Report: Newsom held multiple accounts at Silicon Valley Bank while pushing for bailout

California Gov. Gavin Newsom pushed for the federal government to bail out Silicon Valley Bank, an institution with which he had business and personal accounts, according to an investigative report.

CADE, Odette and PlumpJack are three wineries owned by Mr. Newsom and are listed on the bank’s website, according to a report this week from The Intercept. The outlet also reported that the California Democrat had multiple personal accounts with SVB for years.

The ties go both ways, according to The Intercept.

The bank gave $100,000 to the California Partners Project — the charity founded by Mr. Newsom’s wife, Jennifer Siebel — at the governor’s request.

In a Sunday statement, Mr. Newsom praised the White House announcement of the largest bank bailout since the 2008 financial crisis.

“The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” he said.

“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,” the statement continued.

Over 90% of the bank’s users had over $250,000 deposited - which is normally the limit to qualify for federal reimbursement in the case of a bank failure.

A spokesperson for the governor told The Intercept that his “business and financial holdings are held and managed by a blind trust, as they have been since he was first elected governor in 2018.”

The trust has been run by Shyla Hendrickson, a family friend and Mr. Newsom’s attorney, since December 2018. It also allowed his sister Hillary Newsom to keep her role as PlumpJack Group’s president, which includes hotels and restaurants as well as wineries.