(FreedomBeacon.com)- Ads from the failed Signature Bank have gone viral after New York state regulators shut the institution down, according to The Daily Wire. The bank was invested in cryptocurrency, retaining around $110.4 billion in total assets and $88.6 billion in total deposits at the end of 2022.
The bank reportedly mismanaged itself by investing in volatile crypto assets before being shut down. The failure comes amid the largest collapse since 2008, when Silicon Valley Bank, which totaled $209 billion in assets and $175.4 billion in deposits, was taken over by the FDIC after investing in venture-backed companies that were under pressure from high-interest rates, according to CNBC. The bank also struggled to raise more cash and experienced a $1.8 billion nosedive in asset sales.
Signature Bank, which had also declined former President Donald Trump’s business in 2021, reportedly neglected to have anyone in control of risk assessment until January 2023. But when that person stepped in, they were allegedly more concerned with “pro-diversity initiatives.” Under the microscope of their mismanagement is their expenditures on advertisements and financial campaigns.
The management team at the bank reportedly spent millions of dollars producing a music video.
“I stand for honesty, I stand for integrity. Most days, it’s so hard to be here…How can I do my best,” the employees sing as they dance in their offices.
https://twitter.com/GRDecter/status/1635322707746357254?s=20
The chief risk officer for the Europe, Africa, and Middle East banks described herself as a queer person of color, and reportedly created LGBTQ+ campaigns that celebrated Pride month. Jay Ersapah also ensured that employees had “safe spaces.” The bank also bragged about serving “underrepresented entrepreneurs.”
Florida Governor Ron DeSantis told Fox News that the bank was brought away from its central goal and instead focus on “diversity, equity, and inclusion” policies.
