The recent bank collapseof Silicon Valley Bank (SVB) was an example of an underlying instability in the world (particularly western) financial system . It also provided an example of "wokery" or maybe a preference for worrying more about an ESG score rather than the actual job as financial risk manager.
SVB website shows that the bank was very concerned about their Environmental, Social and Governance (ESG) score .
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| Jay Ersapah Risk Manager at SVB |
A first generation working class immigrant queer person of colour is the description given of herself by Jay Ersapah. People who invested in the Bank might have been more interested in what was being done to manage the risks to their money. Not enough apparently as they discovered when the bank collapsed.
We shouldn't be surprised after the collapse of a whole country (Sri Lanka) which was following the ESG model by banning chemical fertilisers and promoting organic only farming at a time of political crisis and corruption.
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| Sri Lanka |
SVB bank is the second collapse of a financial entity just a short while after being rated best Bank by Forbes .
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| New York Post |