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.
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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