Home Depot co-founder, Bernie Marcus had scathing comments on the collapse of Silicon Valley Bank and the current Biden administration. In an interview with Fox Business News' "Cavuto Live," Marcus expressed sympathy for depositors who may have lost millions of dollars and warned Americans about the economic impact of the bank's failure.
"I feel bad for all of these people that lost all their money in this woke bank. You know, it was more distressing to hear that the bank officials sold off their stock before this happened,” the founder said, according to The Western Journal. It’s depressing to me. Who knows whether the Justice Department would go after them? They’re a woke company, so I guess not. And they’ll probably get away with it."
Marcus criticized SVB officials who sold some of their stock in the bank only weeks before the collapse, stating that they were unlikely to be held accountable by the Justice Department due to the bank's "woke" nature. He suggested that the bank's leftist leanings were the reason for its failure, pointing out that the bank was "more concerned about global warming than they are about shareholder return."
"I think that the system, that 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."
The Home Depot co-founder warned that SVB's failure is an indication that the U.S. economy may be moving towards a recession, contradicting President Biden's statements about the economy's strength.
"I can’t wait for Biden to get on the speech again and talk about how great the economy is and how it’s moving forward and getting stronger by the day. And this is an indication that whatever he says is not true. And maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, that a recession may have already started. Who knows? But it doesn’t look good."
The failure of Silicon Valley Bank has raised concerns about the potential risks posed by banks with left-leaning policies. The bank's head of financial risk management in its UK branch spent considerable time promoting LGBT issues, and the bank's Twitter account showed an excessive interest in race. Reports also revealed that SVB's President and CEO, Gregory Becker, and CFO, Daniel Beck, sold millions of dollars worth of stock in the bank before its collapse.
"Instead of protecting the shareholders and their employees, they are more concerned about the social policies. And I think it’s probably a badly run bank. They’ve been there for a lot of years. It’s pathetic that so many people lost money that won’t get it back," the Home Depot founder said.
Marcus's comments have drawn both support and criticism. Some have praised him for speaking out against the dangers of "woke" policies and their potential impact on the economy. Others have criticized him for downplaying the bank's responsibility for its failure and for blaming the Biden administration for the bank's policies.
Regardless of the debate surrounding his comments, Marcus's warning about the economic risks posed by banks with leftist policies has drawn attention to a growing trend in the financial industry. With more and more companies prioritizing social and political issues over shareholder returns, some investors are concerned that banks may be putting their own interests above those of their customers.
As the debate over the role of banks in society continues, it is clear that the collapse of Silicon Valley Bank has raised important questions about the future of the financial industry. As investors and customers alike demand more transparency and accountability from their banks, the industry may need to rethink its priorities in order to rebuild trust and maintain long-term stability.