California’s woke Silicon Valley Bank went belly up last week, showing the inevitable consequence of ESG policies, according to HomeDepot co-founder Bernard Marcus.
On the March 11 edition of Fox News Cavuto Live, Bernard Marcus, co-founder of The Home Depot, slammed Silicon Valley Bank’s (SVB) woke practices that led to its recent collapse. “These banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is shareholder returns,” said Marcus. “Instead of protecting their shareholders and their employees, they’re more concerned about social policies.”
SVB closed down March 10 after forty years in business and its closure is considered the largest bank failure since the 2008 financial crisis, per Reuters. But Marcus suggested that perhaps the bank’s collapse can help reveal the true state of the American economy. “Maybe the American people will finally wake up and understand that we’re living in very tough times, that in fact, the recession may have already started. Marcus added, “I feel bad for all these people that lost all their money in this woke bank.”
When asked if there are more woke banks out there, Marcus said yes adding that, “the system and the administration has pushed many of these banks into [being] more concerned about global warming than they do about shareholder return.”
Marcus is right on point. Just last year, 19 states investigated six U.S. banks for working with the U.N. to deny credit to fossil fuel-related companies. More recently, the Royal Bank of Canada instituted “climate modifier” bonuses for its top executives as part of their ESG agenda.
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