Silicon Valley Bank contributed over $73 million to organizations associated with Black Lives Matter and social justice initiatives prior to its collapse, and Signature Bank donated $850,000 before its own downfall, according to newly disclosed information.
Data from the conservative Claremont Institute reveals that SVB allocated approximately $73,450,000 to these causes in an effort to boost its Environmental, Social, and Governance score. Concurrently, the New York-based Signature Bank distributed a total of $850,000 across several years before its collapse on Sunday.
These funds were directed towards supporting Black Lives Matter protests and the organization’s political action committee, which focused on electing progressive leaders, as reported by the Claremont Institute.
The banks are now facing criticism for prioritizing progressive ideals over addressing internal issues that led to their failures.
Both institutions had publicly expressed their dedication to increasing diversity within their workforce and addressing societal concerns. In 2020, Silicon Valley Bank committed to enhancing its focus on diversity, equity, and inclusion. CEO Greg Becker also mentioned SVB’s employee matching program for donations targeting various social causes.
Following the death of George Floyd in May 2020, the company facilitated discussions on racial equity and provided opportunities for employees and clients to participate in community service initiatives.
Similarly, Signature Bank’s 2021 Social Impact Report highlighted employee donations to numerous organizations and detailed its growing commitment to social causes. The bank emphasized its support for diversity, equity, inclusion, community engagement, and sustainability efforts.
However, in a Newsweek op-ed, Claremont Institute executives argued that the funds are being misused by Black Lives Matter for purposes such as buying luxury real estate, funding nepotism, and operating a PAC for “electing progressive community leaders, activists, and working-class candidates fighting for black liberation.”
The institute also claimed that local BLM chapters are using these funds for initiatives aimed at defunding the police, while BLM At Schools is accused of indoctrinating children with critical race theory.
The Claremont Institute further contends that this redistribution of corporate wealth, which should have been used for dividends or stock buybacks, is historic and may be considered a form of reparations to those who oppose the American nation and way of life, adding that this wealth transfer would be unthinkable without BLM.