Barack Obama presided over one of the most scandal-plagued administrations in history.
But he never thought one blunder from his past could come back to bite him.
Now Barack Obama is sweating bullets after he was caught up in this major scandal.
The stunning collapse of Silicon Valley Bank put the entire banking system in jeopardy.
Instead of focusing on protecting its assets in an environment with rising interest rates, the bank put its focus on pushing a woke political agenda.
While Democrats routinely rail against banks, their connection to Silicon Valley Bank is raising serious questions about the bank’s failure.
The 12 members of the bank’s board of directors were supposed to prevent the disaster that unfolded.
Instead, the board of directors is chock full of Democrat insiders who oversaw the bank’s collapse after depositors rushed in to withdraw their money.
Now the bank’s board is facing serious scrutiny as federal investigators try to determine what went wrong with Silicon Valley Bank’s management.
Stacking the board of directors with Democrat insiders was part of the bank’s strategy and could have played a role in its collapse with its laser-focus on woke initiatives.
“Everyone knew it was the go-to bank for woke CEOs,” a source told the New York Post. “They knew they were aligned politically. The companies SVB loaned money to all had a woke agenda.”
The board’s lack of a background in banking could be an area of concern for federal investigators.
Now Barack Obama is sweating bullets as it turns out a former Obama administration official, Mary J. Miller, served on the bank’s board of directors.
She joined the Obama Treasury Department in 2010 and rose her way through the ranks to become acting Deputy Secretary of the Treasury.
Miller joined the bank’s board in 2015 after she left the Obama administration.
She helped oversee the implementation of the massive banking reform package signed into law by Obama, the Dodd-Frank act, that created the regulations that Silicon Valley Bank operates under.
She tried to launch a political career in 2020 with a run for Mayor of Baltimore, but that bid collapsed in scandal.
A political action committee supporting her campaign sent an email to donors explaining that her path to victory was targeting white voters in the majority black city while hoping two black candidates split the black vote.
Kate Mitchell, another board member, was a major donor to Hillary Clinton’s failed 2016 Presidential campaign.
In the aftermath of Hillary’s loss, Mitchell claimed she prayed at Shinto Shrine in Japan over Donald Trump becoming President.
“I prayed for me and us to get beyond our grieving and shock and to figure out how to engage and listen to what happened and come back together,” Mitchell told CNBC.
Prior to Trump’s 2016 victory, she celebrated that 97% of Big Tech political contributions were going to the Clinton campaign.
Another board member, Garen Staglin, is a Democrat mega-donor and neighbor of former Speaker Nancy Pelosi (D-CA).
The fallout from the collapse of Silicon Valley Bank is going to be a major headache for power players in the Democrat Party.
Renewed Right will keep you up-to-date on any developments to this ongoing story.