The Dems' Reactions to Trump's Iran Strikes Proves Again That They Can't Be...
Whose Side Are Democrats Really On?
Can the Left Ever Stop Its Craziness?
The Media Bombs With Its Coverage of the Iran Attack and Leaves Smoldering...
NYC Mayor's Race Watch: A Referendum on National Housing Policy?
A Wise and Frugal Government We Do Not Have, Nor a Virtuous One
Trump Did the Right Thing
There's Nobody to Talk to
The ‘First String’ Is Back in the Game
With Iran Destabilizing the Middle East, American Energy Is More Important Than Ever
Three Years Since Dobbs and the World’s Still Turning
The Senate Must Act to Bring College Costs Under Control
Three Years After Dobbs, the Result Is a Tale of Two Very Different...
One Big, Beautiful Bill: A Blueprint for America's Comeback
Hours After Trump Declares Ceasefire, Iran Denies Agreement, Blames Israel for Starting Wa...
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