I wasn’t planning on writing more about the collapse of Silicon Valley Bank, but too much info has been coming down the pike to ignore. Plus, I found the video below, and felt I had to share it.
A newly published database from the Claremont Institute has revealed that the since-collapsed Silicon Valley Bank donated or pledged to donate nearly $74 million to the Black Lives Matter movement and related causes.
In an August 2020 Diversity, Equity & Inclusion report, SVB declared “we are on a journey committed to increasing diversity, equity and inclusion (DEI) in our workplace, with our partners and across the innovation economy.”
The bank revealed that they had donated $1.6 million to “causes supporting gender parity in innovation,” as well as $1.2 million to support “opportunities for diverse, emerging talent in innovation.”
In SVB’s 2021 Proxy Statement, the bank wrote in relation to racial and social equity that “the calls to end systemic racial and social inequities following the murder of George Floyd in May 2020 had a profound global impact.”
“We responded by expanding opportunities for dialogue, including hosting over 40 small group ‘Conversation Circles’ in which over two thirds of our employees participated in discussions about racial equity issues.”
The statement continued to say that the bank’s “DEI-focused ‘town hall’ meetings for employees were in response to our recognition of the need for greater transparency and dialogue around the racial representation of our workforce and the innovation ecosystem.”
In addition, the bank, provided “opportunities for action, mobilizing our employees and clients to join in community service through Tech Gives Back, a week of volunteer events focused in part on racial equity, social justice and access to the innovation economy,” and partnered with “Act One Ventures to launch The Diversity Term Sheet Rider for Representation at the Cap Table initiative, which advocates for venture capital firms to include in all of their term sheets a pledge to bring members of underrepresented groups into deals as co-investors.”
A 2020 letter from CEO Greg Becker stated, “In recent months, we’ve expanded our philanthropic giving through corporate donations and employee matching programs. These programs focus on pandemic response, social justice, sustainability and supporting women, Black and Latinx emerging talent and other underrepresented groups. You’ll find examples of these programs in this report, ranging from workforce development to affordable housing.”
In 2020, the bank launched its Missions program, “a software platform designed to engage employees to act in support of the causes they care about most such as voter education and racial justice and equity,” which saw employees donate $400,000 for “justice and equity for Black Americans.”
According to the Claremont Institute, an additional $250,000 was allocated by the SVB Foundation to support grants for social justice organizations including the NAACP, ACLU, and National Urban League.
SVB additionally partnered with 44 organizations focused on furthering DEI in innovation and invested in relationships with historically black colleges and universities, and hosted internships and provided tuition assistance for students from “underserved communities.”
In a Corporate Responsibility Report from 2021, SVB pledged to donate $50M in its diversity and inclusion programs and partnerships, “with a focus on women, Black and Latinx individuals.”
In May of 2021, SVB announced a proposed five-year, $11.2 billion community benefits plan in collaboration with The Greenlining Institute, an M4BL, or Movement For Black Lives, member. The Claremont Institute wrote that “that plan includes $75M in unspecified charitable contributions (also not included in our total).”
Social Justice is bad enough by itself, but it’s also a marker for those incapable of thinking clearly enough to focus clearly on their main jobs.
And now this video, which slams “Stupid Valley Bank” for its egregious stupidity and slams It’s Pat, which is these days is almost like a Hispster move (“It’s a pretty obscure bad movie, you’ve probably never heard of it”).
The more I hear about the Silicon Valley Bank collapse mentioned in Friday’s LinkSwarm, the worse it sounds.
I saw a snippet of Gary Tan, CEO of startup fund Y Combinator, talking about how bad it is. I can’t find a video of the full interview online, but evidently it was excerpted on Bannon’s War Room podcast and there’s a transcript.
[Interviewer]: How many of these startups that have been through Y Combinator, for example, have their cash tied up at Silicon Valley Bank? And over this weekend, I’m gonna try to figure out how they’re gonna make payroll next week. Do they have to go to investors and say, can you front me some cash so that we can stay alive?
[Tan]: We have funded about 3,000 active startups right now. I would guess that this affects more than 1,000 startups. And about a third of those startups will not be able to make payroll in the next 30 days in the current configuration. As of this morning, RIPLING, which many startups use to manage payroll and benefits, transfers were not being processed by SVB for payroll.
And so that’s a really existential threat for companies broadly. These are founders who are texting me and calling me saying, do I need to furlough my workers next week? Because I do not have other bank accounts, you know, a Google or a Facebook or even companies farther along with a Treasury Department. They’re going to be able to weather this, but if SVB is your only bank, it’s actually an existential risk. You’re going to go out of business if you can’t pay payroll. And that starts Monday.
That transcript also has this sobering figure: “97% of the deposits at Silicon Valley Bank. 97% are not insured by FDIC because they’re in accounts over $250,000. These company accounts that would be $169 billion.”
