The client list of the Silicon Valley Bank also included three private wineries that are owned by the Democratic Governor of California, Gavin Newsom.
The journalist from The Intercept, Ken Klippenstein, also disclosed that Gov. Newsom’s connection with the collapsed bank extended way beyond just the wineries.
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According to a report by Business Insider:
“According to Klippenstein’s reporting, Newsom’s personal relationship with SVB went beyond the wineries. One anonymous former employee who handled Newsom’s finances told Klippenstein that Newsom ‘maintained personal accounts at SVB for years.’
It is unclear whether those personal accounts were still active at the time of the bank’s collapse last week. If they were, Newsom could have stood to benefit directly from the Biden administration’s rescue package, which will reimburse SVB account holders even if their balances surpass the $250,000 limit insured by Federal Deposit Insurance Corporation.”
The state law of California states that an elected official, such as Gavin Newsom, is not allowed to use their influence or power on government decisions if that official has a financial stake in the matter.
Gavin Newsom’s wife, Jennifer Siebel Newsom, is the co-founder of California Partners Project, which is a nonprofit group that reportedly received a donation worth $100,000 from the Silicon Valley Bank.
Reports also revealed that the former president of SVB is also a member of Jennifer Newsom’s charity board.
Gov. Newsom’s office issued a statement on Monday:
“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.”