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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"...
To read more visit Zero Hedge.
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