So what was Silicon Valley Bank doing rather than properly managing their risk profile? Banks have Chief Risk Officers whose job is to make sure their risk exposure ratios don’t get out of whack. Well, guess what? SVB didn’t have one for some nine months. “SVB’s former head of risk, Laura Izurieta, who formerly performed a similar role for Capital One, left the bank in April 2022. She wasn’t replaced until January 2023 when the bank hired Kim Olson, formerly of Japanese bank Sumitomo Mitsui.”
But don’t worry: SVB had CRO for the bank in Europe, Africa and the Middle East who was entirely focused…on Social Justice and ESG.
Jay Ersapah, who acts as CRO for the bank in Europe, Africa and the Middle East and who describes herself as a ‘queer person of color from a working-class background’ – organized a host of LGBTQ initiatives including a month-long Pride campaign and implemented ‘safe space’ catch-ups for staff.
In a corporate video published just nine months ago, she said she ‘could not be prouder’ to work for SVB serving ‘underrepresented entrepreneurs.’
Professional network Outstanding listed Ersapah as a top 100 LGTBQ Future Leader.
‘Jay is a leading figure for the bank’s awareness activities including being a panelist at the SVB’s Global Pride townhall to share her experiences as a lesbian of color, moderating SVB’s EMEA Pride townhall and was instrumental in initiating the organization’s first ever global “safe space catch-up”, supporting employees in sharing their experiences of coming out,’ her bio on the Outstanding website states.
It adds that she is ‘allies’ with gay rights charity Stonewall and had authored numerous articles to promote LGBTQ awareness.
These included ‘Lesbian Visibility Day and Trans Awareness week.’
Separately she was also praised in a Facebook post by the group ‘Diversity Role Models,’ a charity which campaigns against homophobic, biphobic and transphobic bullying in UK schools.
Being in Silicon Valley, I’m betting that the entire company was whole hog backing DEI, ESG, Transwhatever and the entire rainbow of victimhood identity politics acronyms.
In a strong economy, you can get away with a bit of shareholder-value-destroying, virtue-signaling luxury goods as long as your core business is strong. But with rising interest rates, Biden Inflation, the Biden Recession and the gale winds of deglobalization, taking your eye off the ball to focus on anti-reality SJW garbage is a recipe for disaster.
And all the startups that relied on SVB for their banking are well and truly screwed.
Update: Uncle Sugar is evidently going to make all depositors whole at both SVB and newly insolvent Signature Bank. This relatively early intervention may indeed be the best move to prevent bank runs at other institutions, and may reflect a change in philosophy since 2008. (It’s a thorny subject.) But it does make me think that a lot of well-connected depositors were screaming in the ears of Washington to be made whole at the taxpayer’s expense. What do you think the odds are that the same consideration wouldn’t be given to, say, a Texas bank that specialized in underwriting oil and gas ventures?
Mutiny! Bank runs! Twitter files! It’s a ginormous LinkSwarm full of interesting (and alarming) links!
And I finally get a chance to talk more about the FTX scandal.
The Twitter files revelations continue to roll out. And Democrats aren’t happy that the workings of their thought police apparatus are being unmasked.
As one might expect, the Judiciary hearing on the “weaponization” of federal agencies, featuring Matt Taibbi and Michael Shellenberger as witnesses was full of fireworks, facts, and ad hominem friction.
Out of the gate, Ranking Member Democratic Del. Stacey E. Plaskett labeled the two “so-called journalists” as dangerous and a “threat” to former Twitter employees.
She claimed that Republicans brought “two of Elon Musk’s ‘public scribes'” in “to release cherry-picked out-of-context emails and screenshots designed to promote his chosen narrative – Elon Musk’s chosen narrative – that is now being parroted by the Republicans” for political gain.
“I’m not exaggerating when I say you have called two witnesses who pose a direct threat to people who oppose them,” Plaskett said after the video.
Chairman of the House Judiciary Committee, Republican Rep. Jim Jordan of Ohio, had a simple response to her accusations:
“It’s crazy what you were just saying.”
“You don’t want people to see what happened,” Jordan continued.
“The full video, transparency. You don’t want that, and you don’t want two journalists who have been named personally by the Biden administration, the FTC in a letter. They say they’re here to help and tell their story, and frankly, I think they’re brave individuals for being willing to come after being named in a letter from the Biden FTC.”
Taibbi was having none of it.
