Powell is deep in ‘monetary madness,’ ex-Fed board member warns~US recession will hit ‘everywhere all at once,’ economist warns~Home Depot co-founder calls for Fed resignations~Maria Bartiromo: The Federal Reserve is ‘walking a fine line’
US recession will hit 'everywhere all at once,' economist warns
Macro Mavens President Stephanie Pomboy and former Reagan admin economic adviser Art Laffer analyze potential market reaction to the Fed's rate hike decision Wednesday.
‘BRUTAL’ TRUTH: Home Depot co-founder calls for Fed resignations
Home Depot co-founder Ken Langone makes a 'draconian' suggestion for the entire Federal Reserve board to resign.
Maria Bartiromo: The Federal Reserve is 'walking a fine line'
LYING, CORRUPT President Biden makes a statement after Silicon Valley Bank purchased by HSBC, FOR 1 POUND, WHICH HAS A LONG HISTORY OF CORRUPTION AS WELL
LYING President Joe Biden makes a statement after HSBC buys the UK arm of collapsed Silicon Valley Bank
British officials worked throughout the weekend to find a buyer for the UK subsidiary of the California-based bank. Its collapse was the second-largest bank failure in history. HSBC’s capture of SVB U.K. came in competition with a Middle Eastern buyer, according to the Financial Times, and bids from British banks OakNorth and the Bank of London.
WOKE Silicon Valley Bank GOES BROKE as Liberalism IMPLODES!!!
HSBC: Tax Evasion, Money Laundering for the Mafia & Currency Manipulation | HSBC Scandal Documentary
Drug Cartels And Opium Wars: How HSBC Hid Dirty Money In Hong Kong
PLEASE WATCH ON YOUTUBE FOR EVEN MORE CORRUPTION AT HSBC:
If HSBC were a country, it would be the fifth world economic power. Founded during the golden age of the Opium trade to enable the British Empire to access the Chinese market, it has created a unique network to move dirty money around the world. From tax evasion to money laundering for the mafia and manipulation of currency, “this bank had done everything bad that a bank can possibly do.” In 2012, HSBC nearly lost its license to operate in the US for laundering the money of the Mexican and Columbian drug cartels. Criminal charges were filed and HSBC’s executives were hauled before a Senate committee. But George Osborne, UK’s then Chancellor of the Exchequer, wrote to his counterpart in America and to the Chairman of the Federal Reserve to plead for leniency. He claimed that if HSBC received a harsh punishment, it would have serious repercussions on the world’s financial and economic stability. The letter worked and HSBC was fined 2 billion euros. The equivalent of one month’s profits. As the center of international finance moves to Asia, HSBC is in a prime position. It is the most Chinese of Western banks and the most European of Chinese banks. Protected by London, blessed by Beijing, who would dare attack it? This documentary was first released in 2017.
Expert issues 'bloodcurdling' warning over SVB collapse
The Bear Traps Report founder Larry McDonald argues current market conditions 'guarantee' a recession.
ABOVE: Silicon Valley Bank offices in Tempe, Arizona
BY RICK MORAN
Republished below in full unedited for informational, educational, & research purposes.
When the story of why Silicon Valley Bank was taken over by the FDIC is written, the role played by policies that sacrificed fiduciary responsibility for wokeness should be examined.
Home Depot co-founder Bernie Marcus is hardly a right-wing nut or a religious fanatic. He’s a hard-headed businessman who’s disgusted with the Biden administration’s emphasis in the financial sector on DEI.
“These banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is shareholder returns,” Marcus said. “Instead of protecting the shareholders and their employees, they are more concerned about the social policies. And I think it’s probably a badly run bank.”
Recommended: The Woke Wrecking Machine
While SVB was circling the drain, Jay Ersapah, the boss of Financial Risk Management at SVB’s UK branch, launched woke initiatives, including the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth. “As a queer person of color and a first-generation immigrant from a working-class background, there were not many role models for me to ‘see’ growing up,” said Ersapah.
Her efforts as the company’s European LGBTQIA+ Employee Resource Group co-chair earned her a spot on SVB’s “outstanding LGBT+ Role Model Lists 2022,” a list shared in a company post just four months before the bank was shut down by federal authorities over liquidity fears.
In addition to instituting SVB’s first “safe space catch-up” — which encouraged employees to share their coming out stories — and serving on LGBTQ+ panels around the world, Ersapah also spent time over the last year serving as a director for Diversity Role Models and volunteering as a mentor for Migrant Leaders.
The bank was abruptly shut down after it revealed that it had taken a $1.8 billion loss from a $21 billion sale of its bond holdings. When the company was unable to raise enough cash, the federal government closed its doors.
Bernie Marcus felt sorry for depositors who lost almost everything. “They’ve been there for a lot of years. It’s pathetic that so many people lost money that won’t get it back.”
Meanwhile, for eight months, SVB did not have a chief financial risk officer. From April 2022, when Laura Izurieta left the job, to January 2023, when Kim Olson was hired, the company had no one whose ultimate responsibility was to gauge risk.
But it’s the woke policies, epitomized by Ersapah’s preoccupation with her image as an LGBTQ crusader, that drew a lot of criticism.
One Facebook user, Paul Tucker, wrote: ‘The [SVB] Board of Directors is filled with diversity hires who are there because of their woke credentials.
‘They all have pronouns in their bios, which are filled with corporate newspeak.
‘The Head of Financial Risk and Model Risk Management was this nutbag: Jay Ersapah.
‘This is what happens when you allow people to manage your money based on woke principles instead of on their actual skill and competence.
‘I hope the depositors at this failed bank enjoy all of that diversity, because diversity is your strength, eh?’
He signed off the post: ‘Get woke, go broke.’
Obviously, there were many factors that led to SVB’s collapse, woke policies being only one of them. Unfortunately, it’s going to take a lot more than one bank going under to turn the tide against DEI in corporate America.