Go woke and literally go broke. That’s the lesson for Aussie banks watching on as the US financial system sets itself on fire with diversity bingo.
Failed financial institutions Silicon Valley Bank and Signature Bank had more problems than you could poke a stick at before they folded, but both have one thing in common: even as they were failing, management was obsessed with woke nonsense.
Even as the writing was well and truly on the wall last October, Signature Bank chairman Scott Shay co-hosted a “Know Your Pronouns” seminar, to lecture employees on how to properly use pronouns such as “Ze” and “Hir”.
Shay delivered the seminar with Finn Brigham, a corporate “gender issues” consultant who was described as a “genderqueer trans masculine person”, according to the New York Post.
Shay boasted that Signature Bank was “the first bank in the United States to have an openly gay man on our board,” referencing former politician Barney Frank, who was famous for co-sponsoring legislation to regulate banks after the 2008 financial crisis.
The video of the event, which was uploaded to the bank’s YouTube channel, showed Brigham describing pronouns such as: she, hers, he, his, they, them, ze, and hir.
“[P]robably you have clients that use ‘they’/’them’ as pronouns. They’re gender-neutral pronouns on purpose,” Brigham claimed.
“‘Ze’ is another gender-neutral pronoun,” Brigham claimed. “The other part of that would be ‘hir’ — spelled H-I-R.”
Over at the doomed Silicon Valley Bank, instead of looking after their customers’ cash, woke management were slapping themselves on the back over its diverse board which was nearly half women and had one black member, one LGBTQ member and two veterans.
“I’m not saying 12 white men would have avoided this mess,” Wall Street Journal opinion columnist Andy Kessler wrote.
“But the company may have been distracted by diversity demands.”
All the diversity programs in the world couldn’t stop the billions in losses, a bank run and a catastrophic liquidity crisis.
What a lesson for Australian banks, because no matter whether it’s climate change, diversity and inclusion, the divisive Voice, our banks are up to their woke eyeballs in it.
Instead of trying to keep interest rates down, they parade their progressive virtues with their rainbow/trans visibility/climate vulnerability awareness days.
And who is paying the price?
Because while they’re busy playing corporate activist, they’re screwing over mortgage holders by passing on rate hikes in full (while making record profits) and exposing depositors to an overblown housing market your kids have buckleys of getting into.
Trust us, this will end in tears, because – it’s like a law of nature – go woke, go broke.
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