Newsom Personally Benefited From SVB Bailout

Newsom Personally Benefited From SVB Bailout

Newsom Personally Benefited From SVB Bailout

We all knew the dirty little secret about the Silicon Valley Bank bailout-that-can’t-be-called-a-bailout was that it was going to end up helping out Democrats. It turns out that actually, it ended up REALLY helping the top elected Democrat in the state of California – Gavin Newsom.

But really, is anyone surprised that Gavin “French Laundry” Newsom has his grubby mitts deep in the SVB pie? It turns out that Newsom owns a few wineries that used Silicon Valley Bank, as well as having a personal account there.

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.”

Blind trust or not, Newsom KNEW that his money and his holdings were in jeopardy when SVB failed. So he lobbied the Biden administration to bail out the bank, and then praised the administration for doing so – all without mentioning that he was personally benefiting from the federal government rushing in to cover depositors and businesses that execeeded the FDIC guaranteed amounts.

Newsom praised the Biden administration on Sunday after the federal government announced that the Federal Deposit Insurance Corporation (FDIC) would cover all depositor losses from the Silicon Valley Bank (SVB) collapse. The bailout was a surprise for SVB’s largest depositors as FDIC insurance is guaranteed to cover only up to $250,000 per account.”

Newsom, who is rumored to be considering a White House run if President Joe Biden declines, said in a statement on Sunday that the “Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system.”

“California is a pillar of the American economy, and federal leaders did the right thing, ensuring our innovation economy can continue to grow and move forward,” the California governor said.”

Newsom said the FDIC’s decision would have “profoundly positive impacts” on California businesses, but he failed to mention that his own wineries may stand to benefit from the FDIC’s unusual action, according to The Intercept. Newsom-owned wineries CADE, Odette, and PlumpJack all banked with SVB, and each was at risk of losing its deposit if it held over the $250,000 threshold in a single account.”

And it wasn’t just Newsom who had financial or professional ties to SVB. His wife did as well.

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.

So, Jennifer Siebel Newsom has a charity, and a SVB president sat on the board of directors, AND Newsom HIMSELF solicited a $100K donation from Silicon Vally Bank TO THE CHARITY only a couple of years ago. And what does this charity that Siebel Newsom runs actually do? Why, they promote “equity” across the state of California!

Our vision is a more equitable California, harnessing the ingenuity of all its people to lead the nation and the world in addressing the challenges of gender equity and the impact of media and technology on child development.”

We believe that Californians will thrive economically, socially and individually when women have access to the same leadership roles as men. That the technology and media that drive our economy and shape our future can and should be a force for good. And that industries, institutions and individuals have a moral obligation to consider how their actions impact others, especially children.”

That reads like a ChatGPT response if you asked “give me a mission statement for a left wing charity focused on the concept of equity.” It’s leftist bait word salad, saying nothing in a whole lot of words. So, this is what Siebel Newsom spends some of her time doing, getting big money donations from corporations because her husband, THE GOVERNOR OF THE STATE, asks those corporations to do so, and then those same corporations get a seat on the board. John China’s name and picture are still currently up on the California Partners Project website as a board member, along with his glowing biography.

John China is focused on delivering best-fit solutions, insights and connections for Silicon Valley Bank’s clients. Over 23 years at SVB John has constantly – and enthusiastically – made connections between entrepreneurs, investors, the Fortune 500, bankers and even winemakers.”

Today, John is the President of SVB Capital, SVB’s funds management business with $4.5 billion under management across venture capital funds of funds and direct funds. In this role, he is responsible for growing the funds business as well as SVB’s Early Stage Practice supporting entrepreneurs and startups at their earliest stages, and SVB’s Family Office practice. John is a long-standing member of SVB Capital’s Operating Committee.”

Since joining SVB in 1996, John has been a partner to entrepreneurs and their investors, providing financial solutions, insights and connections to accelerate their growth. John is a part of SVB’s Executive Committee and has led Technology Banking teams across the US specializing in software, internet, hardware, infrastructure, private equity, venture capital, and premium wine. He has also been responsible for the company’s Corporate Venturing Group, Early Stage banking services, SVB’s Global Gateway program, the Credit Solutioning Group and Corporate Finance.”

John is a member of the advisory board of H2 Global, Alpha Club, and York Butter Factory, and he is on the board of BUILD and an LPAC member of Founders Circle. John earned a bachelor’s degree in industrial engineering from Stanford University and he is learning to kite surf.”

Well, with no more SVB to worry about, John China will definitely have lots more time to master kite surfing.

As much as Newsom denies it, everyone knows that he is positioning himself for a presidential run at some point.

Well, he has just handed his future Democrat primary opponents a whole lot of attack ads yet again. Well done, Governor HairGel! Will the media dare ask any questions? Of course not – they plan on protecting Newsom just in case Biden misses a step on his next flight of stairs.

Featured image: original Victory Girls art by Darleen Click

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