While this fact was conveniently withheld, Newsom simultaneously promoted the Biden administration bailing out SVB customers with more than the $250,000 limit covered by Federal Deposit Insurance Corporation (FDIC) insurance.
It’s interesting that Newsom seems to have just above the threshold typically covered by the FDIC in SVB, but the same is true for more than 90% of the bank’s clients.
On Sunday, Newsom’s office issued the following statement regarding Biden’s handling of the banking crisis:
“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 — 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.”
Meanwhile, The Intercept‘s Ken Klippenstein revealed Tuesday that three wineries owned by Gavin Newsom are listed as clients on the SVB website.
If that close financial tie isn’t suspicious enough, Klippenstein also reported an SVB president sits on the board of Newsom’s wife’s charity the California Partners Project and that SVB gave $100,000 to the charity in 2021.