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Salon
Salon
Politics
Gabriella Ferrigine

GOP: "Woke" ideology caused SVB collapse

Republicans baselessly claimed over the weekend that "woke" ideology contributed to the collapse of Silicon Valley Bank.

SVB was seized by the federal government on Friday after the start-up-focused, venture-debt-specializing bank went insolvent after a bank run, following a management decision to sell $21 billion in bonds at a $1.8 billion loss as a result of Federal Reserve interest rate hikes. 

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