Documents Expose Newsom’s Ties to Disgraced Silicon Valley Bank After Gov Brags About Bailout – Report

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Democratic California Gov. Gavin Newsom had three business accounts at the now-defunct Silicon Valley Bank that he failed to disclose to the public when he praised the federal government for promising to bail out depositors, according to a new report.

On Sunday, the Federal Reserve, the Federal Deposit Insurance Corp., the Treasury Department and the White House all vowed to make those with money in the bank whole.

While the FDIC insures deposits only up to $250,000, SVB depositors were promised they would not lose their millions after a bank run dried the well at the institution.

Newsom released a statement Sunday that praised the federal response.

“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” the governor said.

He added, “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.”

Newsom concluded his state is a “pillar of the American economy” and that leaders in the federal government were doing “the right thing.”

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