Comer: SVB Was ‘Woke Bank,’ Made Loans to ‘Very Risky Ventures’

COMER Well I think ░░░░░░░░ s part of the ░░░░░░░░ Look I said in ░░░░░░░░ interview on FOX yesterday ░░░░░░░░ they invested too heavily ░░░░░░░░ long term treasuries and ░░░░░░░░ interest rates go up ░░░░░░░░ value of these treasuries ░░░░░░░░ down So that was ░░░░░░░░ primary reason Secondary they ░░░░░░░░ a woke bank If ░░░░░░░░ look at their director ░░░░░░░░ risk management she brags ░░░░░░░░ their diversified ESG portfolio ░░░░░░░░ the problem is that ░░░░░░░░ lot of this is ░░░░░░░░ It s like the ░░░░░░░░ New Deal it doesn ░░░░░░░░ work it doesn t ░░░░░░░░ out And if you ░░░░░░░░ a bank being insured ░░░░░░░░ the federal government which ░░░░░░░░ the FDIC your responsibility ░░░░░░░░ to grant loans to ░░░░░░░░ who can actually pay ░░░░░░░░ back not just to ░░░░░░░░ who check a box ░░░░░░░░ a liberal wish list ░░░░░░░░ I think that s ░░░░░░░░ of the problem I ░░░░░░░░ part of their investment ░░░░░░░░ they made loans to ░░░░░░░░ risky ventures based more ░░░░░░░░ their liberal wokeness than ░░░░░░░░ the actual ability for ░░░░░░░░ borrower to pay the ░░░░░░░░ back in addition to ░░░░░░░░ too heavily invested in ░░░░░░░░