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.
As the left-wing Intercept notes:
The White House “acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom said in a statement. What Newsom didn’t mention is that it also protected his own companies if they held over $250,000 in deposits.
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.
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Newsom also didn’t mention his wife Jennifer…
