Gavin Newsom Celebrated SVB Bailout Without Mentioning His Wineries Are Clients

California Democratic Gov. Gavin Newsom cheered the federal government’s decision to protect Silicon Valley Bank’s depositors without mentioning that he is one of them.

Newsom praised the Biden administration on Sunday after the federal government announced that the Federal Deposit Insurance Corporation (FDIC) would cover all depositor losses from the Silicon Valley Bank (SVB) collapse. The bailout was a surprise for SVB’s largest depositors as FDIC insurance is guaranteed to cover only up to $250,000 per account.---More...