This seems to be part of the "Get woke, go broke" movement that is afflicting our country.
"
Never before has it been clearer how useless ESG investing has become
than in the case of Silicon Valley Bank. The bank, which donated to
Black Lives Matter causes and frequently touted its virtuous diversity
and equity policies, has blown a hole directly through "woke" capital
allocators who sought it out for this appeal.
...as opposed to...you know...the quality of the bank's assets and its ability to generate cash.
"Hundreds" of ESG managers have been stung by the Silicon Valley Bank collapse, Bloomberg has reported.
A new report says that "915 funds registered under European Union
regulations as either 'promoting' ESG or declaring it as their
'objective' had exposure" to the bank.
The
bank "tick[ed] several boxes" for these managers, including a low
carbon footprint. However, the "G" in ESG - which stands for governance -
seemed to take a back seat to the "E" and the "S". "
