{"id":1197443,"date":"2023-03-15T19:10:03","date_gmt":"2023-03-15T23:10:03","guid":{"rendered":"https:\/\/bugaluu.com\/news\/gavin-newsom-kept-svb-ties-secret-while-lobbying-for-bailout\/1197443\/"},"modified":"2023-03-15T19:10:03","modified_gmt":"2023-03-15T23:10:03","slug":"gavin-newsom-kept-svb-ties-secret-while-lobbying-for-bailout","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/gavin-newsom-kept-svb-ties-secret-while-lobbying-for-bailout\/1197443\/","title":{"rendered":"Gavin Newsom Kept SVB Ties Secret While Lobbying For Bailout"},"content":{"rendered":"
\"\"<\/a><\/div>\n

Gavin Newsom Kept SVB Ties Secret While Lobbying For Bailout<\/span><\/p>\n

\n

Multimillionaire California Governor Gavin Newsom failed to disclose his ties to Silicon Valley Bank<\/strong> while lobbying the White House and the Treasury Department over a pending bailout<\/strong>, The Intercept<\/em><\/a> reported on Tuesday.<\/p>\n<\/p>\n

\n

The White House \u201cacted swiftly and decisively to protect the American economy <\/strong>and strengthen public confidence in our banking system,\u201d Newsom said in a statement<\/a>. What Newsom didn\u2019t mention is that it also protected his own companies if they held over $250,000 in deposits.<\/strong><\/em><\/p>\n

CADE, Odette, and PlumpJack, three wineries owned by Newsom, are listed<\/a> as clients of SVB on the bank\u2019s website. Newsom also maintained personal accounts at SVB for years, according to a longtime former employee of Newsom\u2019s who handled his finances, and who requested anonymity to avoid professional reprisal.<\/em><\/p>\n<\/blockquote>\n

Newsom also failed to mention his wife’s professional ties to the bank<\/strong>. In 2021, SVB gave $100,000 to a charity founded by Jennifer Siebel Newsom, the California Partners Project, at the request of Newsom. SVB Capital President, John China, sits on the Board of Directors of the charity.<\/p>\n

On Monday, Newsom said that he had “been in touch with the highest levels of leadership at the White House and Treasury.”<\/p>\n

“Governor Newsom\u2019s business and financial holdings are held and managed by a blind trust, as they have been since he was first elected governor in 2018,” said Newsom spokesman Nathan Click.<\/p>\n

Of note, when asked during his 2018 campaign whether he would divest from his companies which might pose an ‘ethics challenge,’ Newsom reportedly replied<\/a>: “These are my babies, my life, my family. I can\u2019t do that. I can\u2019t sell them.”<\/p>\n

Instead, he announced the blind trust, which would be controlled by family friend and attorney, Shyla Hendrickson – an arrangement under which Newsom’s sister, Hillary Newsom, would retain her role as president of PlumpJack Group – a Newsom owned company which includes hotels, restaurants, wineries, bars and liquor stores.<\/p>\n

\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 03\/15\/2023 – 22:00<\/span><\/p>\n

From:Zerohedge<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gavin Newsom Kept SVB Ties Secret While Lobbying For Bailout Multimillionaire California Governor Gavin Newsom failed to disclose his ties to Silicon Valley Bank while…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1197443","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1197443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1197443"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1197443\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1197443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1197443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1197443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}