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Silicon Valley Bank was closed on Friday by the California Department of Financial Protection and Innovation, with the FDIC in charge of liquidation. SVB was one of the largest banks in the country and one of the premier banks of Venture Capital firms and start-up companies.
In looking at the SVB board and executive team bios, there is an interesting tie to California’s First Partner Jennifer Siebel Newsom – one of the SVB Executives sits on the board of Jennifer Siebel Newsom’s California Partners Project.
California Governor Gavin Newsom issued a statement Saturday morning in response to the appointment of the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank:
“Over the last 48 hours, I have been in touch with the highest levels of leadership at the White House and Treasury. Everyone is working with FDIC to stabilize the situation as quickly as possible, to protect jobs, people’s livelihoods, and the entire innovation ecosystem that has served as a tent pole for our economy.”
Shortly thereafter, Gov. Newsom was excoriated on Twitter.
However, the most intriguing comment pushing back at the governor was Ric Grenell’s poignant response to an explosive reveal:
The Executive Officer referred to in the Tweet is John China, President of SVB Capital: “He sits on the board of the California Partners Project led by Jennifer Siebel Newson.”
https://californiaglobe.com/articles/silicon-valley-bank-ties-to-california-first-partner-jennifer-newsom/