It quickly emerged after Silicon Valley Bank (SVB) was shuttered two weekends back that it had spent millions of shareholder (and, it appears, depositor) money for partisan political purposes that lie beyond the scope of its directors’ and executives’ statutory remit, including on – of course – decarbonization and equity-based discrimination initiatives. Th expenses by themselves did not sink SVB, but its larger ESG commitments, and the assumptions and blindnesses that go along with them, certainly did.
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