Joe Biden’s Treasury Secretary announced last week that the Biden regime will not bail out every bank as they did with Silicon Valley Bank (SVB), only the banks they like and deem necessary. They have not released a list of those banks yet to the American public.
Of course, this will force Americans to abandon smaller regional banks and flock to banking behemoths to deposit their assets.
Last week the Biden gang bailed out SVB. TGP earlier reported on the connections between SVB and China’s venture capital business. SVB was the bridge for Chinese venture capitalists to get to US dollars.
When Biden bailed out SVB depositors in full, he bailed out China’s venture capitalists. These entities included companies that backed China’s aerospace and defense ventures.
Note that Biden didn’t bail out the shareholders of SVB, only the depositors in full, who before the bank’s collapse, the 2nd largest bank in US history to fail, were only guaranteed up to $250,000. Biden bailed out billions in account balances above this FDIC-insured amount.
But it was not just the Chinese venture capital sector he rescued. Biden also bailed out numerous far-left causes that had large deposits in SVB.
According to the Washington Free Beacon, Biden bailed out the following:
California Gov. Gavin Newsom’s (D.) trio of wineries are clients of the failed financial institution, as is the governor himself. He has maintained personal accounts at the failed bank for years, the Intercept reported, citing a former Newsom aide. Newsom’s efforts to rescue Silicon Valley Bank’s clients could also put him on the wrong side of the law. California law prohibits elected officials from influencing official matters in which “the official has a financial interest,” Insider reported…
Liberal online media company BuzzFeed revealed to investors Monday that it held $56 million in cash and cash equivalents as of the end of 2022, the majority of which was held at Silicon Valley Bank. The news capped off a not-so-banner 2022 fiscal year for BuzzFeed, in which the company weathered a net loss of $201.3 million, laid off 40 percent of its newsroom, and saw its stock price plummet by 90 percent…
Vox Media, the parent company of dozens of liberal news companies including Vox, New York magazine, the Verge, and Polygon, disclosed in news stories that it banked with Silicon Valley Bank before its collapse.
Unlike BuzzFeed, Vox has disclosed its financial connection to the failed bank in news stories this week. That hasn’t stopped the outlet, however, from carrying water for the Biden administration. On Tuesday, for example, it published a story mocking concerns that Silicon Valley Bank’s fixation on woke initiatives may have contributed to its demise…
Black Lives Matter
While Black Lives Matter isn’t a known client of Silicon Valley Bank, the bank’s untimely failure marks the end of a significant gravy train for the movement.
Silicon Valley Bank and its employees contributed more than $73 million to the Black Lives Matter movement and related causes since 2020, according to a database maintained by the Claremont Institute.
And there you have it. And that is that. Just more massive corruption from this illicit regime.