Long before its epic collapse, Silicon Valley Bank (SVB) was a darling of the left. It allied in cash and manpower with a liberal nonprofit run by California Gov. Gavin Newsom’s wife and fully embraced the environmental, social and governance (ESG) platform now being banned in some red states, while celebrating its executives’ involvement in the LGBTQ+ movement.
As SVB’s investment failures mounted, the bank doubled down on its ideological commitments by pledging $5 billion in new green tech outlays, despite signs of rising interest rates negatively impacting that sector. Some institutional investors also began to raise concerns about the overall balance sheet.Read More