Asleep at the Switch

We should always be mindful that we belong to Christ, and we are not our own - and when we are given a stewardship responsibility, we should avoid selfishness. 1st Corinthians 4 states:
1 Let a man so consider us, as servants of Christ and stewards of the mysteries of God.
2 Moreover it is required in stewards that one be found faithful.

Believers in Christ are called to set a different standard in a selfish world.  While many seek power and control, we are called to exhibit humility.  When the world is focused on what it can acquire, we are called to give.  And, while some would resort to dishonest means with the ambition of getting ahead, we are called to be truth-tellers.  Our priorities are to be aligned with the Scriptures, and we should always be awake to doing the will of God rather than allowing selfishness and irresponsibility to put us to sleep.

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The Bible teaches a principle of putting the needs of others above our own; we can find these words in Philippians chapter 2:
1 Therefore if there is any consolation in Christ, if any comfort of love, if any fellowship of the Spirit, if any affection and mercy,
2 fulfill my joy by being like-minded, having the same love, being of one accord, of one mind.
3 Let nothing be done through selfish ambition or conceit, but in lowliness of mind let each esteem others better than himself.
4 Let each of you look out not only for his own interests, but also for the interests of others.

The failure of Silicon Valley Bank, which has branches all across the nation, has apparently been the first domino to fall in a progression of instability of certain financial institutions. And, we should certainly be wise in how each of us responds.

But, it does strike me that there is an enormous amount of irresponsibility here and disregard for the financial resources with which these banks have been entrusted.  And, while banking officials have been poor stewards of other people's money, there are still indications that government officials are wanting to take other people's money - yours and mine, as taxpayers - to fix it.

Someone was clearly asleep at the switch, and the pursuit of agendas that really have nothing to do with dollars and cents and really make no sense, seems to be a factor in the failure of Silicon Valley Bank.

Home Depot Co-Founder Bernie Marcus stated on Neil Cavuto's program, according to FoxNews.com, "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. 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," he said to host Neil Cavuto.

Marcus also said: "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." He contended that these "badly run" banks "not concentrating on the one thing they should, which is, shareholder returns," adding, "Instead of protecting the shareholders and their employees, they are more concerned about the social policies."

The New York Post reported:

A head of risk management at Silicon Valley Bank spent considerable time spearheading multiple “woke” LGBTQ+ programs, including a “safe space” for coming-out stories, as the firm raced toward collapse.

Jay Ersapah, the boss of financial risk management at SVB’s UK branch, launched initiatives such as the company’s first month-long Pride campaign and a new blog emphasizing mental health awareness for LGBTQ+ youth.

“The phrase ‘You can’t be what you can’t see’ resonates with me,’” Ersapah was quoted as saying on the company website.

The Daily Mail notes: "The now-failed bank had an A rating for its Environmental, Social and Governance policies according to the MSCI index..."

So, how about that ESG score - focusing on the three tenets of environment, social, and governance, supporting policies that are offensive to those with a Christian worldview?  Well, SVB got an A for being woke, but gets an F for being awake to its responsibility to its customers.  Again, from The Daily Mail:  

...for eight months last year, the bank did not have a chief risk operator, as it invested clients' money in low-interest government bonds and securities.

Then when the Federal Reserve increased interest rates, the value of SVB's assets fell while customers tried to withdraw their money.

Now, many are slamming the financial institution for focusing too much on woke policies and not enough on its investments.

The article quoted from Will Hild, the executive director for Consumers' Research, who said: "The bank suffered from a combination of senior officers more focused on identity politics than risk management and investments in unprofitable virtue signaling boondoggles, like reportedly financing 62 percent of all US solar projects." He also said:

'It's also poetic that SVB would be the first bank to fail from "going woke," as the general business culture in Silicon Valley itself is notoriously far left and similarly out-of-step with the rest of the country,' he said. 'Let this be a warning, not just to other banks, but all of corporate America: Focus on serving your customers, not woke politicians.'

Looks like somebody was asleep at the switch, embracing a political and social agenda rather than being responsible to its customers.  The Christian ethic demonstrates that we are to look out for the interests of others before our own.  That's a great perspective for doing good business. This bank clearly did not put customers first; furthermore, it was investing in ideology that contradicts a Christian worldview perspective. 

As it's been pointed out, an emphasis on ESG ultimately leads to financial institutions punishing customers who do not adhere to those standards.  That mindset could ultimately lead to individual customers being denied participation in commerce because of their deeply held beliefs.  This plays into the scenario found in Revelation chapter 13.  As stewards, we have to be aware of how financial institutions are investing the money with which they are entrusted.