Matt Taibbi epic comeback:
"Ranking Member Plaskett, I'm not a 'so-called journalist'. I've won the National Magazine Award, the I.F. Stone Award for Independent Journalism, and I've written 10 books including 4 NYT Best Sellers." pic.twitter.com/crXlWjScEr
— Citizen Free Press (@CitizenFreePres) March 9, 2023
As Glenn Greenwald chimed in from Twitter: “To Democrats, “journalist” means: one who mindlessly and loyally endorses DNC talking points. ”
Unshaken, Matt Taibbi continued, when he was allowed to respond, laid out what he and Shellenberger had found in their research of The Twitter Files:
“The original promise of the Internet was that it might democratize the exchange of information globally. A free internet would overwhelm all attempts to control information flow, its very existence a threat to anti-democratic forms of government everywhere,” Taibbi said.
“What we found in the Files was a sweeping effort to reverse that promise, and use machine learning and other tools to turn the internet into an instrument of censorship and social control. Unfortunately, our own government appears to be playing a lead role.”
Taibbi pointedly added that “effectively, news media became an arm of a state-sponsored thought-policing system.”
“It’s not possible to instantly arrive at truth. It is however becoming technologically possible to instantly define and enforce a political consensus online, which I believe is what we’re looking at.”
Democrats only response to Taibbi and Shellenberger’s facts was to get personal…
Snip.
As we detailed earlier, journalists Matt Taibbi and Michael Shellenberger are testifying before the House Judiciary Committee’s Select Subcommittee on the Weaponization of the Federal Government today. Both journalists were involved in the ‘Twitter Files’ disclosures, in which we learned that the government was directly involved in censoring disfavorable speech.
“Our findings are shocking,” writes Shellenberger at his blog. “A highly-organized network of U.S. government agencies and government contractors has been creating blacklists and pressuring social media companies to censor Americans, often without them knowing it.”
Ahead of the appearance, Taibbi released his prepared remarks. He also dropped a new and related Twitter Files mega-thread on ‘THE CENSORSHIP-INDUSTRIAL COMPLEX’ which will be submitted to the Congressional record which, according to Taibbi, ‘contains some surprises.’
But Twitter was more like a partner to government. With other tech firms it held a regular “industry meeting” with FBI and DHS, and developed a formal system for receiving thousands of content reports from every corner of government: HHS, Treasury, NSA, even local police…
But equally concerning was how those driving The Narrative used NGOs that agreed with them as Arbiters of Truth.
We came to think of this grouping – state agencies like DHS, FBI, or the Global Engagement Center (GEC), along with “NGOs that aren’t academic” and an unexpectedly aggressive partner, commercial news media – as the Censorship-Industrial Complex.
Who’s in the Censorship-Industrial Complex? Twitter in 2020 helpfully compiled a list for a working group set up in 2020. The National Endowment for Democracy, the Atlantic Council’s DFRLab, and Hamilton 68’s creator, the Alliance for Securing Democracy, are key…
Twitter execs weren’t sure about Clemson’s Media Forensics Lab (“too chummy with HPSCI”), and weren’t keen on the Rand Corporation (“too close to USDOD”), but others were deemed just right.
NGOs ideally serve as a check on corporations and the government. Not long ago, most of these institutions viewed themselves that way. Now, intel officials, “researchers,” and executives at firms like Twitter are effectively one team – or Signal group, as it were:
The Woodstock of the Censorship-Industrial Complex came when the Aspen Institute – which receives millions a year from both the State Department and USAID – held a star-studded confab in Aspen in August 2021 to release its final report on “Information Disorder.”
The report was co-authored by Katie Couric and Chris Krebs, the founder of the DHS’s Cybersecurity and Infrastructure Security Agency (CISA). Yoel Roth of Twitter and Nathaniel Gleicher of Facebook were technical advisors. Prince Harry joined Couric as a Commissioner.
Why the fuck is Prince Harry on a committee deciding how free American citizens should be censored?
Their taxpayer-backed conclusions: the state should have total access to data to make searching speech easier, speech offenders should be put in a “holding area,” and government should probably restrict disinformation, “even if it means losing some freedom.”
Snip.
The same agencies (FBI, DHS/CISA, GEC) invite the same “experts” (Thomas Rid, Alex Stamos), funded by the same foundations (Newmark, Omidyar, Knight) trailed by the same reporters (Margaret Sullivan, Molly McKew, Brandy Zadrozny) seemingly to every conference, every panel.
The #TwitterFiles show the principals of this incestuous self-appointed truth squad moving from law enforcement/intelligence to the private sector and back, claiming a special right to do what they say is bad practice for everyone else: be fact-checked only by themselves. While Twitter sometimes pushed back on technical analyses from NGOs about who is and isn’t a “bot,” on subject matter questions like vaccines or elections they instantly defer to sites like Politifact, funded by the same names that fund the NGOs: Koch, Newmark, Knight.
