Gov. Gavin Newsom of California may have sipped some his own wine after heaping praise upon the Biden administration’s bank bailout and it's “profoundly positive impacts on California.”
The Intercept reports that three wineries owned by California Gov. Gavin Newsom are among Silicon Valley Bank’s clients. As the Biden administration announced that the Federal Deposit Insurance Corporation (FDIC) would cover all depositor losses from the Silicon Valley Bank (SVB) collapse, regardless of their size.
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.
Usually, FDIC insurance only guarantees covering up to $250,000 per account. The Biden administration made sure things were handled differently this time in regards to SVB, covering every account in full - even if they had more than the insured amount.
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. pic.twitter.com/6VbLIq4Lqv— Office of the Governor of California (@CAgovernor) March 13, 2023
“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom tweeted in a statement that never mentioned his businesses connection with the bank.
“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 governor said.
In a statement on the SVB situation on Saturday, Newsom said, “Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury.”
I wonder if he mentioned his business association with the bank to the White House, as he certainly forgot to bring the matter up in his public statement.
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