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A few years ago, the author pondered what it would take to stop America’s diversity, inclusion, and equity (DIE) obsession and return to excellence and competence as the only criteria for employment.
They suggested that maybe the bridges would have to start falling down for people to realize the consequences of prioritizing equity over excellence.
However, even if the bridges did collapse, certain individuals would likely blame “structural racism” instead of recognizing the problem.
This week’s reminder of how tolerant the country has been of the DIE agenda came when banks like Silicon Valley Bank (SVB), collapsed due to prioritizing equity over excellence.
The DIE agenda has an obsession with exact representation, preferably overrepresentation, of women in high-status jobs, including board seats in American companies.
The author finds it funny that there is no movement pushing for equal female representation among road layers in America.
Diversity has been everything for at least 15 years, with the International Monetary Fund’s former head stating that if Lehman Brothers had been Lehman Sisters, the 2008 financial crisis might not have happened.
The New York Post’s story of Jay Ersapah showed the author how obsessed SVB was with promoting woke nonsense instead of managing risks.
Ersapah was the head of risk management, but her full-time job seemed to be promoting initiatives like a month-long Pride campaign, a blog emphasizing mental health awareness for LGBTQ+ youth, and being co-chair of the SVB European LGBTQIA+ Employee Resource Group.
By modern standards, Ersapah is an absolute winner who ticks all the intersectional grievance studies boxes.
However, the author finds it a shame that Ersapah cannot identify as competent, which should have been her main role as the head of risk management.
SVB was clearly inept at managing risk, making an unbelievably elementary error of lending long and borrowing short.
The top brass at SVB was obsessed with other things, and among the board members, only one had a career in investment banking, while others were mega-donors to the Clintons and other top Democrats.
The board did everything right by modern standards, with the right Democrat politics and even donating $73 million to Black Lives Matter groups.
SVB’s promotional materials stated that they were committed to creating a more diverse, equitable, inclusive, and accessible environment, with their effort to foster a more inclusive culture and increase racial, ethnic, and gender representation at the heart of this commitment.
However, the author sees this as pretty disastrous as last time, the global economy almost crashed partly because banks made loans to people based on race.
A responsible bank should not issue a loan solely based on someone’s race, sex, or sexuality.
They should only look at whether the person can repay the loan or not. The author believes that emphasizing modish, woke investment policies is not managing risk but creating it.
Therefore, the author suggests that the country needs to get off this fixation on DIE before it brings everything crashing down.
»The Dangers of Woke Investing: How Prioritizing DIE Can Lead to Financial Disaster«
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