Gavin Newsom hides ties to failed Silicon Valley Bank in statement praising Biden's bailout

California Gov. Gavin Newsom praised the Biden administration's decision to bail out Silicon Valley Bank.

He failed to mention his ties to the bank, which holds at least three of his wine companies.

The bank also reportedly has other financial connections to Newsom's family.

SVB was the second-biggest bank failure in U.S. history and largest since Washington Mutual went under in 2008.