California Governor Gavin Newsom on Sunday complimented Joe Biden for his leadership and decisiveness in guaranteeing every deposit of now-failed Silicon Valley Bank. Some call it a bailout. Others, such as former Treasury Department Secretary Roger Altman, say Biden just nationalized every bank deposit in the financial system.
Newsom didn’t bother to mention he is a client of the bank. His wineries did business with the bank.
The Intercept reported:
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.
He did put his businesses in a blind trust. However, his businesses are still being bailed out by ordinary Americans. The ones who pay bank fees while he lives in splendor.
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As we mentioned earlier, the FDIC has about a $128 billion balance with about $650 billion in unrealized losses in the banking system.
Newsom Under Fire For Failing to Disclose Personal Ties to Silicon Valley Bank While Lobbying for Bailouthttps://t.co/rojwrzGJUm
— Collin Rugg (@CollinRugg) March 14, 2023
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