Last week, the US experienced the biggest banking collapse since the collapse of Lehman Brothers in 2008. After the failure of the Californian bank Sillicon Valley Bank, there were warnings in the media about the onset of a financial crisis and the search for the culprit began. While US Democrats point the finger at former President Trump for deregulating the banking sector, conservative politicians and commentators criticize the failing banks for placing too much emphasis on political activism. Commentator Marek Stoniš recalled that SVB’s top manager, responsible for financial risks, focused more on the LGBT agenda than taking care of finances.
When a prominent American bank based in California, Sillicon Valley Bank (SVB), went bankrupt last week, it was the biggest collapse of an American financial institution since the collapse of Lehman Brothers in 2008. For nearly 40 years, SVB had lent money mainly to early-stage technology companies, so-called start-ups , a according to American media it was one of the iconic symbols of the boom in the technology industry in the last four decades. At the end of last year, the company had s assets of $209 billion. A week after the collapse of SVB, its parent company SVB Financial Group also declared bankruptcy. The collapse of the financial institution was subsequently also reflected in the stock markets, where large American banks lost over one percent on Friday and regional Californian banks recorded a decline of 10 to 20 percent.
After another US bank, Signature Bank, went bankrupt shortly afterwards, while Swiss giant Credit Suisse lost 24% in one dayvoices began to appear in the public space warning of a banking crisis of global proportions, the kind the world last experienced after the collapse of Lehman Brothers in 2008. The President of the United States, Joe Biden, subsequently tried to calm the panic. “Americans can rest assured that the banking system is safe. Your deposits will be available when you need them,” the White House resident assured his citizens. He described the collapse of two American banks as a natural consequence of capitalism, which simply includes risk in business.
After the collapse of SVB, speculation immediately began about who is responsible for the largest American banking collapse since 2008. In addition to expert economic analyses, politics was also reflected in the debate almost immediately. US Democrats have not hesitated to point the finger at their main political rival, former President Donald Trump, whom they accuse of having created the foundation for the current crisis by deregulating the banking system. Opposition Republicans, on the other hand, criticize the bankrupt banks for placing too much emphasis on political activism, which they say these financial institutions devoted more to than their own business. In this sense, the governor of Florida, Ron DeSantis, for example, spoke to Fox News, which SVB criticized for focusing on “diversity, equality and inclusion” instead of looking after her finances.
Czech commentator Marek Stoniš also shared a similar observation on Facebook. He noticed one particular SVB manager.
“Meet yourself: This is Jay Ersapah, director of financial risk management for Europe, Africa and the Middle East at the failed Silicon Valley Bank. On her profile, she boasts of a queer orientation and the undeniable fact that she is of color. And also that she is the organizer of various LGBT initiatives and campaigns for the rights of people with a minority sexual orientation. Her bank financially supported hundreds of projects to save the planet with the aim of building a low-carbon world, for which it even set up eight specialized teams of bankers and, of course, people with a non-binary identity,” wrote the former editor-in-chief of Reflex magazine in his status.
“But before I began to taunt that if you put your money in the hands of left-wing activists, then you mustn’t be surprised that they’ll be fined for left-wing activism, I realized with horror that my bank is sponsoring campaigns against Czechs eating carp, spends money on ‘sustainable’ tours of bizarre singers, buys expensive and illogical electric cars for employees, adheres to the slogan of sustainable, social, environmental business and when you personally come to their branch, you feel like you have found yourself in a non-profit an organization to save the rainforests. And I quickly passed out laughing,” concluded the Czech commentator.
Jay Ersapah figures, among other things, in the management of the non-profit organization “Diversity Role Models”. On her official profile, the top manager of the bankrupt bank boasts of a career in positions focused on financial risks. In the past, she worked at Barclays and Citigroup, among others, where she allegedly tried to promote the LGBT agenda. On her profile, she has the pronouns she wants to be called in parentheses, in case someone isn’t able to infer her gender identity based on her appearance.
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