#TwitterFiles repeatedly show media acting as proxy for NGOs, with Twitter bracing for bad headlines if they don’t nix accounts. Here, the Financial Times gives Twitter until end of day to provide a “steer” on whether RFK, Jr. and other vax offenders will be zapped.
Well, you say, so what? Why shouldn’t civil society organizations and reporters work together to boycott “misinformation”? Isn’t that not just an exercise of free speech, but a particularly enlightened form of it?
The difference is, these campaigns are taxpayer-funded. Though the state is supposed to stay out domestic propaganda, the Aspen Institute, Graphika, the Atlantic Council’s DFRLab, New America, and other “anti-disinformation” labs are receiving huge public awards.
Meant to cover this back in February, but FTX founder Sam Bankman-Fried, in additional to all those federal fraud charges, was charged with “12 new counts, including illegally making over 300 political contributions to the tune of tens of millions of dollars through straw donors and using corporate funds.” The overwhelming majority went to Democrats and left-leaning causes. “Bankman-Fried was the second largest individual donor during the 2022 US midterm elections, contributing $39 million to various Democrat causes.” Also: “FTX’s former CEO wanted to give at least $1 million to a pro-LGBTQ political action group, but couldn’t find anyone bisexual or gay at the company whom he trusted, the document said.”
Speaking of Bankman-Fried: “The previously sealed names of two people who co-signed Sam Bankman-Fried’s $250 million bail package have been publicly released. The guarantors were identified in the unredacted bonds as Andreas Paepcke, a Stanford research scientist, and Larry Kramer, former dean of Stanford law school…How the fuck did these Stanford faculty members get so rich as to guarantee that size of a bail?”
Speaking of crypto, Silvergate, a California bank that was a heavy player in the crypto space, is shutting down and liquidating after huge bank runs in the crypto-winter. Want to guess who was a big booster of Silvergate? Would you believe Sam Bankman-Fried?
When China began to require Western corporations to establish Chinese Communist Party (CCP) cells, businesses brushed off the move as benign. For example, when HSBC HBA 0.0% became the first international financial institution at which workers established a Chinese Communist Party cell in its investment banking venture in China in July, the bank stated that the CCP committee does not influence the direction of the firm and has no formal role in its day-to-day activities. But the CCP may have begun to flex its muscle in other ways. This week, the CCP cell inside the Beijing office of Big Four accounting firm EY demanded that party members wear CCP badges at work in the run-up to China’s annual parliamentary meetings.
Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.
All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.
Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.
As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.
SVB was a bank that primarily counted venture capital firms and technology startups as clients. It achieved financial stardom during the COVID-19 pandemic because major cash deposits from the booming firms increased its deposits from $60 billion in the first quarter of 2020 to over $200 billion in December 2022, the Wall Street Journal reported. Its securities portfolio rose from roughly $27 billion in 2020’s first quarter to approximately $127 billion at the end of 2021.
The fact that most of SVB’s assets were seemingly secure — they were mainly longer-term government bonds — led many investors to feel the bank was secure. Those feelings would be dashed in just two days. The bank suddenly announced Wednesday that it needed to raise over $2.2 billion, sending its stock plunging by more than 60% in a matter of days.
The government securities bought by SVB pay a fixed rate, so when market interest rates were raised, a gap began to grow between how much the securities were worth on the open market and what they were valued on the bank’s books. The unrealized losses in SVB’s securities portfolio in December had grown to more than $17 billion, a number expected to grow, as the securities could only be sold at a loss.
Crack the whip: unacceptable because of origins in slavery
Waiter or waitress: server should be used instead
Biological gender, biological sex, biological woman, biological female, biological man, or biological male
Illegal immigrant or illegal alien
Cake walk: “originated during slavery” and thus perpetuates “racist motifs”
In reference to illegal migration: onslaught, tidal wave, flood, inundation, surge, invasion, army, march, sneak and stealth
Anchor baby
Chain migration: this is a term used by “immigration hard-liners”
Peanut gallery: “the cheapest seats often occupied by Black people and people with low incomes”
Third-world countries: too “derogatory”
Oh, it does not end there. Politico reporters are also not allowed to say that a transgender person “identifies as” a certain gender, or describe the current situation at the border as a “crisis.” The guide also warned reporters to make sure not to portray migrants as a “negative, harmful influence.”
Want some more? “Pro-choice” is frowned upon in favor of “abortion rights supporter,” and (of course) “pro-life” is outlawed, with “anti-abortion” taking its place. “Late-term abortion” is also a no-no; reporters are told to use “abortion later in pregnancy.”
College student accused of stealing more than half a million dollars via credit card fraud working part-time at a mall jewelry store where most of the items are under $50. She marked up items, then returned them at the original price and somehow pocketed the difference. She made eight fake transactions totally more than $540,000. As though somehow the store wasn’t going to notice something funny going on.
