Failed Silicon Valley Bank (SVB) has been hit with accusations that it was hyper-focused on so-called diversity, equity, and inclusion (DEI) initiatives and generally managed poorly.
SVB, a top 20 bank relied upon as the go-to for many tech startups, collapsed over the course of some 40 hours last week, culminating with the California Department of Financial Protection and Innovation closing it on Friday and naming the Federal Deposit Insurance Corporation (FDIC) as the receiver in an effort to protect its clients.
“This bank, they’re so concerned with DEI and politics and all kinds of stuff, I think that really diverted from them focusing on their core mission,” Florida Republican Gov. Ron DeSantis told Fox News on Sunday.
SVB reportedly failed to have someone in charge of risk assessment
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