SVB collapse: Gavin Newsom failed to disclose personal ties to bank after praising intervention

Gov. Gavin Newsom (D-CA), did not publicly reveal his close ties to Silicon Valley Bank Praise the Biden administration‘s Intervention.

Newsom published a glowing statement on Sunday. Statement In response to the administration’s decision that all depositors get their money back,

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“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom’s statement.

“Their actions this weekend have calmed nerves, and had profoundly positive impacts on California — on our small businesses that can now make payroll, workers who will get their paychecks, on affordable housing projects that can continue construction, and on non-profits that can keep their doors open tomorrow. 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,” It was also added.

Newsom didn’t disclose it in his statement and elsewhere that he held a substantial personal stake in the bank. On the bank website, three of his wineries (CADE, Odette and PlumpJack) were listed as clients. According to a source, insiders claim that Newsom also held personal accounts at Bank of America. Report The following are the Intercept.

Newsom also requested that the bank donate $100,000 in 2021 to California Partners Project, his wife’s charity. John China was a member of the charity board of directors and was responsible for managing the bank’s funds.

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Responding to the story, Newsom’s spokesperson said that Newsom did not deny the allegations that the governor had personal funds with the bank.

“Gov. 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 stated.