Executives at Signature bank apparently preferred that their employees attend woke lectures and participating in cringey music videos instead of doing what they were hired to do: banking.
On Tuesday’s edition of his eponymous show, Fox News Channel host Tucker Carlson lifted the veil on Signature bank’s woke practices that allegedly contributed to its pathetic downfall during the Silicon Valley Bank (SVB) meltdown. “If the central bank handed you trillions of dollars free with no strings attached, you would… virtue signal like it was 2023,” he said. “You would spend hundreds of millions of dollars bragging about what a good person you are. And that, of course, is exactly what they did.”
He showed clips of a woke pronoun lecture put on by the Pride Council’s self-proclaimed “gender-queer, transmasculine person” in December, just months before the bank went under. But that’s not all. The bank also filmed cringe-worthy parody music videos as far back as 2011 to attract potential employees and clients to the company.
“The people who actually ran Signature Bank, meanwhile, the so-called bankers, did not seem to spend a lot of time banking,” Carlson said.“[O]f course, they didn’t need to bank really because the Fed was guaranteeing them a never-ending torrent of cash in the form of free money.”
Carlson pointed out that the bank had “no head of risk management for nine months the year before it collapsed.” He also noted that the executive leadership at the bank had no relevant banking experience, former Congressman Barney Frank (D-MA) being one of them.
“He has spent his entire life in politics. He’s elderly now, but he has no relevant experience or expertise. The only reason that Signature Bank hired him is because he once regulated Signature Bank.”
He added that this clear dysfunction is not unique to Signature Bank. “The guy that ran Signature was really craven and repulsive, but he’s not alone,” said Carlson. “No one at any of these banks seemed to spend a lot of time banking, which the rest of us believed was the core business of a bank.”
Home Depot Co-Founder Bernard Marcus made similar comments on March 11. He criticized SVB for caring more about global warming than shareholder return. “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,” said Marcus.
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