SVB exposes 'lazy' ESG funds as hundreds bought into doomed bank

Rebecca Self, a former senior banker at HSBC Holdings Plc who now runs Seawolf Sustainability Consulting, says that attempting to run ESG portfolios by fixating on only one of the three elements that make up the acronym, which stands for environmental, social and governance, is risky in itself. ESG fund managers have focused too much on “specific topics in isolation,” she said.

“Get the ‘G’ wrong and it undermines everything else,” said Clements-Hunt, who’s now a sustainability director at UK law firm Mishcon de Reya LLP. SVB said that it appointed its chief risk officer, Kim Olson, in late 2022. The bank’s former CRO was Laura Izurieta, who stopped serving in her role last April and left SVB in October. On Tuesday, it emerged that prosecutors in the Justice Department’s fraud section, the US Attorney’s Office for the Northern District of California and the Securities and Exchange Commission are now probing SVB’s failure.

Uh huh 🙄

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Ripple discloses exposure to SVB; not caused business operations disruptionWhile the future of Silicon Valley Bank (SVB) is still being decided, another crypto player has declared exposure to the failed bank. And, this time around the firm in the headlines is Ripple – a popular blockchain-based digital payment network. In a Twitter thread, CEO Brad Garlinghouse stated that the company had exposure to SBV. […]
Source: CryptoAmb - 🏆 22. / 68 Read more »