What’s Happening:
The news continues to churn over the collapse and sudden rescue of Silicon Valley Bank. The FDIC rushed in to save the bank, even though most of its customers have far more than the insured $250,000. Many worry this collapse is a sign of things to come. Others wonder why Biden was so quick to bail this bank out–when so many other crises he has ignored.
We found out this week that the bank managed the accounts of numerous, left-wing, climate change companies. Biden was partly saving the bank, because these companies have been bankrolled through government spending. Also, Gov. Gavin Newsom lobbied for Biden to step in. Why did the governor care? Guess what?
From Twitter:
BREAKING: California Governor Gavin Newsom lobbied the White House and Treasury on the bailout of Silicon Valley Bank, without disclosing that his private wineries had reportedly been the bank’s clients & he may have even had a personal account at the bank, per the Intercept
BREAKING: California Governor Gavin Newsom lobbied the White House and Treasury on the bailout of Silicon Valley Bank, without disclosing that his private wineries had reportedly been the bank's clients & he may have even had a personal account at the bank, per the Intercept
— unusual_whales (@unusual_whales) March 15, 2023
This could land Gavin in a world of hurt. According to reports, he lobbied the administration to bail out SVB. Yet he failed to mention that his private wineries had accounts at the bank. And the governor himself might have had a personal account with SVB.
Oh, how interesting! That is what we call in the biz, a “conflict of interest.” Gov. Newsom wanted the federal government to use up FDIC funds to save a bank that was used exclusively by rich Californian companies. But he kept secret the fact that, by doing so, the government was also saving his sorry ass.
We’re no legal experts, but this doesn’t put Newsom in a safe position. Public officials are supposed to act in the best interests of the American public. Their decisions are not to be colored by any personal desires. Yet time and again, we’ve seen Democrats make moves that help them or their donors.
This time, Gavin was shamelessly demanding the Feds save a bank, knowing it would protect his business and personal account. Shouldn’t he be at least questioned about this? Shouldn’t the FDIC or Congress give him a little call?
This guy has been taking advantage of his position for years. The state nearly recalled him not that long ago. It’s high time Gavin faced the music for his shady actions.
Key Takeaways:
- Newsom lobbied for the White House to save collapsing SVB.
- It has been reported that Newsom’s private wineries used the bank; he might have a personal account.
- The FDIC used federal funds to bail out a bank used mostly by rich, CA-based companies.
Source: Twitter
