A DEEP DIVE, HEAD FIRST NO LESS, INTO THE SILICON VALLEY BANK. WOKE AT ITS FINEST
Peeps - we did something we haven't done in a long while. We erased a full story before it got to you. We did a deep numbers dive into why Silicon Valley Bank (SVB) is no longer in this world - aka failed - and made ourselves dizzy.
Then we took a detour and started to look at who SVB really is and punkt - zut alors - the chickens have come home to roost. The Silicon Valley Bank was based in woke-land, liberal-save-the-whales-turtles-defund-the-police California and they were hyper involved in what is called DEI initiatives.
And what are DEI initiatives? Diversity, Equity & Inclusion. Sound familiar?
It seems that if you go on their website they have pages and pages dedicated to showing off its DEI aka woke initiatives and “workforce diversity.” Not a white face to be found. Except for one thing.
When we clicked on Who We Are and then on their Executive Team guess what? Everybody who runs the place is lily white. And...9 men and 3 women. Ain't that interesting Blanche?
So it appears that they are part of the NIMBY team. Woke to the world until it's in their backyard. And then - poof! just like that they are no longer woke.
Reminds us of when their illustrious governor, Gavin Newsom, during the height of covid when he locked up California and everyone and their budgy-bird was forced to wear a mask - was caught eating - maskless and curfewless - in a restaurant called The Laundry Room. Oops.
First and foremost, SVB failed because they were mismanaged. A very close second reason was because they were focused on the woke bs culture which includes everything from 50 different gender names to climate change, global warming bs. It appears they forgot that they were, in fact, a bank. The numbers peeps, are smoke and mirrors. And watch what happens to the woke bs now. It's going to be a fun ride.
One more little tidbit about the very complicated banking industry current meltdown:...some of the worst casualties of the SVB collapse were companies developing solutions for the climate crisis.
The liberal party in Quebec is not quite dead but also not alive. Yes they are still the official opposition here with 19 seats, but for all intents and purposes, they are insignificant in quebec unless they can get their act together. Which, for them seems to be a monumental task.
Yesterday, there was a by-election for the seat vacated by their past genius leader, Dominque Anglade. This seat has voted Liberal since the riding was created in 1994 and yesterday it went to Quebec solidaire. So the liberals now have 19 seats and the czar legault has - get this - 89 seats.
All the political pundit geniuses predicted a liberal win. No reason to pour salt into an open wound. They read the tea leaves wrong.
Here's the headline: last night czar legault officially became dictator for life. He's got the job for as long as he wants it. Zero opposition.
Now for a real follow the money mystery and one of the reasons these banks failed. If this didn't make us dizzy, everybody can understand it.
T raised the threshold to $250 billion from $50 billion under which banks are deemed too important to the financial system to fail. Those institutions also would not have to undergo stress tests or submit so-called living wills, both safety valves designed to plan for financial disaster.
Trump had the threshold raised to $250 billion from $50 billion under which banks are deemed too important to the financial system to fail. Those institutions also would not have to undergo stress tests or submit so-called living wills, both safety valves designed to plan for financial disaster.
In other words, before the revision, banks with $50 billion and under were under severe scrutiny. After the revision, that number went to $250 billion. Now for the fun part:
...Two banks closed in the last few days. One is the Silicon Valley Bank, the other called the Signature bank. Guess who was a board member of the Signature Bank and one of the huge proponents of Trump's revision? Barney Frank, none other than the other half of Frank-Dodd.
Both banks that failed had a huge amount of customer deposits that were not insured by the FDIC. The Silicon Valley Bank had a $200 billion worth, the Signature was big into cryptocurrency and had a dollar worth of $110 billion. Dizzy yet?
If the college students now on their spring break in Florida are any indication of what is coming to the workforce in the USA, they are in big trouble.
We wonder if these young adults were raised in a barn or perhaps a pig-pen or maybe a zoo. Clothing has moved off the charts unless you call three-quarters naked dressed. Drinking has no bounds. Taking selfies while posing like animals in a zoo is perfectly fine for these people.
To be fair, clearly not every college student on spring break is projecting such infantile behavior. Given that, this yearly idiocy is a sad commentary on the society down south.
Somebody at the Montreal Gazette - oh say the public relations department, best wake up from their very long, deep sleep or the one and only English speaking community's worst nightmare will come true. The Montreal Gazette will cease to exist.
We have a friend who had his credit card defrauded. Everybody knows what happens then - you have to update your new number everywhere you subscribe to anything. Most normal companies allow you to do this online in three minutes. Not so the Gazette.
He tried to update his credit card number at the Montreal Gazette and sat on hold for almost an hour. He finally gave up and left a message - either call me back or I'm cancelling my subscription.
Post Media owns the Montreal Gazette and claim they want it to continue. We beg to differ. They don't give a rats if it closes tomorrow morning because they are probably losing tons of money with the paper.
Do you think that Post Media, headquartered in Don Mills Ontario cares if we have an English paper in Quebec? The answer is very clearly no.
And who will be the happiest person if that happens? The czar legault who is probably already writing their obituary. Blanche - is it over yet?