Gov. Gavin Newsom (D-CA) failed to publicly disclose his close ties with Silicon Valley Bank when praising the Biden administration's intervention.
On Sunday, Newsom released a glowing statement in response to the administration's decision to ensure all depositors got their money back.“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system," Newsom's statement read.
"Their actions this weekend have calmed nerves, and had profoundly positive impacts on California — on our small businesses that can now make payroll, workers who will get their paychecks, on affordable housing projects that can continue construction, and on non-profits that can keep their doors open tomorrow. 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,” it added.
What Newsom failed to disclose in his statement, or elsewhere, was that he had a considerable personal stake in the bank; three of his wineries, CADE, Odette, and PlumpJack, were listed as clients on the bank's website. Insiders are also alleging that Newsom held personal accounts at the bank, according to a report from the Intercept.
Additionally, at the request of Newsom, the bank donated $100,000 to his wife's charity, the California Partners Project, in 2021. A member of the charity's board of directors, John China, was responsible for the bank's fund management.A spokesman for Newsom denied the charges that the governor held any personal finances with the bank in a response to the story.
“Gov. 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,” Nathan Click said.
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