Jessica Tarlov Dismisses ‘Woke Bank’ Claims By Pointing Out Peter Thiel Was Top VC at SVB: ‘It Basically Was’ a MAGA Bank

COMPAGNO 98 of all ░░░░░░░░ contributions from tech employees ░░░░░░░░ to Democrats in 2020 ░░░░░░░░ one insider telling the ░░░░░░░░ Silicon Valley bank is ░░░░░░░░ bank of the Democrats ░░░░░░░░ are looking after their ░░░░░░░░ If it was the ░░░░░░░░ of MAGA what are ░░░░░░░░ chances it would be ░░░░░░░░ out There is not ░░░░░░░░ chance in hell Democrats ░░░░░░░░ Biden did a bang ░░░░░░░░ job and is setting ░░░░░░░░ stage for more bailouts ░░░░░░░░ Americans Clip starts WATERS ░░░░░░░░ we were able to ░░░░░░░░ jobs and how we ░░░░░░░░ able to get those ░░░░░░░░ done so that these ░░░░░░░░ of these small tech ░░░░░░░░ can pay their staffs ░░░░░░░░ cetera we did a ░░░░░░░░ job KHANNA I believe ░░░░░░░░ Fed did the right ░░░░░░░░ to protect depositors and ░░░░░░░░ lot of these companies ░░░░░░░░ when you look at ░░░░░░░░ Mississippi when you look ░░░░░░░░ East Palestine Ohio when ░░░░░░░░ look at folks with ░░░░░░░░ debt and medical debt ░░░░░░░░ see that the Congress ░░░░░░░░ incapable of acting in ░░░░░░░░ days the way they ░░░░░░░░ capable to act here ░░░░░░░░ that is a big ░░░░░░░░ in this country Why ░░░░░░░░ it that some people ░░░░░░░░ deserve relief get the ░░░░░░░░ and others don t ░░░░░░░░ ends COMPAGNO And part ░░░░░░░░ the question Greg is ░░░░░░░░ are blasting President Biden ░░░░░░░░ accusing him of special ░░░░░░░░ Clip starts MARSHALL This ░░░░░░░░ a bailout We re ░░░░░░░░ to pass that fee ░░░░░░░░ to community banks every ░░░░░░░░ in America COMER Part ░░░░░░░░ their investment portfolio they ░░░░░░░░ loans to very risky ░░░░░░░░ based more on their ░░░░░░░░ wokeness than the actual ░░░░░░░░ for that borrower to ░░░░░░░░ the loans back Scott ░░░░░░░░ the question is do ░░░░░░░░ really have a limit ░░░░░░░░ FDIC insurance If you ░░░░░░░░ t it becomes a ░░░░░░░░ hazard and a perverse ░░░░░░░░ for executives to take ░░░░░░░░ risks because there s ░░░░░░░░ lot of reward and ░░░░░░░░ downside Clip ends COMPAGNO ░░░░░░░░ s exactly what I ░░░░░░░░ going to say Greg ░░░░░░░░ thoughts GUTFELD Well I ░░░░░░░░ not a banking expert ░░░░░░░░ that they just said ░░░░░░░░ be right that these ░░░░░░░░ woke investors people on ░░░░░░░░ board don t have ░░░░░░░░ expertise they searched out ░░░░░░░░ right virtue signal and ░░░░░░░░ right box to tick ░░░░░░░░ identity instead of economic ░░░░░░░░ which lets everybody down ░░░░░░░░ I don t think ░░░░░░░░ is a bailout to ░░░░░░░░ relief to depositors I ░░░░░░░░ and I don t ░░░░░░░░ the set up of ░░░░░░░░ team sport politics Well ░░░░░░░░ it was a Trump ░░░░░░░░ if it was this ░░░░░░░░ that is completely fabricated ░░░░░░░░ you don t know ░░░░░░░░ should try to stave ░░░░░░░░ the idea of people ░░░░░░░░ to the banks right ░░░░░░░░ is a small bank ░░░░░░░░ had some wacky wacky ░░░░░░░░ but the reason why ░░░░░░░░ Fed is there is ░░░░░░░░ protect people s they ░░░░░░░░ t do anything wrong ░░░░░░░░ you put money in ░░░░░░░░ bank you didn t ░░░░░░░░ any sins You were ░░░░░░░░ the right thing Where ░░░░░░░░ you supposed to put ░░░░░░░░ money Jesse WATTERS A ░░░░░░░░ bank GUTFELD A bigger ░░░░░░░░ That s exactly that ░░░░░░░░ kind of the point ░░░░░░░░ Well and it s ░░░░░░░░ to be insured GUTFELD ░░░░░░░░ exactly That is why ░░░░░░░░ am not an expert ░░░░░░░░ I m also a ░░░░░░░░ because I m against ░░░░░░░░ but I don t ░░░░░░░░ like this is a ░░░░░░░░ I think the investors ░░░░░░░░ be on the hook ░░░░░░░░ think that people that ░░░░░░░░ the bank should be ░░░░░░░░ the hook But the ░░░░░░░░ that just deposited to ░░░░░░░░ money in there they ░░░░░░░░ t you know are ░░░░░░░░ required to do their ░░░░░░░░ diligence every time I ░░░░░░░░ t do that WATTERS ░░░░░░░░ I don t GUTFELD ░░░░░░░░ do not COMPAGNO But ░░░░░░░░ of the issue here ░░░░░░░░ that the risk assessment ░░░░░░░░ different in a smaller ░░░░░░░░ that a bigger bank ░░░░░░░░ the whole point the ░░░░░░░░ picture that I see ░░░░░░░░ is that the answer ░░░░░░░░ never larger government the ░░░░░░░░ is not government when ░░░░░░░░ talk about Congress acting ░░░░░░░░ meddling We know from ░░░░░░░░ that that is exactly ░░░░░░░░ right way to set ░░░░░░░░ for more failure and ░░░░░░░░ dollar that the government ░░░░░░░░ is our money to ░░░░░░░░ with WATTERS Well I ░░░░░░░░ to talk about how ░░░░░░░░ they are because Harold ░░░░░░░░ all due respect yesterday ░░░░░░░░ telling me this was ░░░░░░░░ a woke bank so ░░░░░░░░ did some digging COMPAGNO ░░░░░░░░ it is WATTERS First ░░░░░░░░ all they pledged 75 ░░░░░░░░ to Black Lives Matter ░░░░░░░░ no one on the ░░░░░░░░ s board is a ░░░░░░░░ There is one banker ░░░░░░░░ the board and the ░░░░░░░░ of them are Clinton ░░░░░░░░ Obama megadonors Then Janet ░░░░░░░░ appoints this woman probably ░░░░░░░░ nice woman to oversee ░░░░░░░░ bank she is the ░░░░░░░░ Francisco Fed chair and ░░░░░░░░ s so excited on ░░░░░░░░ first day at the ░░░░░░░░ Emily she makes a ░░░░░░░░ video and she kisses ░░░░░░░░ wife goodbye at the ░░░░░░░░ and then she puts ░░░░░░░░ little backpack on and ░░░░░░░░ goes to the bank ░░░░░░░░ everybody claps for her ░░░░░░░░ they make a little ░░░░░░░░ and she knows nothing ░░░░░░░░ is supposed to oversee ░░░░░░░░ is going on here ░░░░░░░░ she totally missed it ░░░░░░░░ only did she miss ░░░░░░░░ bank s collapse she ░░░░░░░░ inflation too But like ░░░░░░░░ said she has her ░░░░░░░░ all over diversity This ░░░░░░░░ was all about gender ░░░░░░░░ You know you say ░░░░░░░░ want to be able ░░░░░░░░ walk and chew gum ░░░░░░░░ the same time right ░░░░░░░░ you want to have ░░░░░░░░ Month at the bank ░░░░░░░░ you want to do ░░░░░░░░ little skits about inclusivity ░░░░░░░░ but keep your eye ░░░░░░░░ the balance sheet If ░░░░░░░░ are doing all of ░░░░░░░░ woke stuff and you ░░░░░░░░ not looking at the ░░░░░░░░ then that is a ░░░░░░░░ and that is what ░░░░░░░░ has a problem with ░░░░░░░░ the priorities of the ░░░░░░░░ GUTFELD Every single business ░░░░░░░░ this problem For some ░░░░░░░░ the priorities are changing ░░░░░░░░ you are going to ░░░░░░░░ like no one is ░░░░░░░░ for expertise or competence ░░░░░░░░ you can pick entertainment ░░░░░░░░ could pick any place ░░░░░░░░ anything you want is ░░░░░░░░ to have this problem ░░░░░░░░ Including federal agencies data ░░░░░░░░ only defense and intelligence ░░░░░░░░ are atrocious and a ░░░░░░░░ subject but also the ░░░░░░░░ So what I find ░░░░░░░░ ironic is in the ░░░░░░░░ So the DoJ is ░░░░░░░░ investigating the SEC is ░░░░░░░░ additional to civil suits ░░░░░░░░ what has the SEC ░░░░░░░░ doing this entire time ░░░░░░░░ have been demanding that ░░░░░░░░ banks and businesses comply ░░░░░░░░ carbon footprints ESG diversity ░░░░░░░░ inclusivity They are not ░░░░░░░░ anything to protect the ░░░░░░░░ investor So why