"Wall Street Journal: SVB’s board of directors “may have been distracted by diversity demands." - Time
Rupert Murdoch's Fox News is being sued by Dominion Voting for knowingly spreading falsehoods. What's behind Murdoch's new culture war attacking the Silicon Valley Bank. Which News Corp. publications are stoking the rage? How are right wing pundits spreading the bogus claims? How are Republicans amplifying the culture wars? How are billionaires and hedge fund managers stoking the culture war?
Follow how Murdoch's Media Empire wages culture wars for money with this Power Map. Could News Corp be distracted from journalism by waging culture wars?
Follow the money behind Murdoch's culture wars
Republican culture war fodder
"The New York Post, a city tabloid owned by Rupert Murdoch’s News Corp., published a story on Saturday with the headline, “While Silicon Valley Bank collapsed, top executive pushed ‘woke’ programs,” which pointed out that the head of financial risk management at SVB’s UK subsidiary was also an executive sponsor of the bank’s affinity group for LGBTQ employees." - Time
"Fox News host Tucker Carlson said diversity and inclusion standards are why “big banks are now increasingly incompetent.” - Washington Post
“Head of Financial Risk at SVB Jay Ersapah might’ve been busy with more important projects at the bank, such as LGBTQ issues, rather than assessing risk,” they tweeted which went viral, and its message was spread far and wide by right-wing pundits." - VICE
Culture wars distract public attention
Right-wing media are blaming diversity policies and wokeness after the Silicon Valley Bank collapsed following a run on the bank by depositors. The cause of the crisis is complicated, but reports have homed in on a few factors -- the Federal Reserve raising interest rates to combat inflation, and a panic among venture capital firms to withdraw funds in response to liquidity concerns, leaving the bank with a negative cash balance of nearly a billion dollars.
Despite the layered macroeconomic factors that triggered the end of SVB, right-wing media personalities are rushing to blame diversity and “woke ideology” for the crisis. They are also attacking a SVB executive for supporting LGBTQ programs at the bank. - Media Matters
Cherrypicking facts against Silicon Valley Bank
Top five banks in the United States have a more diverse board of directors than Silicon Valley Bank did, and that each of them give the same platitudes to diversity and inclusion that SVB does:
- JP Morgan Chase: “Our Board reviews its composition for the right mix of experience, refreshment, skills and diversity.”
- CitiGroup: “Citi’s Board is committed to ensuring that it is composed of individuals whose backgrounds reflect the diversity represented by our employees, customers, stockholders, and stakeholders.”
- Wells Fargo: - “In identifying first-time candidates or nominees for director, and in evaluating individuals recommended by shareholders, the current composition of our Board and the interplay of the candidate’s or nominee’s experience, education, skills, background, gender, race, ethnicity, and other qualities and attributes with those of the other Board members. The GNC also incorporates this broad view of diversity into its director nomination process by taking into account all of the factors above.”
- Bank of America: “We value and promote diversity and inclusion in every aspect of our business and at every level of our organization. Our commitment to creating a diverse and inclusive environment starts at the top with oversight from our Board and CEO.”
- Bancorp: “Our company is committed to diversity, equity and inclusion. Our Board is focused on diversity within its membership in order to benefit from a variety of perspectives, experiences and skill sets in exercising its oversight role.” - VICE
TakeAway: Hold media outlets like Fox News that spread disinfo and wage culture wars for profit accountable for the harm they cause.
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