You’ll be furious when you find out why Gavin Newsom celebrated the Silicon Valley Bank bailout

Photo by Gage Skidmore, CC BY-SA 2.0, via Flickr,

Most Americans were frightened by the recent string of bank failures.

They know the feds are only bailing out their “preferred” customers from among the elite.

And you’ll be furious when you find out why Gavin Newsom celebrated the Silicon Valley Bank bailout.

California Democrat Governor Gavin Newsom has expressed his strong support for the bailout of Silicon Valley Bank depositors.

But the Governor failed to point out why he’s so happy and supportive of the bank bailout.

Taxpayers left holding the bag

Gavin Newsom failed to mention that he is a client of the failed bank.

First reported by Glenn Greenwald’s The Intercept, at least three of Newsom’s wineries are clients of the bank and will be receiving a government bailout.

The Intercept recently reported on this situation and showed just how Newsom was benefitting from the bank’s failure.

Linking to a document named “Silicon Valley Bank Wine Division Premium Wine Client Promotions,” The Intercept said wineries owned by the Governor — CADE, Odette, and PlumpJack — are listed as clients of the failed bank. 

According to a former Newsom employee who spoke to The Intercept, the Governor also kept some of his personal accounts at the bank for several years.

Both Silicon Valley Bank and Signature Bank customers are being bailed out by taxpayers and will not incur losses after the two banks failed.

That means the Democrat Governor of California will join in on the spoils, which explains his excitement.

“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom said in a statement. “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,” the statement continued, adding that “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.” 

But will it change his ambitions?

It is no secret that Newsom has his eyes set on the White House.

Many Democrats name the California leftist as an alternative to a failing Joe Biden.

And as Democrats have become largely hostile to Vice President Kamala Harris, they are looking at politicians like Newsom to fill the void if needed in 2024.

Some now wonder if this latest Newsom scandal will alter any of those plans.

But based on the response from the Governor’s office, it doesn’t seem like it.

“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,” Newsom spokesperson Nathan Click said. 

It looks like Newsom and his consultants will be handling this dustup just like all of the other debacles the radical Governor has been through.

They will simply ignore it because they know it will most likely fade away over time.

Patriot Political will keep you up-to-date on any developments to this ongoing story.