are ░░░░░░░░ the ones that are ░░░░░░░░ going to be investigating ░░░░░░░░ PERINO It is very ░░░░░░░░ and the Justice Department ░░░░░░░░ into what was happening ░░░░░░░░ weeks before this bank ░░░░░░░░ I think is what ░░░░░░░░ really want to know ░░░░░░░░ because if the head ░░░░░░░░ is selling stocks and ░░░░░░░░ out bonuses that should ░░░░░░░░ a red flag You ░░░░░░░░ nobody caught that All ░░░░░░░░ a sudden Peter Thiel ░░░░░░░░ caught wind somehow so ░░░░░░░░ is supposed to be ░░░░░░░░ the henhouse should have ░░░░░░░░ it as well but ░░░░░░░░ didn t What s ░░░░░░░░ too is how quickly ░░░░░░░░ happened So they were ░░░░░░░░ on Wednesday and they ░░░░░░░░ not on Friday That ░░░░░░░░ very quick And Kevin ░░░░░░░░ Leary from Shark Tank ░░░░░░░░ on Newsroom this morning ░░░░░░░░ he things the government ░░░░░░░░ overreact and that we ░░░░░░░░ heading down into this ░░░░░░░░ where you would have ░░░░░░░░ private sector banks You ░░░░░░░░ why Elizabeth Warren is ░░░░░░░░ her chops Because she ░░░░░░░░ nationalized government banks She ░░░░░░░░ all of those banks ░░░░░░░░ be backed up by ░░░░░░░░ federal government Is that ░░░░░░░░ right thing to do ░░░░░░░░ don t think so ░░░░░░░░ I don t think ░░░░░░░░ can do that overnight ░░░░░░░░ think Congress actually has ░░░░░░░░ have some sort of ░░░░░░░░ say in that and ░░░░░░░░ don t have it ░░░░░░░░ And I want to ░░░░░░░░ a little whataboutism own ░░░░░░░░ why not it s ░░░░░░░░ 10 minutes I haven ░░░░░░░░ done it Smaller regional ░░░░░░░░ banks are very important ░░░░░░░░ rural America So if ░░░░░░░░ are a farmer or ░░░░░░░░ rancher you usually know ░░░░░░░░ banker I remember the ░░░░░░░░ that my grandfather had ░░░░░░░░ came and he was ░░░░░░░░ part of the cattle ░░░░░░░░ It was neighborly and ░░░░░░░░ understood so if my ░░░░░░░░ needed to go to ░░░░░░░░ bank and say We ░░░░░░░░ to buy X amount ░░░░░░░░ cattle or We have ░░░░░░░░ much hay to sell ░░░░░░░░ can you help me ░░░░░░░░ out We need some ░░░░░░░░ equipment we need to ░░░░░░░░ it that guy understands ░░░░░░░░ The big bank at ░░░░░░░░ in New York doesn ░░░░░░░░ come and that is ░░░░░░░░ these regional banks are ░░░░░░░░ in lots of different ░░░░░░░░ The Mississippi Bank during ░░░░░░░░ was one of the ░░░░░░░░ at giving out PPP ░░░░░░░░ to small businesses who ░░░░░░░░ were applying for that ░░░░░░░░ and needed it in ░░░░░░░░ to keep their businesses ░░░░░░░░ So I think it ░░░░░░░░ be interesting if there ░░░░░░░░ a thought experiment and ░░░░░░░░ don t want this ░░░░░░░░ happen but would these ░░░░░░░░ who are running to ░░░░░░░░ SVB bank because that ░░░░░░░░ where all those donors ░░░░░░░░ would they defend an ░░░░░░░░ bank COMPAGNO Question to ░░░░░░░░ Jessica TARLOV I m ░░░░░░░░ to go with yes ░░░░░░░░ are a lot of ░░░░░░░░ that are in elected ░░░░░░░░ in the heartland They ░░░░░░░░ about it They talk ░░░░░░░░ it Jon Tester is ░░░░░░░░ great example Heidi Heitkamp ░░░░░░░░ ended up losing her ░░░░░░░░ I mean I don ░░░░░░░░ think it is one ░░░░░░░░ those cases I think ░░░░░░░░ Greg is right why ░░░░░░░░ it the depositors fault ░░░░░░░░ why for some of ░░░░░░░░ companies you re running ░░░░░░░░ business it is not ░░░░░░░░ responsibility to check on ░░░░░░░░ your bank is messing ░░░░░░░░ at this level every ░░░░░░░░ of months And this ░░░░░░░░ a story that started ░░░░░░░░ reported months ago The ░░░░░░░░ Street Journal started talking ░░░░░░░░ when you