I’m pro-life but this is stupid. “Texas Lawmaker Looks to Restrict Online Access to Materials Assisting or Facilitating Abortion.” You can’t ban access to information you don’t like, that’s prior restraint and illegal under the U.S. Constitution.
Speaking of violating rights, a judge was suspended for not allowing a defendant access to legal council. Again. The dumbass in question was Kenton County District Judge Ann Ruttle in Kentucky.
There are conflicting reports on whether Texas A&M, as ordered by Governor Greg Abbott, are actually ending their raidcal leftwing Diversity, Equity, and Inclusion (DEI, AKA critical race theory, AKA social justice), or just pretending.
The Texas A&M University System has moved to remove all Diversity, Equity, and Inclusion (DEI) statements from their employment and admissions practices, it said in a statement on its website.
Chancellor John Sharp stated that after receiving a letter in February from Gov. Greg Abbott’s office, he ordered a review of all DEI policies in the university system.
“No university or agency in the A&M System will admit any student, nor hire any employee based on any factor other than merit,” said Sharp.
A directive was sent to all university system agencies to limit employment and admissions to a cover letter, curriculum vitae, statements about research and teaching philosophies, and professional references.
A memo obtained from Abbott’s office asserted that DEI policy “has been manipulated to push policies that expressly favor some demographic groups to the detriment of others.”
The University of Texas (UT) System board chairman Kevin Eltife announced a pause on all DEI efforts during a board of regents meeting last week. The move was prompted by his comments about how “certain DEI efforts have strayed from the original intent.”
Is there a reason to doubt the sincerity of this effort? Well, John Sharp is a Democrat, albeit one from an era (he was State Comptroller from 1991 through 1999) where there was still a conservative (or at least moderate) wing to the Texas Democratic Party.
“How Texas A&M Went Woke,” my report from the Claremont Institute, has prompted the Texas A&M administration to respond. First, A&M has reportedly hired someone to continue the process of scrubbing Diversity, Equity, and Inclusion (DEI) policies from its website. Second, A&M is circulating a memo charging that “misinformation” lies at “the foundation of the report.” A&M compares more than a dozen “Statements from Yenor” against “Facts from Texas A&M University.” But their “facts” are simply the evasions and obfuscations of a guilty party. Their rebuttal presents an object lesson in sophistry.
One category of sophistry is refuting a charge not made. I contend that that A&M “has more DEI administrators than UT-Austin.” A&M responds that a comparison of “executive-level DEI operations” in central administration shows that A&M has fewer. I say A&M has more total DEI administrators; A&M says it has fewer central administrators. Both statements are true. A&M had many more lower-level DEI officials than UT at the time of the counting. I say that A&M created a diversity committee to consider removing statues on campus; A&M responds that no statues have been removed (yet!). Again, both statements are true. A&M has not refuted anything I said.
Sometimes, they claim ignorance; A&M evidently has so many DEI programs that it can hardly keep track of them. One is the LEAD program, which trains department chairs in DEI ideology, among other things. A&M is “not aware of a training for department chairs called LEAD.” A snapshot from ADVANCE, the university’s faculty affairs website, shows that this program still exists under a different name.
Another technique is to deny, deny, deny. A&M administrators describe their own ACES program, which is housed in the Office of Diversity. A&M often lauds ACES as a premier diversity program. It lists ACES in its evaluations of diversity programs. A&M now denies that ACES is “a diversity effort.” Who you gonna believe—A&M or your lying eyes?
Sometimes A&M concedes that their DEI programs exist, but that they have discontinued them or that they will discontinue them.
Snip.
The university has announced in advance how it will get around the A&M system’s recently-announced ban on DEI statements.
The legislature should defund DEI administrative offices in all Texas universities and colleges. All who are currently employed in such offices should be let go. This will make it clear that DEI is bad for one’s career in Texas higher ed. Second, the Texas legislature should adopt the Kalven Report as a vision for university professionalism. Politicized teaching and disciplines should be judged against the standards of the Kalven Report. If disciplines are so thoroughly infused with DEI ideology or any other leftist activism, the legislature should cease to fund them. Disciplines with DEI inscribed into their DNA should not receive public funds.
Most importantly, the Board of Regents must take its job more seriously. It must issue directives to eradicate DEI from universities and then follow through with them by firing university presidents who openly defy the Board or obfuscate their DEI efforts. Personnel is policy. The Left has clamored for DEI practices for generations, and university presidents have responded by permitting the DEI bureaucracy to bloat. It is time for these university presidents to fear conservatives in the legislature more than they do the Left, and this can be done only when select university presidents are fired. If this Board of Regents will not do it, then it too must be released and replaced.
I share Yenor’s skepticism. Those infected with social justice never give up pushing their radical ideology, administration directive or no administration directive. Laying off all DEI personnel is the only way to purge the infection.
