The Epoch Times’ Kevin Stocklin examines the fallout from the financial institution’s crumbling – and “woke” businesses as a whole.
The collapse of several U.S. regional banks, together with Swiss financial giant Credit Suisse, threatens to shake the world economy. What do these banks have in common? A combination of incompetent mismanagement and the active pursuit of a “woke” agenda. At least, that’s the observation from GOP Rep. James Comer, who noted that SVB was “one of the most woke banks.”
“We see now coming out they were one of the most woke banks in their quest for the ESG-type policy and investing,” he explained. “This could be a trend and there are consequences for bad Democrat policy.”
The response of federal regulators to bail out depositors above the FDIC’s $250,000 limit is also noteworthy. What makes these smaller banks a “systemic risk” to justify this bailout? What will the ramifications be for those of us who must pay for it? And does this represent yet another incursion of government into the private financial system, distorting markets and laying the foundations for the next financial crisis?
We are now seeing the effects of diverting corporate policy from core business issues and risk management to the pursuit of an ideological agenda. And it goes well beyond the banking sector to include pension funds and asset managers.
For shareholders, we’ve already seen some of the effects on certain businesses trying to lean into the “woke” theme, including Disney, who is reeling from millions of dollars lost on its Disney+ streaming service with “woke” content; and Mars, who are recovering from a disastrous public campaign surrounding “woke spokes-candies.”
All of this derives from the rise of the ESG (Environmental, Social and Governance) movement, which currently has tens of trillions of dollars of your investment money backing it, as well as the support of most Western governments including the Biden administration.
While some high-profile names have already pulled billions of dollars from private institutions (like Ron DeSantis and the state of Florida recently did with the “woke”-enabled BlackRock, some companies are stepping in to defend the idea of ESG, claiming it is a legitimate risk management tool. Is it?
With us now to discuss this further is The Epoch Times’ Kevin Stocklin. He contributes regularly to the site, and also produced the new documentary The Shadow State, which deals with all things ESG. His expertise will prove useful in this matter.
Q&A
- What effect will SVB’s collapse have on banking management? Will it force a new discipline on “woke” managers?
- Why do businesses (including those in the ESG industry) use “woke” tactics to begin with? Who benefits?
- It seems some of these “woke” tactics have blown up in the face of companies, such as M&M’s and Disney. Will we see CEOs dropping the “woke” as a result?
- While some conservative politicians seem to be pushing back against politicization of companies, the Biden administration is doubling down in favor of ESG, including the bailout of SVB’s depositors. Who will come out on top?
- The Biden administration passed a new rule allowing ESG criteria to be used when investing ERISA pension funds. Is ESG a legitimate risk-management tool for investing your pension money and savings, as BlackRock and the Biden administration claim? Or is it simply using your savings to advance a political agenda?
- You recently produced a new Epoch Times documentary called The Shadow State, which discusses the power of the ESG industry, as well as its potential drawbacks. Tell us more about it.
- Where can people view The Shadow State? We understand there’s also a DVD release coming soon?
The Shadow State is available right now on Epoch TV. Those interested in pre-ordering the DVD can do so here.
About Kevin Stocklin:
Kevin Stocklin is a writer, film producer, and former investment banker. He wrote and produced We All Fall Down: The American Mortgage Crisis, a 2008 documentary on the collapse of the U.S. mortgage finance system.
CONTACT: Jerry McGlothlin at: geraldmcg@outlook.com; or 919-437-0001.
