FACT FOCUS: Claims link ‘woke’ policies to bank’s demise
https://apnews.com/article/silicon-valley-bank-fdic-svb-california-d84764deb458371667ac7f850f430f22
As Wall Street reels from the swift demise of Silicon Valley Bank — the biggest American bank failure since the 2008 financial meltdown — some social media users are honing in on a single culprit: its socially aware, or “woke,” agenda.
But the Santa Clara-based institution’s professed commitment to diversity, equity and inclusion, or DEI, wasn't a driver of the bank’s collapse, say banking and financial experts. Its poor investment strategies and a customer base prone to make devastating bank runs were.
FACT FOCUS: Claims link ‘woke’ policies to bank’s demise
Mar 16, 2023, 1:18am UTC
https://apnews.com/article/silicon-valley-bank-fdic-svb-california-d84764deb458371667ac7f850f430f22
> As Wall Street reels from the swift demise of Silicon Valley Bank — the biggest American bank failure since the 2008 financial meltdown — some social media users are honing in on a single culprit: its socially aware, or “woke,” agenda.
> But the Santa Clara-based institution’s professed commitment to diversity, equity and inclusion, or DEI, wasn't a driver of the bank’s collapse, say banking and financial experts. Its poor investment strategies and a customer base prone to make devastating bank runs were.