A lot of conservatives have criticized Governor Greg Abbott’s anti-CRT/DEI/SJW initiatives as all show and no teeth. But there is at least some sign that those directives have had an effect on the people that run the University of Texas system.
The University of Texas (UT) System will pause all Diversity, Equity, and Inclusion (DEI) efforts, the board of regents announced last week.
The board chairman Kevin Eltife stated at the start of the meeting he had a comment that was “not an action or discussion item.”
“The topic of DEI activities on college campuses has received tremendous attention nationally and here in Texas,” Eltife said.
“We welcome, celebrate, and strive for diversity on our campus with our student and faculty population.”
“I also think it’s fair to say in recent times, certain DEI efforts have strayed from the original intent to now imposing requirements and actions that, rightfully so, raised the concerns of our policymakers,” he added.
Eltife went on to announce that all DEI policies would be paused on UT campuses and he will be asking for reports on any current policies still operating.
“We will await any action from the legislature for implementation by the University of Texas system at the appropriate time, and if needed, the board may consider a uniform DEI policy for the entire UT system,” Eltife said.
This announcement follows many reported incidents of DEI policies on UT campuses.
In 2021, Texas Tech University announced it was hiring four new assistant professors for its Department of Biological Sciences. Its social media posts made clear the department’s commitment to DEI hiring.
The department released a rubric for evaluating new faculty candidates’ diversity statements about how well they understand and have knowledge of “dimensions of diversity.”
Texas Tech has already released a statement about its steps toward ending DEI hiring and its desire to “always emphasize disciplinary excellence.”
UT Austin has been accused of using DEI policies to “espouse a clear ideological agenda,” and other reports have shown the pervasiveness of DEI in multiple Texas medical schools.
A medical school applicant, George Stewart, has filed a lawsuit against six Texas medical schools for alleged willingness to “discriminate on account of race and sex when admitting students by giving discriminatory preferences to females and non-Asian minorities, and by discriminating against whites, Asians, and men.”
It’s one thing for the board to announce policies, it’s quite another for administrators and department heads to follow them. Right now I would bet some social justice warrior administrators at UT are busy telling their friends on Facebook how they’re going to ignore the board’s directives.
When we start seeing entire DEI pockets of resistance being laid off the way we’ve seen in Florida and in the private sector, then we’ll know it’s real and not just empty talk.
In addition to getting over a cold, I spent most of the non-work day trying to assemble a pressure washer so I could attach a water-jetting attachment so I can clean out a blocked exterior line so I can run my dishwasher without it overflowing my sink.
The result of all this labor is that I still need to call a plumber. So enjoy yet another abbreviated LinkSwarm.
Hmmmmmm! “Hunter Biden Business Partner Flips, Now ‘Cooperating’ With GOP Investigators.”
Eric Schwerin, a close business associate of Hunter Biden who also dealt with Joe Biden’s business and tax affairs, is now working with House GOP investigators looking into Biden family dealings – particularly in Ukraine and China, where the family collected millions of dollars, Just the News reports.
Eric Schwerin, a close business associate of Hunter Biden who also dealt with Joe Biden’s business and tax affairs, is now working with House GOP investigators looking into Biden family dealings – particularly in Ukraine and China, where the family collected millions of dollars, Just the News reports.
“He is cooperating with us,” House Oversight and Accountability Committee Chairman James Comer (R-KY) told the outlet.
“His attorneys and my counsel are communicating on a regular basis. Now, I feel confident that he’s going to work with us, and provide us with the information that we have requested,” Comer continued. “I think that Schwerwin is going to be a very valuable witness for us in this investigation.”
Of note, Schwerin, the former president of Hunter Biden’s now-dissolved investment firm Rosemont Seneca Partners, visited the White House at least 19 times from 2009 to 2015, according to White House visitor log records reviewed by The Epoch Times and first reported by the New York Post.
Patrick L. Wojahn, the Democratic mayor of College Park, MD, resigns over child porn charges. Name that party: His political affiliation only shows up in the 19th paragraph of the piece. (Hat tip: Dwight.)
Illnesses to Democratic senators Dianne Feinstein and John Fetterman mean that Democrats have temporarily lost their senate majority. That will teach you to rely to Octagenerians and visibly impaired stroke victims to carry your water. (Hat tip: Stephen Green at Instapundit.)
“Rockets owner Tilman Fertitta submits $5.5 billion bid for NFL’s Commanders.” He should move them to Austin and change the name back to the Redskins, just to spite them.
Did MacKay get Tulipmania wrong? It turns out he was also an enthusiast for the far more destructive “Railway Bubbles” that struck England in the 19th century.
Via Texas Scorecard comes two different stories of how radical racist social justice warrior ideology in the form of Diversity, Equity and Inclusion continues to infect Texas universities.
