Three Wineries Of California Governor Were Among Silicon Valley Bank Clients - Reports

California Governor Gavin Newsom owns at least three wineries, which were clients of the collapsed Silicon Valley Bank (SVB), The Intercept reported on Tuesday

WASHINGTON (UrduPoint News / Sputnik - 15th March, 2023) California Governor Gavin Newsom owns at least three wineries, which were clients of the collapsed Silicon Valley Bank (SVB), The Intercept reported on Tuesday.

Newsom issued an official statement in support of the Biden administration's decision to "protect the American economy" in the SVB case, but he did not mention his own interest in the situation, the report said. However, "at least three" of his entities, including CADE, Odette, and PlumpJack are listed as SVB clients on the bank's website, it added.

The California governor also had his personal accounts at SVB for years, the report noted, citing one of his former employees who worked with his finances.

"Governor Newsom's business and financial holdings are held and managed by a blind trust, as they have been since he was first elected governor in 2018," Newsom's spokesperson Nathan Click told The Intercept in an email.

Beyond that, the report noted Newsom's wife Jennifer Siebel had professional ties to the collapsed bank, which gave $100,000 to her charity, the California Partners Project, in 2021. SVB Capital president John China is a founding member of the California Partners Project's board of directors, it added.

California regulators shut down SVB on Friday, marking the second largest bank collapse since the 2008 financial crisis. The bank, which was popular among tech firms, was closed after a run on deposits.

SVB provided financing for almost half of US venture-backed technology and health care companies. At the end of 2022, the bank said it had $151.5 billion in uninsured deposits, $137.6 billion of which was held by US depositors. Its total assets were $209 billion as of the end of 2022.