The chief executive of JPMorgan Chase & Company, Jamie Dimon, visited with Wally Adeyemo, the deputy Treasury Secretary, at Dimon’s headquarters in New York on Friday afternoon.
The issue the two men disputed was at the core of the choice being considered by the Biden administration and the Federal Reserve. This would result in the most forceful crisis action in the financial system since the financial meltdown of 2008.
According to the left-leaning Intercept:
To safeguard the American economy and boost public trust in its financial system, the White House moved fast and aggressively, per a release from Newsom.
What Newsom failed to clarify was if his own businesses had deposits totaling more than $250,000, they were likewise covered.
Newsom Withheld Personal Interests in SVB
Newsom praised the Biden administration for their reaction. Newsom then stated that California is a cornerstone of the American economy and federal officials acted responsibly to ensure that our innovative sector may develop and advance.
On the company’s website, SVB lists Newsom’s three vineyards CADE, Odette, and PlumpJack as customers.
As stated by a longstanding former employee of Newsom who managed his money and who asked to remain anonymous in order to prevent professional retaliation, Newsom also kept private accounts at SVB throughout the years.
California Gov. Gavin Newsom has had personal accounts with Silicon Valley Bank for years; three of his wineries are clients.
Also, an SVB president sits on the board of his wife’s charity.https://t.co/MJ72NpBaBH
— Ken Klippenstein (@kenklippenstein) March 14, 2023
Moreover, Newsom did not speak of his wife Jennifer Siebel’s employment at the company. At Newsom’s suggestion, Silicon Valley Bank donated $100,000 to the California Partners Project, a nonprofit organization formed by Siebel, in 2021.
The founder of the California Partners Project’s board of directors is John China, chairman of SVB Capital and in charge of managing SVB’s funds. Although being incorporated in California, Silicon Valley Bank’s issues managed to avoid the state’s tough authorities.
Along with electricity outages, wildfires, and blizzards, Newsom’s watch has seen the downfall of the bank, as Breitbart News reported on Monday, which is when he left the state.
The conservative California Globe also pointed out that the board of directors for Siebel’s group was served by an SVB executive.
Failed Silicon Valley Bank, the Newsoms, and Connected Friends.
Gov. Newsom thanks President Biden for the bailout; omits that he is a SVB client.@CaliforniaGlobe https://t.co/pmfEBsqqyQ
— Katy Grimes (@KATYSaccitizen) March 15, 2023
SVB, the 16th biggest bank in the United States, was handed into custody by the Federal Deposit Insurance Corporation on Friday. This is after it ran out of funds to meet depositor demands during a run on the institution.
The biggest banking failure since Washington Mutual’s demise in 2008, it was the second-largest bank failure in American history.
The federal government will ensure bank depositors can retrieve their money, but investors won’t receive the same security, Biden reaffirmed on Monday. The management at both institutions has also been sacked by his administration.
Newsom Offers No Comments
In response to Fox News Digital’s inquiry about the matter, Newsom’s office was slow to react.
Yet, according to a representative for Governor Newsom, his commercial and financial holdings are kept and administered by a blind trust. This has been the case since he was first elected governor in 2018.