Seems that Gavin Newsom lobbied for a complete bailout of Silicon Valley Bank and to give 100% of deposits full coverage, rather than the usual $250K per depositor.
Also, (and oddly just coincidentally), SVB gave a shitload of campaign contributions to a bunch of DNC senators and congressmen…..and donated a boatload of money to the projects of Newsome’s wife over the years.
‘Twas a good investment. They all pushed Biden and Yellen hard to make all the depositors whole. Lots of big powerful people had Millions of dollars in that failed bank. Lots of influential people would have taken a really BIG haircut. But now their deposits are made whole by the Feds, unlike other bank failures.
Funny how that works, innit?
And they claim that the RNC types are all bought and paid for by Big Business…… Projection?