We’re learning new details about just how big a Woke Democrat cesspool Silicon Valley Bank really was.
The Bank’s political action committee donated primarily to Democrats for 20 years. One hundred percent of the PAC’s donations went to Democrats in 2020, as well as in 2021-2022. Last year, the PAC donated to Senators Chuck Schumer and Mark Warner, as well as other Democrat lawmakers. Chuck Schumer and Maxine Waters said they would return the donations to the PAC or give them to charity.
California’s Democrat Governor Gavin Newsom and his wife were closely tied to the Bank.
In 2021, the Bank gave the Newsom’s nonprofit – California Partners Project – $100,000 at the request, suggestion, or solicitation of Gavin Newsom. The president of SVB’s investment banking arm was a founding board member of the Newsom nonprofit, so the ties go way back. That president is still on the nonprofit’s board. The $100,000 gift was to support the nonprofit’s campaign for California’s gender quota law for corporate boards, a Woke cause if ever there was one. The Bank tweeted in support of the nonprofit’s effort and proclaimed the Bank and the nonprofit were aligned on getting more women in the boardroom. The law was later struck down as discriminatory, completely unconstitutional. No word on whether the Newsoms will return the gift.
The Bank supported another Woke cause, the trained Marxists of Black Lives Matter.
This wasn’t just a pittance – the Bank gave over $70 million dollars to promote the burning of American cities in the summer of 2020, the destruction of the nuclear family as openly declared on BLM’s website, and the promotion of world communism through the global network of offices BLM opened with the generous financial support of Silicon Valley Bank and corporate America. Black Lives Matter called the report about the $70 million “white supremacy” and distanced itself from the Bank saying it’s just run by “white people”. Oh, and it also said ending the “gruesome exploitation” of black people will stop further bank failures. Sure, and I’m the tooth fairy.
The Bank also pledged $5 billion dollars to fund green energy companies.
The Bank’s depositors were bailed out. Critics called this a “gift to wealthy Democrat donors in the tech sector.” The critics said there is no way depositors would have been made whole if they had been MAGA Republicans. The critics also note the Democrat depositors could have purchased additional deposit insurance beyond the FDIC’s $250,000 limit on their own, but chose not to. Evidently, being in tight with ruling Democrats WAS the insurance plan. It’s also been noted Chinese firms are among the depositors being bailed out, something Treasury Secretary Janet Yellen has confirmed. One Chinese company had $175 million in uninsured cash deposits at the Bank, which was just fine with the Democrats who ran the place, which will now be underwritten by higher fees imposed on all American banks for the federal deposit insurance program going forward.
SVB’s board was populated with dyed-in-the-wool Democrats
– Hillary, Biden, Obama donors and only one had investment banking experience. All you needed for the job was to be a good Democrat and to check the right diversity boxes. What could possibly go wrong? One board member went to a Shinto shrine to pray after Trump was elected, to get over her grief and shock after Hillary’s defeat. The Bank crowed it had women, one black, one LGBTQ, and two veterans on the board – check, check, check, and double check.
The Bank’s alignment with Democrats was grand strategy.
“Everyone knew it was the go-to bank for woke CEOs,” one source told the New York Post. “They knew they were aligned politically. The companies SVB loaned money to all had a woke agenda,” the source said. I can’t wait for one of them to say the strategy is still a perfectly good idea, it just wasn’t implemented correctly at SVB. ‘We are the ones we’ve been waiting for, so we’ll do it better the next time.’ Isn’t that what they always say about socialism which has failed everywhere it’s been tried?
But that’s the Democrats, for you – corrupt to the core and congenitally unable to align with reality. Tell me again why they deserve to govern?