Gavin Newsom Celebrated SVB Bailout Without Mentioning His Wineries Are Clients | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Tim Pearce.

    California Democratic Gov. Gavin Newsom cheered the federal government's decision to protect Silicon Valley Bank's depositors without mentioning that he is one of them.

    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.

    Newsom also kept personal accounts at the failed bank, a source told The Intercept.

    "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," a Newsom spokesman told The Intercept in an email.

    The Biden administration and FDIC's decision to backstop all deposits at Silicon Valley Bank came after Newsom personally coordinated with the White House and other top officials.

    "Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury. Everyone is working with FDIC to stabilize the situation as quickly as possible, to protect jobs, people's livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy," Newsom said on Saturday. He did not say what his conversations entailed.

    Newsom also has other ties to SVB. Newsom's wife, Jennifer Siebel, founded the California Partners Project, a charity that received a $100,000 donation from SVB in 2021. SVB Capital President John China sits on the charity's board of directors.

    SVB was the 16th largest bank in the U.S. before it collapsed last week with roughly $175 billion-worth of customer deposits. Over 90% of those deposits were over the FDIC's $250,000 threshold for guaranteed insurance.

    The FDIC is an independent agency that is funded through premiums banks and other financial institutions pay on the FDIC's insurance. At the end of last year, the FDIC's Deposit Insurance Fund held $128.2 billion.

Considering the current overwhelming obstacles inflicting stress upon America's working class: rampant inflation; energy insecurity; supply chain turmoil; banking failures; foreign policy disasters; government corruption; (DEI) Diversity Equity Inclusion narrative, with WOKE extremes practiced; Climate Change ideology; intractable crime wave in Leftist cities; wide open border by executive design; a permanently discredited Legacy Media; failed or failing education industry, just to name a few of the many: Who should Americans blame?
  Donald J. Trump
  Joseph R. Biden
  Leftist controlled Congress for the last 4 years.
  Bloated, incompetent bureaucracy weaponized and poorly managed
  The electorate, US, for putting these fools in elected office that utterly fail
118 total vote(s)     What's your Opinion?

Go Back

Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )

Moody’s Downgrades Entire Banking System To ‘Negative’ Daily Wire, News Services, Guest Editorial, Editorials, Government, Op-Ed & Politics, State and Federal Knives Out For DeSantis: Top Republicans Rage Over His Comments About Ukraine


Latest State and Federal

Even a supposed federal government watchdog has gone radically woke, prompting harsh criticism from conservatives.
Florida Governor Ron DeSantis announced on Tuesday that he is sending more than 1,100 assets to Texas to assist Governor Greg Abbott in combatting the illegal immigration crisis that President Joe Biden caused on the southern border with his policies.
Mexican President Andres Manuel Lopez Obrador accused the Pentagon of spying on Mexico’s government, vowing to safeguard classified military information to protect its national security after a spate of documents leaked in U.S. media.
America is in freefall. Cities are crumbling, with open drug abuse and homeless everywhere, overdose deaths are soaring, there’s a mental health epidemic, and then there are the crises, oh the crises: the border, the federal debt, lack of affordable housing, flat-out unaffordable health care.
On Tuesday, the House Health Committee will consider several bills that critics say are likely to raise insurance costs for consumers.
Refusing to look inward, opponents of school choice insist the only thing needed to improve public schools is more money


The North Carolina Department of Health and Human Services will host a live Cafecito and Spanish-language tele-town hall on Wednesday, April 26, from 6 to 7 p.m.
Former U.S. Attorney General William Barr said during an interview this week that special counsel John Durham’s report on the origins of the FBI’s investigation into former President Donald Trump “vindicated” the former president and that Trump was right from the beginning
A woman arrested during an April 2020 ReOpenNC COVID shutdown protest is suing the governor, the city of Raleigh, and state and local law enforcement officials. She argues that defendants violated her constitutional rights.
Florida Governor Ron DeSantis hit back at Donald Trump on Tuesday over a criticism the former president leveled at DeSantis’ decision to sign a six-week abortion ban into law.
A barrage of Russian missiles damaged a U.S.-made Patriot air defense system near Kyiv early Tuesday morning, weeks after the $1 billion system shot a Russian hypersonic missile out of the sky.
Daily Wire editor emeritus Ben Shapiro on Tuesday said that the Durham report released the day prior detailed “one of the most shocking scandals in the history of American law enforcement.”


In a much-anticipated rally at Ace Speedway in Elon, Lt. Gov. Mark Robinson declared his candidacy for governor of N.C., joining N.C. State Treasurer Dale Folwell in the Republican primary field.


Back to Top