Leftist Darlings Getting Rescued By Biden’s Bank Bailout
Nothing rings quite so hollow as President Joe Biden’s meaningless assertion that his bailout of Silicon Valley Bank is not in fact a bailout. The White House even ridiculously claimed that its actions are to benefit “American workers and small businesses.”
However, with 93% of SVB’s depositors having over $250,000 in the failed institution, that assertion is patently false.
The business was a darling of the radical left, and it held $209 billion in assets and $175.4 billion in total deposits. SVB’s collapse made it the second-largest bank in U.S. history to close its doors, which should have signaled desperate times for its liberal clientele.
Thanks to Biden, however, a long list of tech companies, leftist media mouthpieces and others can breathe easier. The Federal Deposit Insurance Corporation’s taking control of the shuttered bank only meant good news for lots of people who are not average Americans.
For example, California’s Democratic Gov. Gavin Newsom. The politician and his three wineries are all clients of SVB, according to the Intercept.
Not only that, but Insider reported that the governor’s efforts to convince Biden to intercede with the failed bank ran afoul of California law. The statute prohibits elected officials from exerting influence over matters that involve institutions where “the official has a financial interest.”
Another major client, liberal media outlet Buzzfeed, revealed to its investors Monday that it had $56 million in cash and cash equivalents in the doomed bank at the end of 2022.
That may have just been sour icing on a bad cake. The leftist mouthpiece absorbed a net loss in the last fiscal year of $201.3 million and cut loose 40% of its workforce.
Vox Media, which holds several liberal news outfits such as Vox, New York magazine, and the Verge, also banked with SVB before the institution went belly up. However, it did not disclose specifics about its deposits with the bank.
Instead, it posted a story on Tuesday ridiculing observations that SVB’s singular focus on woke initiatives assisted in its demise.
The Black Live Matter organization is not a known SVB client, but that did not prevent the radical leftists from netting over $73 million in contributions from the bank.
These ventures do not include the extreme effort the institution put into climate change programs. So much so that it had been described as a “climate bank.” Is it any wonder that the Biden administration scrambled to rescue SVB’s depositors from its collapse?