The Silicon Valley Bank failure and shutdown is because of “idiot bank management under an incompetent board,” according to Shark Tank star Kevin O’Leary.
“O’Leary joined Fox News hosts Bill Hemmer and Dana Perino on Tuesday to discuss the Silicon Valley Bank failure and the announcement that deposits would be protected,” Mediaite reported. “President Joe Biden announced this week that people’s ‘deposits are safe.’”
“O’Leary blasted the plan, arguing it will simply provide a safety net for mismanagement. The Shark Tank star argued Silicon Valley Bank collapsed because of ‘idiot management,’ as opposed to a regulatory issue. ‘Idiot’ managers, he said, are now free to behave more irresponsibly.”
It appears there are plenty of idiots and incompetents involved in the bank, focused on Diversity, Equity and Inclusion loan and investment goals, rather than responsible financial outcomes.
But the bailout/cover up may be more of the story in the long run – as in Why did Janet Yellen, Secretary of the Treasury in the the Biden administration state last Friday that there would be no bailouts, and by Sunday, the President effectively said there would in fact be a bailout and depositors would be made whole.
What changed in 48 hours?
For one thing, pure panic in the Silicon Valley Democrat donor base. And as likely is pure panic from California’s governor and the “First Partner.”
As the Globe reported Sunday:
“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.”
The Intercept just reported Tuesday Gov. Gavin Newsom failed to mention that President Biden’s announcement also protected his own businesses in Silicon Valley Bank.”CADE, Odette, and PlumpJack, three wineries owned by Newsom, are listed as clients of SVB on the bank’s website. Newsom also maintained personal accounts at SVB for years, according to a longtime former employee of Newsom’s who handled his finances, and who requested anonymity to avoid professional reprisal.”
Newsom also neglected to say that he and the First Partner have even deeper ties with Silicon Valley Bank – Silicon Valley Bank President of Capital John China gave $100,000 “Behested” gift to the Newsom’s nonprofit, California Partners Project, Open the Books discovered, the Globe reported.
Notably, a 2019 IRS Form 990 for Newsom’s California Partner Project reports only $50k in total gross receipts (image below). This seems inaccurate given the new information of Newsom’s behested payments. The Globe did not find any record of 2020-2021 IRS Form 990 filings on the IRS website, but did find IRS Form 990 filings with the California Office of the Attorney General Charities registry.
California Partners Project IRS Form 990 filing. (Photo: IRS.gov)
California Partners Project OAG report of IRS Form 990 filings. (Photo: tag.ca.gov)
Those filings show grants and contributions to the Newsom’s California Partners Project of $573,951, $596,321 to $600,000 in 2020, 2021, and 2022, including supplemental filings. There is no information on who or what made those grants or contributions.
Elizabeth Gore was previously the CEO to the Newsom’s California Partners Project as indicated in the original articles of corporation and the above IRS Form 990 filing, as well as signing the tax filings.
California Partners Project IRS Form 990 filings, 1024 supplemental filing. (Photo: tag.ca.gov)
California Partners Project IRS Form 990 filings. (Photo: ag.ca.gov)
California Partners Project IRS Form 990 filings, 1024 supplemental. (Photo: ag.ca.gov)
Elizabeth Gore founded “Hello Alice,” which also received funding from Silicon Valley Bank, and SVB President John China is on the Board of Directors at Hello Alice, in addition to California Partners Project, Open the Books reported. Hello Alice “helps businesses launch and grow. A multi-channel platform powered by machine learning technology, Hello Alice guides business owners by providing access to funding, networks and services,” according to her Linkedin bio.
And from a from Healdsberg Rotary posting: “Elizabeth Gore is the Resident Entrepreneur at the UN Foundation’s Global Entrepreneur’s Council and spoke of the three strategic grassroots efforts she has founded: Nothing But Nets, Girl Up and the Shot@Life global vaccines campaign.”
“Shot@Life “connects and empowers Americans to champion vaccines as one of the most cost-effective ways to save the lives of children in developing countries…..By encouraging Americans to learn about, advocate for, and donate to vaccines, Shot@Life aims to decrease vaccine-preventable childhood deaths and give every child a shop at a healthy life.”
Open the Books reported that Elizabeth Gore told them she doesn’t work with Jennifer Seibel Newsom today, but had volunteered for the California Partners Board for two years.
There is more to come…