15

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 2 years, 1 month ago to Business
45 comments | Share | Best of... | Flag

"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."


All Comments


Previous comments...   You are currently on page 2.
  • Posted by TheRealBill 2 years, 1 month ago in reply to this comment.
    We were, but as with most things we were ignored or dismissed as conspiracy theorists- for saying what has been known fact about what creates inflation since it became a thing and at least used to be taught in economics classes.
    Reply | Permalink  
  • Posted by $ Markus_Katabri 2 years, 1 month 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.
    Reply | Permalink  
  • Posted by $ BobCat 2 years, 1 month 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?
    Reply | Permalink  
  • Posted by term2 2 years, 1 month 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.
    Reply | Permalink  
  • Posted by 2 years, 1 month ago in reply to this comment.
    Been screaming since the early 90's.
    Only the Paul's are listening.
    The traitors in the SCOTUS should have declared the fed (and all gun restrictions) unconstitutional long ago.
    THEY aren't going to do what is necessary.
    Reply | Permalink  
  • Posted by bsudell 2 years, 1 month ago
    We all should have been screaming when the Fed kept printing money. That is what caused the inflation (an increase in the money supply). But, the government still won't stop spending, so the Fed will keep on printing.
    Reply | Permalink  
  • Posted by $ rainman0720 2 years, 1 month ago in reply to this comment.
    If that's a crime in California, then I wonder why the Wicked Witch of the West is still free...oh yeah, now I remember. She's a libtard.
    Reply | Permalink  
  • Posted by 2 years, 1 month ago in reply to this comment.
    Mostly the rich depositors and the other banks who chose to take on lots of risky gambles
    because they knew they'd never have to take the losses. SVB was just an excuse to bail
    out the bigger risks.
    Reply | Permalink  
  • Posted by starguy 2 years, 1 month ago
    Privatizing the gains, socializing the losses... I guess SVB was "too big to fail".
    Reply | Permalink  
  • Posted by Lucky 2 years, 1 month 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.
    Reply | Permalink  
  • Posted by mhubb 2 years, 1 month 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
    Reply | Permalink  
  • Posted by $ Markus_Katabri 2 years, 1 month ago in reply to this comment.
    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.
    Reply | Permalink  
  • Posted by $ Markus_Katabri 2 years, 1 month ago in reply to this comment.
    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.
    Reply | Permalink  
  • Posted by $ Abaco 2 years, 1 month ago
    Fends took over - Which I think means you and I are paying for their mistakes...
    Reply | Permalink  
  • Posted by $ Abaco 2 years, 1 month 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."
    Reply | Permalink  
  • Posted by JohnRandALL 2 years, 1 month ago
    Many are screaming that it is the end of the world, if the government doesn't bail them out on Monday. I hope they don't.
    Reply | Permalink  
  • Posted by mccannon01 2 years, 1 month ago in reply to this comment.
    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
    Reply | Permalink  
  • Posted by bubah1mau 2 years, 1 month 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...
    Reply | Permalink  

  • Comment hidden. Undo