California Gov. Gavin Newsom pushed for the federal government to bail out Silicon Valley Bank, an institution with which he had business and personal accounts, according to an investigative report.
CADE, Odette and PlumpJack are three wineries owned by Mr. Newsom and are listed on the bank’s website, according to a report this week from The Intercept. The outlet also reported that the California Democrat had multiple personal accounts with SVB for years.The bank gave $100,000 to the California Partners Project — the charity founded by Mr. Newsom’s wife, Jennifer Siebel — at the governor’s request.
“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” he said. Over 90% of the bank’s users had over $250,000 deposited - which is normally the limit to qualify for federal reimbursement in the case of a bank failure.
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