Home Depot co-founder Bernie Marcus says the collapse of Silicon Valley Bank should ring alarm bells for Americans entrusting their money in what he calls a “woke” financial institution for considering factors like climate change.
“Maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, a recession may have already started,” Mr. Marcus said on Fox News over the weekend. “I think that the system [and] the administration has pushed many of these banks into [being] more concerned about global warming than they do about shareholder return. And these banks are badly run because everybody is focused on diversity and all of the woke issues and not concentrating on the one thing they should, which is shareholder returns.”
Federal regulators shuttered Silicon Valley Bank, headquartered in Santa Clara, California, on Friday, sending shockwaves through the market. The bank had long-standing relationships with technology startups.
Treasury Secretary Janet Yellen said Sunday that the federal government will not bail out the bank, despite calls to do so.
“Let me be clear that during the financial crisis, there were investors and owners of systemic large banks that were bailed out, and the reforms that have been put in place means that we’re not going do that again,” Ms. Yellen said on CBS’ “Face the Nation.” “But we’re all concerned about depositors and are focused on trying to meet their needs.”