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Link between Janet Yellen and SVB collapse jumps out in aftermath

March 14, 2023 | | Print Article

As reflexive leftist fingers pointed to former President Donald Trump to find fault for the current banking collapse, one reporter couldn’t help but notice the link between Treasury Secretary Janet Yellen and the current woke San Francisco Federal Reserve president charged with oversight of the now-shuttered Silicon Valley Bank (SVB).

Diversity for its own sake has continued to rot institutions while more executives succumb to the whims of ESG (environmental, social, governance) scoring. Since the default of SVB, followed by the closing of Signature Bank, President Joe Biden was chief among those blaming deregulation under Trump for the crisis.

On Monday, investigative reporter Paul Sperry appeared to squash those arguments when he reminded the public that the regulatory institution once run by Yellen was now headed by a “protege” of hers whose focus is far from the typical priorities in finance.

“DEVELOPING: Fed Reserve Bank of [San Francisco] that missed red flags [at] [Silicon Valley] Bank run by openly gay diversity quota & Janet Yellen protege Mary Daly who focused more on ‘climate change and inequities’ than regulating rogue banks like SVB,” Sperry tweeted. “Also chairs SF Fed Diversity & Inclusion Council.”

The reporter went on to highlight Daly’s activism, which included support of Black Lives Matter, and shared a video posted on the official San Francisco Fed account following her on her first day as though she were a kindergartner heading to school.

Like many leftist economists who downplayed economic struggles trying to dance around the definition of “recession,” Sperry pointed out that “In early 2022, failed Silicon Valley Bank regulator Mary Daly, San Francisco Fed chief, denied the economy was suffering from painful inflation: ‘That’s not what I see.’ She also didn’t see need for steep rate hikes. She missed EVERYTHING. Who’s regulating the regulators?”

While speaking at Princeton University on March 4, Daly changed her tune on that and said, “In order to put this episode of high inflation behind us, further policy tightening, maintained for a longer time, will likely be necessary.”

At every level of the collapse of SVB, the principle of “go woke, go broke” has stood at as it had previously been pointed out their head of financial risk management pushed ESG.

Likewise, former Rep. Barney Frank (D-MA) was pointed out to be on the board of directors for Signature Bank as others looked for cogs in the Marxist machine that facilitated these collapses.

Home Depot co-founder Bernie Marcus has spoke to this over the weekend when he said in part, “I think that the administration has pushed many of these banks into more concern about global warming than they do about shareholder return. And 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.”

Kevin Haggerty
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