Some Silicon Valley Bank board members have either made large donations to or have direct relationships with major Democratic politicians such as Hillary Clinton, former President Barack Obama, and Representative Nancy Pelosi (D-CA).
Federal authorities are now investigating the role the board of directors may have played in the bank’s unexpected failure, as board members failed to prevent it from failing. That’s because the bank did not have a risk manager for nine months between April 2022 and January 2023. When they finally hired Jay Ersapah, a lesbian LGBTQ+ activist who spent more time pushing woke policies on the bank, she failed to do her job. The bank bought $117 billion in government bonds which was a huge amount that took up the bulk of its total assets. The Biden government screwed up the economy so badly with rising inflation that the fed raised rates and made those bonds worthless because nobody would buy them when they could get a higher rate than what the SVG bonds were paying out.CLICK HERE TO JOIN OUR NEWSLETTER
Despite the fact that there are 12 board members, several are being investigated for donations and connections to Democratic politicians.
Director Kate Mitchell, for example, is a Clinton mega-donor who worshipped at a shrine following Clinton’s loss to former President Donald Trump in 2016.
“I prayed for me and us to move past our grief and shock, to figure out how to engage with and listen to what happened, and to come back together,” Mitchell said.
Mitchell also contributed $50,000 to Clinton’s victory fund, according to the New York Post.
Garen K. Staglin, who owns a winery less than 15 minutes from the Pelosi family’s Napa Valley estate, is the next Democrat donor SVB board member.
According to the New York Post:
He gave the Biden Victory Fund $10,000 in 2020, sent $54,000 to Clinton’s Hillary Victory Fund in 2016 (on top of $25,000 the previous year), backed Obama with $35,800 in 2011 and gave the Democratic National Committee $10,000 last year.
According to the Post, some board members also donated to political action committees backing Democratic Senate Leader Chuck Schumer (D-NY) and Senator Mark Warner (D-VA), who sits on the Senate Banking Committee.
Mary J. Miller, who served as Obama’s domestic finance undersecretary at the Treasury Department for two years, is another SVB board member with ties to prominent Democrats.
According to the Post, Tom King, the board’s newest director, is the “only real banker” on the Silicon Valley Bank board. King joins the board with 35 years of investment banking experience, having worked at Citigroup and Barclays.
The Post reported that the Democrat donations were part of SVB’s business strategy. “Everyone knew it was the go-to bank for woke CEOs,” according to one source. “They knew they were aligned politically. The companies SVB loaned money to all had a woke agenda.”
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