As we continue to monitor the banking situation, we have come across some concerning reports that detail just how closely Silicon Valley Bank worked with figures like Joe Biden and California Governor Newsom. Based on the shocking evidence, it looks like these politicians – and more – were more than happy to take Silicon Valley Bank’s money for their own interests, all before the bank imploded. Keep watching to learn more about this perplexing situation and just how deep it may run.
Leading politicians have received extensive donations from individuals and political action committees associated with Silicon Valley Bank.
Last week, Silicon Valley Bank, one of the largest banks in the country, collapsed as depositors flocked to withdraw their funds.
Before the Federal Deposit Insurance Corporation (FDIC) assumed control of the company, the firm had sold several long-term government and corporate bonds at a loss to supply deposits.
SVB had roughly $175 billion in customer deposits when it collapsed last week. Almost 90% of those deposits exceeded the $250,000 threshold for guaranteed insurance under the FDIC.
Based on data compiled by Open Secrets, Sen. Mark Warner (D-VA) received $8,300 from Silicon Valley Bank affiliates during the 2022 midterm election cycle, including $5,800 from individuals and $2,500 from the company’s political action committee.
More data from Open Secrets show that Senate Majority Leader Chuck Schumer (D-NY) also received $5,800 directly from Silicon Valley Bank CEO Greg Becker.
During the 2020 election cycle, Silicon Valley Bank affiliates gave Joe Biden $66,700, while the DNC Services Corporation received $21,400.
Rep. Josh Harder (D-CA), Rep. Gregory Meeks (D-NY), and Sen. Raphael Warnock (D-GA) have also received funds from Silicon Valley Bank affiliates.
Meanwhile, Gavin Newsom, the Democratic governor of California, praised the federal government’s move to protect Silicon Valley Bank’s deposits without mentioning his own involvement.
On Sunday, Newsom praised the Biden administration for announcing that the FDIC would cover all depositor losses from SVB. Since FDIC insurance only covers accounts up to $250,000, SVB’s largest depositors were surprised by the bailout.
Newsom said in a statement on Sunday that the Biden Administration had acted swiftly and decisively to strengthen public confidence in the banking system.
Despite saying the FDIC’s decision would benefit California businesses, Newsom failed to mention that his own wineries might benefit from the unusual move, The Intercept reported. The Newsom-owned wineries CADE, Odette, and PlumpJack all banked with SVB, and each was at risk of losing its deposit if it held over $250,000 in a single account.
A source told The Intercept that Newsom kept personal accounts at the failed bank as well. Newsom personally coordinated with the White House and other top officials before the Biden administration and FDIC decided to backstop Silicon Valley Bank’s deposits.
It appears that Joe Biden, Chuck Schumer and others were more than happy to take Silicon Valley Bank’s money for their own gain, while Gavin Newsom celebrated a bailout without publicly admitting his ties to the company. The links between the politicians with Silicon Valley Bank are concerning, especially when you consider the facts that they took money from the bank prior to its downfall and celebrated a bailout while they profited from it.
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