Posted on 03/15/2023 10:20:57 AM PDT by Twotone
On Monday, California Gov. Gavin Newsom praised the Biden administration’s decision to intervene on behalf of Silicon Valley Bank’s clients after the bank was taken over by the FDIC on Friday amid a bank run. The White House “acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom said in a statement. What Newsom didn’t mention is that it also protected his own companies if they held over $250,000 in deposits.
CADE, Odette, and PlumpJack, three wineries owned by Newsom, are listed as clients of SVB on the bank’s website. Newsom also maintained personal accounts at SVB for years, according to a longtime former employee of Newsom’s who handled his finances, and who requested anonymity to avoid professional reprisal.
“Governor Newsom’s business and financial holdings are held and managed by a blind trust, as they have been since he was first elected governor in 2018,” Nathan Click, a spokesperson for Newsom, told The Intercept in an email.
Newsom also didn’t mention his wife Jennifer Siebel’s professional ties to the bank. In 2021, Silicon Valley Bank gave $100,000 to the charity founded by Siebel, the California Partners Project, at the request of Newsom. John China, president of SVB Capital and responsible for SVB’s funds management, is himself a founding member of the California Partners Project’s board of directors.
Newsom added on Monday that he had been in close contact with the administration about SVB. “Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury,” Newsom said of SVB’s collapse in a statement released on Saturday. Asked about the nature of the interactions, the governor’s deputy communications director Brandon Richards did not respond.
(Excerpt) Read more at theintercept.com ...
Oh my, all of the Dem elite are into this steaming pile big time, eh?
He’s a crook, Jim.
Could that be why he is soooo happy about the bailout?
🤔
What is up with banks giving away money? 750 million to BLM? 100 grand here 200 grand there. Who regulates them? Obviously regulated in name only if woke enough.
Always pick a cheap banker. That's why I trusted my money to Scrooge & Marley. At least until he started passing out big fat Christmas geese to employees.
Gruesome Newsom is one greedy SOB.
Scrooge and Marley. Lol.
So,,, these pukes give money to a Bank that gambles with their money,,, they take their winnings till they lose,,
, then tax payer ,
cuz in the end grifting crap rolls down hill always, ,,
gets to give them the money they lost back ?
Spit.
Silicon Valley Bank was a cesspool of liberal donors for the democrat party and other unfit creatures.
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