It has been revealed that that the board of directors of Silicon Valley Bank (SVB), which collapsed in less than 48 hours last week, was packed with staunch Democrats.
Everyone knew it was the go-to bank for woke CEOs,” a source told the New York Post. “They knew they were aligned politically. The companies SVB loaned money to all had a woke agenda.”
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There was only one member of SVB’s board had a career in investment banking….the others were major Democratic donors.
63 year old Tom King, who had 35 years of experience in investment banking, was appointed to the board in September after previously serving as the CEO of investment banking at Barclay’s.
But he was the only one on the board who had a career in the financial industry. The others are a former Obama administration employee, a prolific contributor to former House Speaker Nancy Pelosi and a Hillary Clinton mega-donor who apparently she cried when Trump won in 2016.
The Mail Online reports: The board is now being investigated by federal authorities after it failed to prevent the bank from going under while it was investing clients’ money in risky low-interest government bonds and securities.
It has previously been accused of being too focused on woke issues.
When the bank fell on Friday, it touted that its board included ‘1 black,’ ‘1 LGBTQ+’ member and ‘2 veterans.’ It also noted that its board is 45 percent women.
But only one board member is under the age of 60 — while the oldest is 78.
And only King has experience in the financial investments industry.
The others were major donors to former House Speaker Nancy Pelosi, Clinton, Obama and President Joe Biden who also made contributions to the political action campaigns for Senate Majority Leader Chuck Schumer (D-NY) and Sen. Mark Warner (D-Va.), a longtime member of the powerful Senate Banking Committee.