California Governor Gavin Newsom (D) failed to disclose he was a client of Silicon Valley Bank as he lobbied the White House and Treasury for a bailout.
“Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury. Everyone is working with FDIC to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy,” Gavin Newsom said in a statement on Saturday.
A day later Newsom cheered on the Biden Regime for bailing out SVB depositors with more than the $250,000 limit backed by the FDIC.
The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system. Their actions this weekend have calmed nerves, and had profoundly positive impacts on California. pic.twitter.com/6VbLIq4Lqv
— Office of the Governor of California (@CAgovernor) March 13, 2023
Newsom has substantial ties to Silicon Valley Bank through his personal accounts, wineries (Plumpjack) and his wife Jennifer’s charities, according to a report by The Intercept.
Gavin Newsom “maintained personal accounts at SVB for years,” The Intercept reported.
California law prohibits officials from influencing a government decision in which he or she has a financial interest, according to the Conflict of Interest Codes.
Gavin Newsom’s wife, Jennifer Siebel Newsom is one of the co-founders of California Partners Project – SVB donated $100,000 to that charity and SVB’s former president is a board member, The Intercept reported.
Nothing to see here, move along.