Bank failures in the US, Europe partly due to DIE and ESG

Bank failures were partly or largely due to diversion of focus by banks to fetish for diversity, inclusivity, equality (DIE) plus environment and social governance (ESG). 

1. Silicon Valley Bank (SVB). It claims it has assets of $212 B, deposits $399 B, $5 B sustainable finance commitment, $11 B community benefits plan, 45% of board are women,...

https://www.svb.com/globalassets/library/uploadedfiles/svb_environmental_social_governance_report_2022.pdf

https://wattsupwiththat.com/2023/03/12/silicon-valley-bank-collapse-caused-by-managerial-esg-climate-activism/

Also, SVB has been following all the WEF s Stakeholder capitalism metrics (SCM), even reporting to WEF, https://alt-market.us/get-woke-go-broke-its-time-to-talk-about-svbs-ties-to-the-world-economic-forum/.

2. Signature Bank. It claims $88 B in deposits, $110 B in assets.

https://summit.news/2023/03/14/try-not-to-cringe-as-you-watch-this-woke-signature-bank-videos-go-viral-after-fed-shut-down/

https://www.breitbart.com/economy/2023/03/11/pinkerton-green-woke-and-now-broke-how-svb-became-the-2nd-biggest-bank-failure-in-u-s-history/

Because They are focused on env scam garbage (ESG) and DIE. Not real banking. So they die.

3. Europe banks. 

https://www.nakedcapitalism.com/2023/03/bankruptcies-surge-across-eu-as-companies-hit-wall-at-fastest-rate-since-records-began.html

https://www.brusselstimes.com/374152/breaking-point-bankruptcies-in-eu-reach-historic-highs

https://www.euractiv.com/section/economy-jobs/news/insolvency-figures-soar-by-50-in-france/

https://www.eleconomista.es/economia/noticias/12163038/02/23/Espana-lidera-el-alza-de-quiebras-de-empresas-en-la-UE-con-un-163-mas.html

https://tradingeconomics.com/spain/bankruptcies#:~:text=Bankruptcies%20in%20Spain%20averaged%201162.82,Companies%20in%20September%20of%201988.

Meanwhile, an article from The Statist, aka The Economist last month argued, 

"The right conclusion to draw from svb’s failure is that the regulation of banks which were large but not enormous has been inadequate given the threat they pose to the economy. The job of policymakers now is to remedy that oversight."

Typical argument by The Statist. Existing (bank) regulations are not enough. There should be more government and Fed regulations.

Fed and govts have already added climate related regulations to bank lending, right? See SVB, they have $5B lending for RE, zero for fossil fuel. SVB following those regulations, still not enough?

Most media, most economists, like government agencies have that tendency or disease. No crisis situation, there should be more regulations to "prevent" a future crisis. And business crisis and bankruptcy happens, they call for more regulations. Instead of calling for pulling out of some regulations 

And the WEF, aka as World economic fascism, their "Stakeholder capitalism"  means corporations and banks should invest/focus more in DIE, ESG, climate related money pits that produce questionable returns. 

PH and Asian corporations and banks should distance themselves from stakeholder capitalism drama of the WEF. Stay the course of classical capitalism.