Wednesday, November 13, 2024
Wednesday, November 13, 2024
Get the Daily
Briefing by Email

Subscribe

Why Woke ‘Frisco Fed Chief Missed Silicon Valley Bank’s Warning Signs


Paul Sperry
NY Post, Mar. 17, 2023

“SVB’s board is packed with Trump-hating Hillary, Biden and Obama donors obsessed with “equity and diversity.”

Wokeness has replaced competence and merit across the banking sector, and San Francisco Fed Chief Mary Daly is the poster child of this pernicious trend.

A protege of Treasury Secretary Janet Yellen and short-list candidate for Federal Reserve vice chair, Daly was supposed to be supervising Silicon Valley Bank but apparently was too busy playing politics and pushing woke agendas to regulate rogue banks like SVB, the second-biggest bank failure on record.

Daly had other priorities, including climate change, George Floyd and Black Lives Matter, inequities between blacks and whites, LGBTQ+ rights and a host of other woke social-justice issues that had nothing to do with banking and finance.

Daly’s Fed bio gushes she’s committed to “understanding the economic and financial risks of climate change and inequities.” Never mind the more existential threat of banks in her jurisdiction amassing mortgage bonds with longer maturities that exposed investors to greater interest-rate risk.

In a recent LinkedIn post, Daly appeared sidetracked by racial justice, writing: “What Black voices have I lifted up? Equity & inclusion begins with me. #GeorgeFloyd.” She also posted selfies with local Black Lives Matter activists.

Meanwhile, Daly missed all the warning signs of runaway inflation, which led to the steep interest-rate hikes that made SVB’s investments worthless.

. … [To read the full article, click here]

Donate CIJR

Become a CIJR Supporting Member!

Most Recent Articles

The Empty Symbolism of Criminal Charges Against Hamas

0
Jeff Jacoby The Boston Globe, Sept. 8, 2024 “… no Palestinian terrorist has ever been brought to justice in the United States for atrocities committed against Americans abroad.”   Hersh Goldberg-Polin...

Britain Moves Left, But How Far?

0
Editorial WSJ, July 5, 2024   “Their failures created an opening for Reform UK, led by Nigel Farage, a party promising stricter immigration controls and the lower-tax policies...

HELP CIJR GET THE MESSAGE ACROSS

0
"For the second time this year, it is my greatest merit to lead you into battle and to fight together.  On this day 80...

Day 5 of the War: Israel Internalizes the Horrors, and Knows Its Survival Is...

0
David Horovitz Times of Israel, Oct. 11, 2023 “The more credible assessments are that the regime in Iran, avowedly bent on Israel’s elimination, did not work...

Subscribe Now!

Subscribe now to receive the
free Daily Briefing by email

  • This field is for validation purposes and should be left unchanged.

  • Subscribe to the Daily Briefing

  • This field is for validation purposes and should be left unchanged.