Democrats Are Lying Again
Shut It All Down
SCHUMER SHUTDOWN SALE: 74% Off VIP Memberships!
These Texts From VA's Dem AG Candidate Are Totally Insane
The Atlantic Idiotically Compares Charlie Kirk to George Floyd
Justice Kavanaugh's Would-Be Assassin Gets Light Sentence Because of His Trans Identity
Britain's Soft-on-Crime Policies Allowed the Manchester Synagogue Terror Attack to Happen
Has Anyone Asked the Archbishop If She Believes in God?
Dirty Hospitals Are to Blame for Superbug Deaths
The Train of Progress Must Not Be Derailed
Trump Ends the Green Scam — Now the Crying Caucus Is Out of...
Make Protecting Animals Great Again: The Trump Administration Is Ending Animal Cruelty
Hochu v. Mamdani: The Upcoming War Over NYC Tax Increases
More Government Control Over College Sports Is the Wrong Fix
Sean 'Diddy' Combs Sentenced to 4 Years, 2 Months for Prostitution-Related Crimes
Tipsheet

Is This Why Gavin Newsom Wanted SVB to Get Bailed Out?

AP Photo/Rich Pedroncelli

California Gov. Gavin Newsom was in contact with the “highest levels of leadership at the White House and Treasury” after the collapse of the Silicon Valley Bank and cheered its bailout, but failed to mention his own interests in the decision. 

Advertisement

“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” he said in a statement on Sunday. “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. California is a pillar of the American economy, and federal leaders did the right thing, ensuring our innovation economy can continue to grow and move forward.”  

According to The Intercept, however, Newsom failed to disclose his own financial interest, as at least three of his wineries—CADE, Odette, and PlumpJack—are clients of SVB, and that the charity his wife founded, California Partners Project, received a $100,000 donation from SVB in 2021, at the request of her husband.

NEWSOM, A MULTIMILLIONAIRE who was a businessman before becoming a politician, has been dogged for years with ethics questions about his corporate holdings. When asked during his 2018 campaign for governor if he would sell his companies, Newsom reportedly replied, “These are my babies, my life, my family. I can’t do that. I can’t sell them.”

Instead, in December 2018, Newsom announced that he would establish the blind trust and give control of his trust to a family friend and attorney, Shyla Hendrickson. Under the arrangement, his sister, Hilary Newsom, retained her role as president of the governor’s PlumpJack Group, which includes hotels, wineries bars, restaurants, and liquor stores founded by Newsom. (The Intercept)

Advertisement

Nathan Click, a spokesperson for Newsom, pointed to this blind trust in a statement to The Intercept. 

“Governor Newsom’s business and financial holdings are held and managed by a blind trust, as they have been since he was first elected governor in 2018,” he said. 



Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement