)[150]
            Morgan Griffith (VA-9)[151]
            West Virginia
            Alex Mooney (WV-2)[152] (retiring at the end of the 118th Congress to run for Senate)
            Wisconsin
            Tom Tiffany (WI-7)[153]
            Wyoming
            Harriet Hageman (WY-AL)[154]
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  • Posted by $ Markus_Katabri 1 year, 3 months ago
    After positioning myself to be insulated, and/or at least not suffer as much as the rest of the herd, my response chart any more reads something like this:
    Can I do anything about it?
    No
    Is it going to hurt me directly?
    Possibly
    Can I seek alternatives?
    Usually
    Can I find entertainment and point and laugh?
    Most definitely!
    So when I see idiocratic headlines like bank collapses the voice of Mary Poppins starts singing in my head.
    Just a Spoonful of Sugar helps the medicine go down..
    In the most delightful way.
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  • Posted by $ Markus_Katabri 1 year, 3 months ago
    Everytime a bank collapses an angel gets it’s wings!
    We have learned nothing from 2008.
    I know what I’m doing. I haven’t pulled a “paycheck” since January 6th. So they’re going to have a hard time getting it out of me.
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  • Posted by $ BobCat 1 year, 3 months ago
    Just wondering how long the Fed Banking auditors/inspectors ‘overlooked’ the wrong doings before the bank(s) collapsed??
    Does you suppose being ESG compliant is all that mattered?
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    • Posted by $ blarman 1 year, 3 months ago
      They don't typically inspect unless there are allegations of fraud, etc. From what I read in another article, this was a massive failure by their risk management department who was led by a woman who wasn't interested in anything BUT ESG - and therefore many of those loans defaulted and plunged the bank into problems. This was self-inflicted and we should NOT be bailing them out. Let the officers of the bank be criminally and civilly prosecuted for fraud and dereliction of duty.
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      • Posted by 1 year, 3 months ago
        👍 ... and let all those ESG companies with millions in accounts at SVB crash and burn now instead of
        a year from now after they raise another $50 million from innocent investors (via typical lying by
        Wall St. firms who profit only by lying.) None of them should be bailed out by Americans.
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        • Posted by $ blarman 1 year, 3 months ago
          This is bailing out their friends now - while money exists - at the expense of all the other institutions down the line which are going to fail in the near future. This is cronyism at its "finest", i.e. most egregious.
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  • Posted by tutor-turtle 1 year, 3 months ago
    The rats bailed out of that sinking ship weeks ago.
    Left us working class slobs to pick up the tab. Again.
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    • Posted by 1 year, 3 months ago
      95% of the remaining deposits at SBV were not government FDIC insured ...
      until the fed decided to to insure them (for those with more than $250,000
      in accounts at SBV) yesterday.

      The rats that bailed (selling their stock prior to the collapse,
      that is, insider trading) were the company executives.
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      • Posted by Dobrien 1 year, 3 months ago
        Reports are that the Management just paid out bonuses prior to the collapse.
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        • Posted by 1 year, 3 months ago
          Was it end of year bonuses?
          That would have been a normal time to do so in a financial institution,
          but with the bank in difficulty, management should have been let go instead.
          Under the 'woke' standard, even the failures get bonuses, I suppose.
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          • Posted by Dobrien 1 year, 3 months ago
            Oh , Here is another Banking issue … March 14, 2023, 1:23 AM CDTUpdated onMarch 14, 2023, 3:40 AM
            Credit Suisse Group AG said it found “material weaknesses” in its reporting and control procedures for the past two years, after questions from US regulators last week.
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          • Posted by Dobrien 1 year, 3 months ago
            Yes , I don’t pretend to know the details of the compensation for SVB conmen , but the optics are not favorable. This bank is one of many that are teetering on the edge of failure.
            This system of systems that the Satanic Luciferian Genocidal Peedo Globalist banking Cabal has been using it to enslave all in their debt and servitude is under greater pressure than ever in history. All around the Globe , In Lebanon, people are resorting to bank robbery to access their deposits ...
            https://www.npr.org › 2022/12/17 › lebanon-economy-b...
            Dec 17, 2022 — Lebanon's banks froze most accounts three years ago amid an economic collapse. This year, faced with increasingly desperate circumstances, ...
            To Switzerland … The reported loss wiped out the SNB's distribution reserve of 102.5 billion francs, meaning the central bank posted a net loss of 39.5 billion francs after an allocation for provisions was taken into account.Mar 5, 2023
            Swiss National Bank reports annual loss of 132.5 billion francs... - Reuters
            But this is just the tip of the iceberg. Watch what happens to all the Eurodollars as the BRICS alternative to the petrodollar , picks up other countries.
            Mexico applied in 2023.
            Membership expansion proposals
            Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Nigeria, Pakistan, Saudi Arabia, Sudan, Syria, Turkey, the UAE, Venezuela and Zimbabwe have expressed interest in membership of BRICS .
            With the Petrodollar All countries needed to settle oil purchases in dollars hence $61 trillion dollars that have been overseas held in reserves never to return home before .Now That money May come back to the US as Pennies.
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