![]() I think that really diverted them from focusing on their core mission.” Later on the network, Representative James Comer, chairman of the House Oversight Committee, called SVB “one of the most woke banks in their quest for the ESG-type policy and investment.” ![]() Florida Governor Ron DeSantis, widely seen as a likely candidate for the 2024 presidential race, said on Fox News Sunday morning that SVB was “so concerned with DEI and politics and all kinds of stuff. ![]() ![]() Politicians have also started to pile on. A day later, sister newspaper The Wall Street Journal ran an editorial noting that SVB’s board of directors included a Black person, an LGBTQ person and two military veterans, and suggested that the company “may have been distracted by diversity demands.” The New York Post, a city tabloid owned by Rupert Murdoch’s News Corp., published a story on Saturday with the headline, “While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs,” which pointed out that the head of financial risk management at SVB’s UK subsidiary was also an executive sponsor of the bank’s affinity group for LGBTQ employees. But in the US, many Republicans have also adopted “ESG” as shorthand for a left-leaning agenda that’s un-American. The acronym refers to a form of investing that considers environmental, social and governance risk factors. (Bloomberg) - The failure of Silicon Valley Bank has become the latest target for conservative politicians and news outlets in their mounting campaign against ESG.
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