How did this happen? Not surprisingly, a multitude of factors appear to have contributed to the company’s downfall, including its failure to account for rising interest rates; venture capital drying up; a prevalence of uninsured depositors, who usually ask for their money back when things are looking bad; and a lack of regulatory oversight, thanks to one Donald Trump.
In an op-ed titled “Who Killed Silicon Valley Bank?” columnist Andy Kessler writes:
Sure, Kessler is not flatly, literally saying “12 white men would have avoided this mess,” because even David Duke knows you can’t just come out and say that in 2023. But…he’s basically saying exactly that, hence the claim that the bank might have failed because it was “distracted” by supposedly burdensome “diversity demands.” (Here’s where we’d like to point out that having “1 Black” person on a 12-person board means that that board is still 92% white. The same math goes for that “1 LGBTQ+” person.)
White supremacy in the pages of the esteemed Wall Street Journal. SVB's collapse can't be because of loosened regulations post-2018 – it must be the distracting presence of women, a gay person, a Black person, and two veterans to boot. You are a very serious person @andykessler https://t.co/Fka8uXRWSl
— Emma Vigeland (@EmmaVigeland) March 13, 2023