by Daniel Greenfield
Wokeness is a systemic risk to the American financial system.
Risk management is supposed to insulate institutions from risk, but under wokeness, risk management has been redefined to describe “climate change”, “racism”, “income inequality” and other imaginary crises as risks.
Under the iron pumps of woke capital, risk management came to mean ESG investing while the conventional pursuit of maximum revenues was labeled a “risk” because of its negative social impact. Profitable industries, including oil and gas, were targeted as “risks” while economic dead ends were showered with capital because they were “diverse” or promised to solve “climate change” and assorted social problems.
When capital goes woke, it eventually goes broke.
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.
“As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to ‘see’ growing up.”
Her efforts as the company’s European LGBTQIA+ Employee Resource Group co-chair earned her a spot on SVB’s “outstanding LGBT+ Role Model Lists 2022,” a list shared in a company post just four months before the bank was shut down by federal authorities over liquidity fears.
SVB boasted that, “We promote inclusion through cultural awareness celebrations, employee advocacy networks, DEI trainings, employee surveys and focus groups, and professional development.” It published its diversity metrics and imposed “equity in hiring, performance management, benefits, supplier diversity, donations and volunteering.”
Actual risk management took a backseat to woke virtue signaling.
SVB’s former head of risk, Laura Izurieta, who formerly performed a similar role for Capital One, left the bank in April 2022. She wasn’t replaced until January 2023 when the bank hired Kim Olson, formerly of Japanese bank Sumitomo Mitsui.
Meanwhile, Jay Ersapah, who acts as CRO for the bank in Europe, Africa and the Middle East and who describes herself as a ‘queer person of color from a working-class background’ – organized a host of LGBTQ initiatives including a month-long Pride campaign and implemented ‘safe space’ catch-ups for staff.
Jay is a leading figure for the bank’s awareness activities including being a panelist at the SVB’s Global Pride townhall to share her experiences as a lesbian of color, moderating SVB’s EMEA Pride townhall and was instrumental in initiating the organization’s first ever global “safe space catch-up”, supporting employees in sharing their experiences of coming out,’ her bio on the Outstanding website states.
How’s the safe space catch up going?
Wokeness is a systemic risk to the American financial system.
Daniel Greenfield, a Shillman Journalism Fellow at the David Horowitz Freedom Center, is
an investigative journalist and writer focusing on the radical Left and
Islamic terrorism.
Source: https://www.frontpagemag.com/svb-bank-went-woke-then-broke/
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