Gavin Newsom has been named a leading Democrat to replace Joe Biden.
But his 2024 ambitions just took a big hit whether or not the President bows out of a re-election campaign.
Because Gavin Newsom hid a big secret and now Joe Biden could end his Presidential hopes.
A San Francisco branch of the Silicon Valley Bank looked like the location for a Tesla Convention on Friday, March 8.
When tech company founders discovered their employee’s payroll transactions didn’t go through, shock waves reverberated through the American economy.
News that the woke bank, which had been in business for 20 years, was suddenly under FDIC receivership was a chilling development.
What followed was a weekend filled with mixed messages from the feds and finally a plan to bail out the Bay Area-based financial institution, while the federal government simultaneously pretended it no longer bails out banks.
Of course, making that leap of logic was a piece of cake for the Biden regime which already figured out how to get rid of a recession last year by changing the definition.
Gavin Newsom may owe Joe Biden big time for the SVB bailout
On Monday California Governor Gavin Newsom praised Joe Biden for bailing out SVB customers.
The Democrat boasted that he had been hiding a secret over the weekend – he’d been working directly with the White House and Treasury to find a resolution to the issue.
“Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury,” Newsom noted in a statement.
But he didn’t happen to mention the massive personal stake he had in the bank’s sudden collapse.
Now Governor Newsom’s lobbying to bailout Silicon Valley Bank has raised some major questions about his financial investments.
Even Gavin Newsom isn’t clueless enough to be ignorant of where his cash is residing.
Yet a Newsom spokesman has claimed all of the California Democrat’s business and financial holdings are managed in a blind trust.
SVB Bailout may have protected Newsom’s wine empire
Newsom is likely one of the big fish who had vast amounts of wealth in SVB above the $250,000 FDIC insurance limit that is legally protected.
The multi-millionaire politician has three wineries listed as SVB clients including: PlumpJack, with an annual revenue of about $54.6 million; CADE Winery, with about $16 million in annual revenue; and Odette Winery, with about $8.6 million in annual revenue.
It’s unclear how many other accounts the Governor may have had in the financial institution or how big his accounts were, but it’s telling that he was able to get executives to cut a check for $100,000 for his wife, Jennifer Siebel’s charity last year.
In fact, the Newsom family and SVB are so cozy that the President of SVB Capital is one of the founding members of Siebel’s California Partners Project—a “gender equity” non-profit.
Blue State Blues previously reported how that non-profit has helped Siebel get a foot in the door to hawk her for-profit production company’s series of woke “educational” videos to public schools.
No doubt, having friends in all the right places just protected Newsom from an ugly financial failure.
The question now is how much taxpayers and ordinary bank customers will ultimately have to kick in of their hard earned cash to keep big shots like Newsom in business.
As for 2024, Newsom has said he has no intentions of challenging Joe Biden for the Democrat Party’s 2024 Presidential nomination.
The word of politicians usually isn’t worth much.
But if Gavin Newsom planned on going back on that claim, Joe Biden may have just gotten all the leverage he needs to keep Newsom on the sidelines.
Stay tuned to Blue State Blues for any updates to this ongoing story.