Bernie Marcus claimed that banks care more about “global warming” than they do about their shareholders’ profits.
Bernie Marcus, the co-founder of Home Depot, has offered a dire warning to the average American.
While on “Cavuto Live,” Marcus talked about the Silicon Valley Bank collapse and warned Americans to “wake up” since the economy is in “difficult times.”
“I hope Biden continues his statement about how amazing the economy is and how it is growing and strengthening every day. And this proves that nothing he says is true. As a result, perhaps the American people will realize that we are in a period of great difficulty and that a recession may have already begun. One cannot say. But, from a visual standpoint, “On Saturday, Marcus got into an argument with someone.
“I’m sorry that this woke bank caused so much financial hardship for so many people. Knowing that the bank’s executives had already sold off their shares of stock before this happened was even more disturbing. The thought of it makes me sad. Can’t say if the DOJ would go after them or not. Because they are a progressive business, I doubt it. Furthermore, they’re very likely to get away with it “He told Neil Cavuto on the show.
It was the worst failure of a U.S. financial institution in 15 years when the FDIC announced on Friday that Silicon Valley Bank (SVB) would be closing.
Before Friday afternoon, SVB was the 16th largest bank in the United States. Customers panicked and withdrew their money, causing the bank to fail.
Marcus claimed that the Biden administration was responsible for the historic slide because of its insistence that financial institutions put “global warming” ahead of shareholder profitability.
“As far as I can tell, many of these financial institutions have been pressured by the system and the administration to prioritize addressing climate change over maximizing shareholder profit. Banks are poorly managed because executives are too preoccupied with PC causes like diversity and woke problems to prioritize what matters: shareholder returns “Marcus went on to say.
“They care more about social policies than they do for the safety of their shareholders and employees. In addition, I believe it is a poorly managed financial institution. They’ve resided in that area for quite some time. So sad that so many individuals have lost money and will never see it again.”
To wrap up, the former CEO issued a gloomy economic warning to customers, claiming that the Biden administration is “obtuse” to the difficulties that face regular Americans.
“Despite the Fed’s rate hikes, inflation remains stubbornly high. It won’t remain in its intended spot. Individuals are having a hard time. Individuals are unable to meet their financial obligations. Their petrol stations are dry. And if you take that as a positive indicator, I disagree. And we have a government that is blind to the obvious. They can’t stop gushing about how wonderful everything is. Not a good thing, “In the end, Marcus said.
“Someone with a clear head needs to step in here and realize that you can’t have it both ways. First and foremost, rate hikes are not sustainable. The current rate of inflation cannot be sustained. Therefore, excessive taxation would be unjust. As stupid an idea as [Biden’s] plan to raise taxes on the middle class and the wealthy is, I haven’t heard anything like it in a long time. You don’t act recklessly in times of economic downturn.”