Slip your mind, Gavin? Newsom praises SVB bailout but fails to say three of his ... trends now
California Governor Gavin Newsom has praised Biden's decision to bail out Silicon Valley Bank - but failed to mention three of his Napa Valley wineries are listed as clients with the firm.
Newsom's wife Jennifer Siebel also received a $100,000 donation from SVB to her gender equality charity California Partners Project in 2021 - at her husband's request.
Yet the Democrat failed to mention any of these financial ties as he released a statement on Monday claiming Biden had 'calmed nerves' by promising every Silicon Valley Bank customer would get their money back in full.
Three of Newsom's wineries - Cade, Odette and PlumpJack - are listed as clients on SVB's websites while sources say he also maintained personal accounts with the bank, according to The Intercept.
Representatives for the politician told the news site the wineries were placed in a 'blind trust' meaning he did not know about the investment holdings within the trust.
Gavin Newsom praised Biden's decision to bail out Silicon Valley Bank - but failed to mention three of his Napa Valley wineries are listed as clients with the firm. He is pictured with his wife Jennifer Siebel
Newsom also behested $100,000 in donations from SVB to Siebel's charity California Project Partners. They are pictured with President Biden in 2021
But Newsom - a millionaire whose business affairs have long come under scrutiny - also 'behested' four payments each worth $25,000 from Silicon Valley Bank to be donated to the California Partners Project in 2021.
Behested payments are donations made to a government agency or charity at the request of an elected official.
The practice is rarely deployed by politicians but in 2020 Newsom came under fire for behesting an eye-watering $226 million worth of payments.
SVB is still listed as a partner on the California Partners Project's website.
John China, president of SVB Capital and responsible for SVB's funds management, is also a founding member of the charity and sits on its board of directors.
The charity 'champions gender equity across the state and ensures our state's media and technology industries,' according to its website.