First up: A University of Texas professor is suing UT officials for violating his First Amendment rights.
In attempts to silence the professor for speaking out on controversial issues, university administration threatened his job, pay, institute affiliation, research opportunities, and academic freedom.
Richard Lowery, Ph.D., a tenured finance professor at University of Texas at Austin McCombs School of Business, said in the complaint, “The officials at the state’s flagship university violated his constitutional right to criticize government officials.”
In the suit, Lowery claims the university administration “harmed his right to academic freedom.”
Lowery’s suit explains that the First Amendment “protects the right of public university professors to engage their colleagues and administrators in debate and discussion concerning academic matters, including what should be taught and the school’s ideological direction and balance.”
According to the Institute for Free Speech, Professor Lowery is “well known” for his “vigorous commentary on university affairs.” Lowery’s articles have been featured in The Hill, The Texas Tribune, the Houston Chronicle, and The College Fix.
Lowery has also been known to use social media and online opinion articles to “publicly criticize university officials’ actions, and ask elected state-government officials to intervene. He has also used such tools to participate in the sort of academic campus discourse that faculty traditionally pursue.”
In his articles criticizing UT officials, Lowery specifically calls them out for their approaches on issues such as “critical race theory indoctrination, affirmative action, academic freedom, competence-based performance measures, and the future of capitalism.”
On multiple occasions, Lowery reported that university administrators are using diversity, equity, and inclusion (DEI) requirements to filter out “competent” teachers and professors who disagree with the DEI ideology prevailing on campus.
In response, Lowery claims university administrators “responded with a campaign to silence” him, where they threatened his job, pay, institute affiliation, research opportunities, academic freedom, and labeled his behavior as inviting violence or lacking in civility.
The suit continues, saying school officials “also allowed, or at least did not retract, a UT employee’s request that police surveil Lowery’s speech, because he might contact politicians or other influential people.”
“Lowery got the message,” the suit says.
In response, the professor is seeking to “vindicate” his right of free speech, asking the court to declare the administration’s actions as unconstitutional and restore his First Amendment rights to speak on matters he was previously prevented from speaking on.
DEI has even infected the university previously considered a bulwark of conservative value, Texas A&M:
Thought of by many Texans as a relatively conservative university, a new report explains how Texas A&M has “gone woke” in recent years.
Scott Yenor, a Boise State professor and fellow at the Claremont Institute, explained during a recent interview on The Luke Macias Show how leftist Diversity, Equity, and Inclusion (DEI) policies have seeped into the campus.
DEI programs have come under fire recently for prioritizing factors like race, gender, and sexual orientation over merit in hiring, admission, and curriculum.
“Texas A&M has this reputation as being one of the more conservative public universities. I know a generation ago when someone asked me where I would send my kids to school, I said the best public university in the country is Texas A&M,” said Yenor.
But when Yenor began researching DEI programs in college campuses across the country, he found something troubling in Texas.
The interesting thing about these universities is that they advertise what they’re doing. They have a plan and they’re proud of the plan. And then they go about trying to execute the plan. And Texas A&M announced a very radical diversity plan in 2010 and has been executing it like on steroids the last two years.
Yenor mentioned recent efforts to take down a statue of former Confederate General and Texas Governor Sul Ross from campus. Though that movement was unsuccessful, Yenoer argued bigger factors are at play.
“There were attempts to take down statues and, and, you know, other other ways of affecting the campus climate symbolically. But the more important thing is that there’s been a real, real ratcheting up of their understanding of what they have to do. The 2020 diversity plan really concerns breaking down the systems of oppression in words like ‘merit,’ hiring the best person, and things like that,” said Yenor.
To that end, Yenor pointed out a shocking statistic: Texas A&M University currently has more DEI personnel than the University of Texas at Austin.
“It’s true at A&M that diversity is the new merit,” said Yenor.
Governor Greg Abbott issuing a directive banning the teaching of Critical Race Theory doesn’t seem to discouraged social justice warriors from continuing to radicalize Texas higher education. There needs to be sterner measures, including defunding the DEI bureaucracy, followed by pink slips.
he Austin City Council on Wednesday voted to fire City Manager Spencer Cronk following his response to the winter storm earlier this month. The council voted 10-1 in a special called session, with only Natasha Harper-Madison (District 1) voting against Cronk’s firing.
Natasha Harper-Madison is an ultra-lefty sort, which makes me slightly more assured that firing Cronk was the right move.
Cronk’s termination is effective Thursday, Feb. 16. He will receive a one-year severance of $463,001.50, under a City ordinance in which he was hired in 2018. The council has appointed Jesus Garza, who served as Austin’s city manager from 1994 to 2002, to serve as interim city manager.
