Silicon Valley Bank: Instead of risk management woke agenda

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How could it be that the head of risk management at Silicon Valley Bank cared more about her gay and lesbian agenda than her actual job? Meanwhile, more and more is becoming known about the background to the second largest bank failure in the USA.

The more that becomes known about the collapse of “Silicon Valley Bank,” the greater the amazement. Apparently, between April 2022 and January 2023, the bank operated without a chief risk officer, or head of risk management. The former head of the department, Laura Izurieta, left SVB Bank in April 2022, and the position was not filled until January 2023. “I am excited to lead and continue to grow SVB’s outstanding risk management team,” Kim Olson said Jan. 4 at her introduction. Her joy didn’t last long. Exactly nine weeks later, the bank closed.
For the eight months between April 2022 and Jan. 4, 2023, Jay Ersapah, who served as head of risk for the bank in Europe, Africa and the Middle East, was also responsible for the U.S. on a transitional basis. And apparently, true to the slogan “Get woke, go broke,” that’s when the disaster began.

The interim manager was active. Very much so. Jay Ersapah, who describes herself as a “queer, working-class person of color,” did a lot for her “community” in those eight months. That didn’t mean the bank’s employees or customers, though. She organized quite a few LGBTQ+ initiatives during that time, including “Lesbian Visibility Days” and “Trans Awareness Week.” She initiated “Safe Space” campaigns for employees, moderated the EMEA Pride Forum, and served as a panelist at the bank’s Global Pride Forum to share her “experiences as a lesbian of color.” She launched a month-long Pride campaign and a new blog emphasizing cerebral health awareness.

Risk management probably came up short with this mass of commitments. You just have to prioritize. And she did.

Before SVB’s demise, Ersapah was named one of the top 100 LGBTQ leaders by the business network Outstanding. “She is passionate about promoting LGBTQ awareness because she identifies as a queer person,” writes Shethepeople. Maybe a little too much? Get woke, go broke.

In a company video released just nine months ago, she said she “couldn’t be more proud” to work for SVB, helping “underrepresented entrepreneurs” there. She was highly praised as a “diversity role model.” “I feel privileged to spread awareness of lived queer experiences and create a sense of community for our LGBTQ+ employees and allies.”

Critics have long accused her of these activities, but were alternatively dismissed as homophobic or transphobic. Now what has to happen sooner or later when you allow people to manage money based on ideologies rather than competence has happened. After all, bonuses were still being paid to employees a few hours before the closure was announced. Jay Ersapah is also likely to have still benefited from this.

No wonder Peter Thiel was one of the first to warn his customers about Silicon Valley Bank and make sure they withdrew their money in time. Born in Frankfurt, Thiel is considered one of the most successful investors in the USA. He founded Paypal and was one of the first investors in Facebook. He considers woke ideology to be out of place in companies.

A few months ago, he invested in Strive, an asset management firm that invests in companies that “put profit over ideology,” in other words, that focus on economic success rather than the agenda of the holy trinity of the Awakened: Gender, Skin Color, and Sexual Orientation. Strive probably wouldn’t have put a penny into SVB.

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