21 Mar 2023 Silicon Valley Bank Bust is a Lesson in ESG Folly
Silicon Valley Bank (SVB) wasted a lot of other people’s money on menacing ESG initiatives, but the ESG problem at SVB went deeper, as Free Enterprise Project Director Scott Shepard explains in a new RealClearMarkets commentary.
ESG proponents went deep in tech investments because the tech companies supported the same dumb policies they did.
But, as the last year has shown, subscribing to ESG doesn’t make an investment good. This has resulted in profound misallocations that create genuine systemic risk.