This is where things get interesting. The city of Austin has an Assistant City Manager, Veronica Briseno. Normal procedure is that the Assistant City Manager takes over as Acting City Manager while a permanent replacement is found. Why was that not done here? Could it have something to do with the fact that current Travis County DA and Soros-backed leftist tool Jose Garza is Jesus Garza’s nephew?
What are the odds?
I mean, it’s just plain odd to hire someone who was last city manager 20 years ago. That’s like thinking that M. Night Shyamalan is a sure thing to helm a big budget movie because Signs made a lot of money.
Following the huge power outages from untrimmed trees in the most recent ice storm, Austin City Manager Spencer Cronk has evidently been fired.
Austin City Council members unanimously agreed to part ways with City Manager Spencer Cronk, two city council members told KXAN under the condition they not be named.
The decision was made behind closed doors in executive session Thursday but has not been announced publicly yet. The city manager had no comment, a spokesperson said.
Mayor Kirk Watson ultimately placed an item on Thursday’s agenda to “evaluate” the city manager’s performance, with the backing of a handful of city council members, after overwhelming swaths of Austin Energy customers lost power during last week’s ice storm.
“The members of the City Council had a productive executive session on Thursday night. I’m going to honor that process and won’t comment on the matters that were discussed,” Watson said Friday.
Council members said they were also frustrated with Cronk’s Wednesday night announcement that the Austin Police Association and the city have reached an agreement in principal without looping in city council members.
Clearly Austin Energy’s ice storm prevention and response was woefully inadequate, but Cronk is largely the scapegoat for the Austin City Council’s own “green” priorities over actual tree maintenance. Austin’s radical leftwing government is filled with people who love preserving trees almost as much as they love raking off graft for leftwing causes.
Scapegoat or not, crazy leftwing causes are why I won’t be mourning Cronk’s departure, as he picked the radical leftwing activist participating in the “Reimaging Austin Police” lunacy. There’s no guarantee, but with Watson as mayor and Mackenzie Kelly on the council, maybe there’s a small chance Austin can hire a city manager more interested in actually managing city government in a competent manner that earning social justice warrior brownie points.
Here’s a longer-than-usual LinkSwarm, since last week’s edition was wiped out by the ice storm power outage.
The leftwing corruption of all government institutions continues apace. “US lost 287,000 jobs while government was reporting +1 million in gains.” (Hat tip: Instapundit.)
“That’s because economic growth is slowing down,” explains research fellow EJ Antoni. “Even the areas which contributed positively to gross domestic product (GDP) are not necessarily signs of prosperity. For example, business investment grew at only 1.4 percent in the fourth quarter, but that was almost entirely inventory growth. Nonresidential investment, a key driver of future economic growth, was up just 0.7 percent.”
“Meanwhile, residential investment fell off a cliff,” Antoni continued, “dropping 26.7 percent as consumers were unable to afford the combination of high home prices, high interest rates and falling real incomes. No wonder homeownership affordability has fallen to the lowest level in that metric’s history.”
There was a gain in net exports, but that was largely a mirage created by a major slowdown in international trade. “Imports are simply falling faster than exports, which shows up as an increase in GDP.”
But probably most concerning to Antoni is the sharp decline in real disposable income in 2022, which exceeded $1 trillion.
“This is the second-largest percentage drop in real disposable income ever, behind only 1932, the worst year of the Great Depression,” he observed. “To keep up with inflation, consumers are depleting their savings and burning through the ‘stimulus’ checks they received during 2020 and 2021. Credit card debt continues growing, while savings plummeted $1.6 trillion last year, falling below 2009 levels.”
Boom. “Texas has punted Citigroup from the syndicate that’s set to manage the Lone Star state’s largest-ever municipal bond offering, saying the bank’s policies for gun retailers discriminate against the firearms industry.”
Grand Theft Pollo. The food service director of an impoverished Illinois school district was charged with stealing $1.5 million of food — most of which was chicken wings. Vera Liddell, 66, allegedly began stealing from the Harvey School District during the height of COVID-19.” (Hat tip: Dwight.)
Bill Maher continues to take regular red pills. “The problem with communism and some very recent ideologies here at home, is that they think you can change reality by screaming at it.”
We could be heroes, just for one day. Or once a month, as the case may be…
This week in rapper murders: “Tampa rapper arrested for young mother’s murder days after being acquitted of recording studio double-murder.”
A Tampa jury acquitted Billy Adams of killing two men in a makeshift recording studio in Lutz. He walked free from a Tampa courtroom on January 27.
Three days later, a young mother who was pregnant with her second child was found shot to death in a residential area of New Tampa. Her toddler was still in her vehicle nearby.
A week after her death, Tampa police said Billy Adams “did admit to being the one to pull the trigger.”
