President Biden promised to bail out customers at Silicon Valley Bank early this week to restore faith in the American banking system; as if the government injecting taxpayer dollars into any institution is a signal of stability.
A closer look into the SVB’s financial failure should raise even more concerns, however, about the system the federal government is pouring a massive $25 billion dollars into to insure.
SVB, as evidenced by its spending record, hates America. Yet it's now propped up by taxpayer dollars.
A quick glance at the bank’s donation pledges should raise alarm for the taxpayers whose dollars are being poured out.
In the summer of 2020, SVB pledged to donate a whopping $74 million to Black Lives Matter, according to the Post Millennial. Taking this social contagion to heart, their 2021 Proxy statement called to “end systemic racism and social inequalities.”
Additionally, like most other companies in corporate America, as well as within the U.S. government, a tremendous amount of money was spent on diversity initiatives.
$1.2 million was spent to support diverse emerging talent. An additional $50 million was pledged “with a focus on women, Black and Latinx individuals” in its 2021 diversity and inclusion programs and partnerships.
If this diversity pandering was not enough, by the year 2027, SVB pledged to invest $5 billion in “loans, investments and other financing to support sustainability efforts.”
Looks like dollar bills are not the only green investment this bank is planning to make.
All of this extraordinary spending is being rewarded by the federal government with security for its customers.
What is the incentive for other banks to continue business as usual, limiting risky decisions, when they now have a guarantee that Big Brother will come save them in a pinch?
But, of course, this is all part of the lie the government wants its citizens to believe. Because when we are dependent, the government can snatch more power for itself, until there is not an ounce of self-governance left.
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