The economic practices that Democrats are pushing are dangerous for everyone.
There are probably more failures coming.
A top CEO gave a huge new warning about how radical leftist businesses will sink the economy.
Former longtime CKE Restaurants CEO Andy Puzder said on Wednesday on Fox News that he’s worried about the manner in which “woke” company executives are running their companies after the collapse of Silicon Valley Bank.
“If you’re not focused on how your company is governed and run, if you’re just focused on being woke, you’re going to have problems,” Puzder noted. “And these are the kinds of problems that arise. I think we’re going to see this in a lot of other businesses, a lot of other sectors if we don’t get back to our historic focus on how corporations are run and hiring people based on merit.”
On March 10 feds shut down Silicon Valley Bank and placed its assets under the control of the Federal Deposit Insurance Corp., making it the second largest bank failure in history.
Puzder noted that the SVB was “woke and they had a regulator that was woke and really didn’t do its job. So it was a perfect storm for a bank failure and that’s what we ended up with.”
SVB had pages on its website dedicated to showing off its diversity, equity, and inclusion initiatives and “workforce diversity.”
“An inclusive workplace expands opportunities for everyone,” the site reads, captioning the charts below. “SVB benefits from a diverse workforce and we aim to continue to increase diverse representation at all levels of the company.”
Jay Ersapah, Chief Risk Officer for the SVB in Europe, Africa and the Middle East, described herself as a “queer person of color from a working-class background” and spent her time organizing LGBTQ initiatives, and a month-long Pride campaign instead of focusing on managing risk.
Fox News host Tucker Carlson pointed out that only a single member of the board of SVB had any experience at investment banking but that every other member of the board was a Democrat donor.
“One silly, rich lady with such a sensitive soul — of course, she was — that she had to go to a Shinto shrine to pray when Donald Trump won in 2016. We looked up her picture. She doesn’t seem like a native-born Shinto, but whatever,” Carlson said Tuesday. “There was a lot of fashionable, rich girl politics underway at Silicon Valley Bank, but banking? Not so much. SVB had no head of risk management for nine months in the year before it collapsed. Oh, guess someone should’ve been paying attention, but no, they’re visiting Shinto shrines to make dance party with the pronouns.”
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