California Gov. Gavin Newsom (D) welcomed the federal government’s intervention Sunday to protect depositors at the failed Silicon Valley Bank (SVB) — but failed to mention that he has been its client.
California Gov. Gavin Newsom welcomed the federal government’s intervention Sunday to protect depositors at the failed Silicon Valley Bank — but failed to mention that he has been its client.The White House “acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom
. What Newsom didn’t mention is that it also protected his own companies if they held over $250,000 in deposits.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.Newsom also didn’t mention his wife Jennifer Siebel’s professional ties to the bank.
Silicon Valley Bank was chartered in California, but its problems somehow eluded aggressive state regulators.
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