Chris Hayes Slams Right-Wing Media for Saying SVB Failed Due to ‘Wokeness’: ‘Equal Parts Offensive and Preposterous’ (Video)
thewrap.comWho Killed Silicon Valley Bank?““Was there regulatory failure? Perhaps. SVB was regulated like a bank but looked more like a money-market fund,” Kessler wrote. “Then there’s this: In its proxy statement, SVB notes that besides 91% of their board being independent and 45% women, they also have “1 Black,” “1 LGBTQ+” and “2 Veterans.” I’m not saying 12 white men would have avoided this mess, but the company may have been distracted by diversity demands.”Hayes couldn’t hold back his laughter. “He is saying is that the women, the one Black guy, the one gay person, not to mention the two veterans sitting on the board are why the bank failed.
It’s equal parts offensive and preposterous,” Hayes said. “But here’s the thing, it’s important: It’s not really meant to persuade anyone else or anyone who is persuadable.
I don’t think it can persuade anyone else. It’s not a serious argument. It’s not really even an argument. It is solely meant to keep their base in-line.
It is the kind of lie you tell when you must out of necessity reverse engineer something, anything to sparkle over the monstrously apparent contradictions within your own ideology.” Trouble for the Silicon Valley Bank began last last Wednesday, when the bank told investors it needed to raise just over $2 billion to offset $1.8 billion in losses, which lead to a number of high-profile venture capital clients pulling their assets from the bank, totaling a staggering $42 billion.
Read more on thewrap.com