have interest ░░░░░░░░ hikes at this level ░░░░░░░░ people are buying up ░░░░░░░░ bonds which are not ░░░░░░░░ to be sold again ░░░░░░░░ 5 to 10 years ░░░░░░░░ re supposed to get ░░░░░░░░ and then suddenly they ░░░░░░░░ turn around and start ░░░░░░░░ them the market is ░░░░░░░░ going to reflect what ░░░░░░░░ actual value of that ░░░░░░░░ it is And something ░░░░░░░░ matters a lot as ░░░░░░░░ said it happened so ░░░░░░░░ A bank run is ░░░░░░░░ tale as old as ░░░░░░░░ right but being able ░░░░░░░░ do a bank run ░░░░░░░░ your phone is what ░░░░░░░░ t A few people ░░░░░░░░ get on Twitter start ░░░░░░░░ out Get out get ░░░░░░░░ get out and suddenly ░░░░░░░░ billion needs to leave ░░░░░░░░ coffers within 24 hours ░░░░░░░░ is an impossibility and ░░░░░░░░ we have to deal ░░░░░░░░ I want to say ░░░░░░░░ about what the Post ░░░░░░░░ if it was a ░░░░░░░░ bank it basically was ░░░░░░░░ Thiel was one of ░░░░░░░░ top five biggest VSs ░░░░░░░░ huge backer of Donald ░░░░░░░░ in 2016 and 2020 ░░░░░░░░ 2022 he resigned from ░░░░░░░░ board of Meta he ░░░░░░░░ one of the original ░░░░░░░░ members so that he ░░░░░░░░ back J D Vance ░░░░░░░░ joined a Trump aligned ░░░░░░░░ for J D Vance ░░░░░░░░ Blake Masters This embarrassing ░░░░░░░░ whatever Jesse was talking ░░░░░░░░ all the wokeness if ░░░░░░░░ look at who is ░░░░░░░░ that bank it is ░░░░░░░░ bunch of white guys ░░░░░░░░ three women and the ░░░░░░░░ that those three women ░░░░░░░░ by the way are ░░░░░░░░ that traditionally women have ░░░░░░░░ R the CMO and ░░░░░░░░ the Chief Risk Officer ░░░░░░░░ obviously was not doing ░░░░░░░░ great job there GUTFELD ░░░░░░░░ you re blaming them ░░░░░░░░ So are you saying ░░░░░░░░ needed more white guys ░░░░░░░░ TARLOV No I m ░░░░░░░░ not saying that at ░░░░░░░░ WATTERS That s what ░░░░░░░░ heard TARLOV And in ░░░░░░░░ of ESG investing I ░░░░░░░░ looking around for Republicans ░░░░░░░░ believe in it someone ░░░░░░░░ Steve Schwartzman who runs ░░░░░░░░ it s a huge ░░░░░░░░ of their business I ░░░░░░░░ never encountered someone who ░░░░░░░░ in finance who cares ░░░░░░░░ about having black faces ░░░░░░░░ trans people at the ░░░░░░░░ more than they care ░░░░░░░░ money so obviously investing ░░░░░░░░ these things is good ░░░░░░░░ the bottom line and ░░░░░░░░ is not just some ░░░░░░░░ venture Who is on ░░░░░░░░ board is not who ░░░░░░░░ running these things WATTERS ░░░░░░░░ whoever is running it ░░░░░░░░ an idiot TARLOV They ░░░░░░░░ an idiot but that ░░░░░░░░ not a wokeness initiative ░░░░░░░░ The truth is they ░░░░░░░░ a ton of ESG ░░░░░░░░ in there TARLOV Right ░░░░░░░░ makes people money WATTERS ░░░░░░░░ have solar panels and ░░░░░░░░ of Newsom s vineyards ░░░░░░░░ up in the bank ░░░░░░░░ TARLOV Jesse Watters versus ░░░░░░░░ Schwartzman I will pay ░░░░░░░░ see it WATTERS I ░░░░░░░░ going with Schwartzman too ░░░░░░░░ this one Laughter GUTFELD ░░░░░░░░ I think you both ░░░░░░░░ be right TARLOV No ░░░░░░░░ can t I won ░░░░░░░░ Let her have one ░░░░░░░░ No but I was ░░░░░░░░ to say you are ░░░░░░░░ another variable of pressure ░░░░░░░░ a mix that doesn ░░░░░░░░ talk about profit You ░░░░░░░░ say Oh this leads ░░░░░░░░ making more money There ░░░░░░░░ no way you can ░░░░░░░░ that There is no ░░░░░░░░ this will cause you ░░░░░░░░ make more money So ░░░░░░░░ adds this extra pressure ░░░░░░░░ somebody who should only ░░░░░░░░ focused on the numbers ░░░░░░░░ not on what people ░░░░░░░░ like.”