Gavin Newsom was politically groomed by SVB, convinced Biden to bail it out

California governor Gavin Newsom (D.) helped persuade President Joe Biden to bail out Silicon Valley Bank and was one of the first politicians to praise the move. His assistance comes years after the failed bank began lobbying California’s government and donating to Newsom’s wife.

Newsom helped convince Biden during a Saturday meeting that a bailout was necessary. In 2021, Silicon Valley Bank quietly gave $100,000 to Jennifer Siebel Newsom’s California Partners Project as it was gearing up to lobby the state’s university, pension, and teachers’ retirement systems. The gift was the California’s bank’s largest contribution to any California entity that year.

It seems to have been a wise investment.