I’ve been hearing a lot about how the collapse of Silicon Valley Bank, a bank in the heart of tech bro country, where Peter Thiel kept his money, was due to it being too woke. Go woke, go broke, as they say. As it turns out, the claim is contrived nonsense.
According to stories bursting across the right-wing mediasphere today, a key reason for the collapse of Silicon Valley Bank (SVB) was its focus on spreading “woke culture” rather than efficiently managing risk and profits. Ground zero for this is the allegation that SVB had donated over $73 million to the “BLM Movement & Related Causes.” That struck me as quite a lot of money for a single company, even a large and profitable one, to give to any cause or even all causes. So I tried to find out where this factoid came from and rapidly found my way to a Trumpist think tank. Perhaps not surprisingly, it’s a complete lie. I want to show you the receipts, but first some key details.
The story came from an “analysis” from the Center for the American Way of Life, a project of the Claremont Institute. You can tell from the name it was going to be a skeevy, dishonest organization, where they conflate “American” with “Capitalist”. What they did was compile all charitable donations to a huge range of organizations under one umbrella they called Black Lives Matter…not that BLM isn’t an unworthy recipient, but that they threw in so much money that any grass roots organization would have no way to spend it all.
Basically, if a donation benefitted a black person in any way, it was “BLM”. For instance:
Claremont lists 3M pledging a whopping $50 million to “BLM.” But the cited document, published in September 2020, appears to be mainly focused on supporting STEM learning in Black communities. It’s a pledge of $50 million over 5 years and lists $6 million in initial investments. That $6 million consisted of $5 million to the United Negro College Fund for work in St. Paul, Minnesota; another $1 million is slated for “annual investment to social justice partnerships, led by our employee resource network community champions and building on the initial investment from 3M Foundation in 2020.”
For Claremont, these are all “BLM.”
Oh, look, Boeing supported BLM! Not really.
Then there’s Boeing’s $15.6 million to “BLM.”
You can see the cited list of recipients here. The largest recipients include the Seattle Children’s Hospital, United Negro College Fund, Chicago Urban League, D.C. College Access Program and the Forum to Advance Minorities in Engineering, Inc.
My favorite, though, is Bank of America.
Rather unbelievably Claremont lists Bank of America as giving more than $18 billion to “BLM.”
Yes, billion.
The cited documents appear to report only $1.25 billion and that appears to be almost entirely going to financing for housing and business development in minority communities. So this money may be targeting minority advancement, but its in the form of loans that BOA will get paid back for. An apparently tiny fraction of that total (no specific numbers are cited) goes in grants to organizations like Asian Americans Advancing Justice, National Coalition for Asian Pacific American Community Development and The Leadership Conference Education Fund.
Bank of America gets a big chunk of change from me every month, since they hold my mortgage. Which means, by the transitive property of the Claremont Institute, that I am giving a large fraction of my income to BLM every month.
The vast majority of the organizations are highly mainstream and even corporate in their focus (supporting minority-owned small businesses, recruiting minority employees in STEM fields). The ones that aren’t mainly focus on housing, closing gaps in medical care in minority communities and supporting STEM education and coding. In many cases, the cited documents include no information to support the purported dollar amounts at all. In some cases a claim about one corporation is backed up with a document about another corporation entirely. So there’s a high degree of slapdash and incompetence involved. But the general message is that anything in any way connected to Black people in pretty much any way is “BLM riots,” and explicitly supporting mayhem and violence.
Slapdash and incompetent is a good summary of most conservative organizations. Add in dishonest and it’s perfect.