Quote:
Originally Posted by Basanos
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Even if that is the case, is a loan more likely to default (or whatever the nerd term is) because it's tied to an LGBT cause?
It's still dubious even if there was "evidence", and nobody has supplied a scrap of that.
Rightoids seem to be interpreting this as some kind of breakdown in leftism or wokeness, which reeks of their own desperation for even a pyrrhic victory... when it's really just capitalism doing what it always does, from my subjective point of view.
I'm of a mind that there should be fewer CEOs no matter their beliefs or orientations, not 'more gay CEOs'. There's plenty of grifters that are gay, or minorities, or whatever.
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at the end of the day it's just poor management. and we really do need to hold bankers to higher accountability because of the power they wield, the same way we would hold police officers accountable to standards greater than the public, if this weren't a dystopia.
loans are more likely to default when you put an ideology ahead of risk management. from the few things i read about the SVB's corporate ideology work I did for an ERM firm it seems like SVB had big hopes and dreams about advancing the work in rights and equality, noble causes for sure. It looks like all those loans were issued because SVB wanted to believe in those causes, which is also noble.
They gambled and lost, cut their losses and ran
and it'll happen again.