Gavin Newsom hides ties to failed Silicon Valley Bank in statement praising Biden's bailout

Democratic California Gov. Gavin Newsom praised the Biden administration's decision to bail out Silicon Valley Bank (SVB), but he failed to mention his ties to the now-defunct institution, which holds at least three of his wine companies and reportedly has other financial connections to his family.

"The Biden Administration has acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system," Newsom said in a statement Sunday. "Their actions this weekend have calmed nerves, and had profoundly positive impacts on California.

"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."

According to a report by The Intercept, President Biden's decision to bail out the bank protects Newsom's wine companies — CADE, Odette and PlumpJack — which the bank lists as clients on its website.