Here Are the Tech Companies, Liberal Media Outlets, and Prominent Democrats Saved by Biden’s Bank Bailout

Prominent tech companies, liberal news outlets and a Democratic politician’s vineyards were among the thousands that breathed a sigh a relief when the Biden administration decided to bail out Silicon Valley Bank.

Silicon Valley Bank had $209 billion of assets and $175.4 trillion in total deposits. It was the 16th largest bank in the United States. The Federal Deposit Insurance Corporation (FDIC) took control of Silicon Valley Bank on Friday. It was the second largest bank to fail in American history.

President Joe Biden insisted that FDIC’s move wasn’t a bailout. He claimed his administration was working to protect “American workers and small businesses.” The bailout won’t be of much benefit to the average American. Ninety-three per cent of bank depositors had more than $250,000 saved in the bank.

The bank in California was well-known for its large list of tech clients. However, it accepted deposits from many people, including those involved in the bailout of the Biden administration.

These are just a few.

Gavin Newson

California Gov. Gavin Newsom (D.) is a client of the bank’s failed financial institution as are his trio of wineries. The governor is also a client of these wineries. The governor has kept personal accounts at this bank for many years. Intercept reported, citing a former Newsom aide. Newsom’s attempts to save Silicon Valley Bank clients could have led him to be on the wrong side. California law forbids elected officials to influence official matters. “the official has a financial interest,” Insider reported.

Newsom played a key role in convincing Biden that a bailout for the bank’s failing banks was needed over the weekend. He was also the first politician to praise the swift action of President Obama on Sunday to restore all clients of Silicon Valley Bank. Newsom was among many prominent Democrats who received money at Silicon Valley Bank. Its employees also gave tens to thousands of dollars to Democratic candidates.

Newsom would likely have suffered an emotional trauma if his wineries had failed in the midst of Silicon Valley Bank’s collapse. This would have been as devastating for his bottom line as it was for his emotions. When he ran for governor in 2018, he refused to sell his businesses. “These are my babies, my life, my family. I can’t do that. I can’t sell them.”

BuzzFeed

BuzzFeed, a liberal online media company, revealed Monday to investors that it had $56 million in cash and cash-equivalents at the end of 2022. The majority of this cash was held by Silicon Valley Bank. This news caps a not-so-bright 2022 fiscal year at BuzzFeed. The company suffered a net loss in the amount of $201.3 million and laid off 40% of its newsroom. It also saw its stock price drop by 90 percent.

BuzzFeed has not paid much attention to the collapse of the bank, although it did mention the story in its morning news newsletter and a quiz published Wednesday. There was also a reference in a Tuesday article about the bank. “viral alpha male finance podcast parody sketch.” BuzzFeed’s financial connections to the bank were not mentioned in any of the stories.

BuzzFeed has announced that artificial intelligence will be used to generate viral quizzes, listicles, and other content as part of its efforts at righting its ship. The BuzzFeed News editor, Karolina Waclawiak told its remaining editorial staff at a recent meeting that they would shift away from long form news reporting and prioritise click-bait celebrity information. Wall Street Journal reported.

Vox Media

Vox Media is the parent company to dozens liberal news organizations, including Vox, New York Magazine, The VergeAnd PolygonIn news stories, it was revealed that it had banked with Silicon Valley Bank prior to its collapse.

Vox has revealed its financial connection with the bank this week in news stories, not BuzzFeed. The outlet is still carrying water for Biden, however. It published a story on Tuesday mocking concerns about Silicon Valley Bank’s fixation with woke initiatives.

Lauren Starke, Vox spokesperson told the Washington Post The company doesn’t anticipate “any significant impact” Despite the bank’s failure, it added that it has also suffered “logistical issues such as the temporary suspension of accounts and company credit cards.”

Vox competitor was featured in a Monday article about the collapse of Silicon Valley Bank. Dispatch It was said that the customer was Silicon Valley Bank.

Black Lives Matter

Although Black Lives Matter is not a client of Silicon Valley Bank, it’s the end of an important gravy train for this movement.

According to the Claremont Institute’s database, Silicon Valley Bank and its employees have contributed $73 million to Black Lives Matter and related causes since 2020.

The Green Energy Racket

Silicon Valley Bank’s collapse could have been devastating for the climate change industry, as well as the 1,550 companies that specialize in solar, hydrogen, and battery storage solutions. Had Biden not rescued the bank.

However, the bank’s collapse will have lasting effects on the industry. Insiders warn that Silicon Valley Bank was not always willing to lend money for projects.

“Silicon Valley Bank was in many ways a climate bank,” Kiran Bhatraju was the chief executive of Arcadia Solar, the nation’s largest solar manager. New York Times. “When you have the majority of the market banking through one institution, there’s going to be a lot of collateral damage.”

David Ives, Wedbush Securities’ technology sector analyst, said that the bank’s failure was a “shocking” event. “major blow to early-stage and even late-stage tech startups.”

Silicon Valley Bank “was the bank that would always pick up the phone when other large money center banks wouldn’t,” Ives related the story Politico.