This month, the Silicon Valley Bank (SVB) collapsed, the largest bank collapse since 2008, as a result of investing short-term deposits into long-term bonds. When interest rates rose, the value of the bonds fell, wiping out the equity of the bank.

Yet somehow, non-white men are to blame.

According to Andy Kessler for the Wall Street Journal, SVB’s collapse might have to do more with a focus on meeting equity demands with respect to its leadership. A quote from Kessler’s piece was shared on Twitter:

“In its proxy statement, SVB notes that besides 91% of their board being independent and 45% women, they also have “1 Black,” “1 LGBTQ+,” and “2 Veterans.” I’m not saying 12 white men would have avoided this mess, but the company may have been distracted by diversity demands.”

To be clear, “wokeness” isn’t the reason why SVB collapsed. Last time I checked, corporate boards are still disproportionately white as well as other seats of power in the U.S.

But Kessler is saying that “wokeness” is to blame. He is saying that 12 white men would have avoided this mess. He’s not the only one saying so. So are conservative Congressmen. The truth is that conservatives can’t define what “woke” means, let alone link it to the failures of racial capitalism, deregulation or no regulation at all, but I digress.

The point of the white nationalist blame game, mired in faux ignorance to appeal to the ignorance of their voters, is to eliminate any and all diversity, equity, and inclusion (DEI) initiatives and positions in the corporate and government sectors—initially enacted in the aftermath of George Floyd’s death to counter the lack of diverse representation amongst employees.

According to the Society of Human Resource Management, DEI roles increased by 55 percent following demands for broader racial equity and justice after Floyd’s murder. Sadly, the truth is that these positions and initiatives are quickly becoming extinct. In other words, DEI folks are losing their jobs.

DEI roles are diminishing at a faster pace than non-DEI roles, beginning in 2021 and continuing to accelerate during layoffs in 2022. Across all companies, DEI roles tend to have more employee turnover. More than 300 DEI professionals have left companies that experienced recent layoffs, sometimes amounting to the exodus of entire diversity teams. The attrition rate for DEI roles was 33 percent at the end of 2022, compared to 21 percent for non-DEI roles. 

DEI roles, teams, and the companies that are “dedicated” to their success aren’t perfect by no means—I can personally speak to that. However, the roles do provide positive results for people of color, which isn’t the desire of politically conservative white nationalists.

Companies with DEI teams tend to have a higher representation of Asian, Black, and Hispanic hires than companies without DEI teams. Also, companies with DEI teams experience higher levels of employee satisfaction with culture and values, diversity and inclusion, and the company overall.

Again, DEI roles and initiatives aren’t the cure for systemic racism and white supremacy—nor are they designed to be, and that’s intentional. However, they allow for systemic racism and white supremacy within a white institutional space to be addressed — in some cases, for the very first time. But the politically conservative white nationalist handbook calls for attacking any iota of “progress” made for people of color.

The collapse of SVB was another opportunity to do so — no more, no less. It’s just white noise.

Here’s the thing about white noise though … white noise helps you get to sleep faster and it helps keep you asleep… That’s why we gotta stay woke!

Images: Florida Gov. Ron DeSantis cites Martin Luther King Jr. during a news conference introducing the Stop Woke Act (Wrongs to Our Kids and Employees) Dec. 15, 2021. (Video: Governor Ron DeSantis), https://www.washingtonpost.com/politics/2021/12/15/desantis-stop-woke-act-mlk-crt/
White noise image: https://commons.wikimedia.org/wiki/User:Morn

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Rann Miller is an educator and freelance writer based in New Jersey. His Urban Education Mixtape blog supports urban educators and parents of children attending urban schools. He is the author of Resistance Stories from Black History for Kids (Bloom Books for Young Readers) to be released on March 7. Follow him on Twitter @RealRannMiller.