Isn't it funny that the billionaire tech investors and Democrat friends in California who have significant holdings in Silicon Valley Bank are getting bailed out?
Big, Silicon Valley Banks get bailouts (you're not supposed to call it a bailout but it's a bailout) while your small-town bank closes down and you're out of luck.
And I think we all know why.
The Washington Free Beacon rounded up info about who exactly the bailouts are going to help and, hint, it's a bunch of Democrats.
Of course, we've covered here that Gavin Newsom has three wine companies that bank with SVB.
Then we have liberal news outlet Buzzfeed. They had money in Silicon Valley Bank, so the plan is forking out cash to this news group that is, in many ways, a wing of the Democrat Party's pravda.
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.
BuzzFeed has placed little focus on the bank's collapse, having mentioned the story in its morning newsletter, a quiz published Wednesday, as well as a passing reference in a Tuesday story about a "viral alpha male finance podcast parody sketch." None of the stories mentioned BuzzFeed's financial connection to the bank.
The flailing and failing Buzzfeed lost most of its already dwindling cash supply when SVB collapsed. But they're a Democrat mouthpiece so they should be up on their feet.
And then we have the left-wing site Vox. They also held significant amounts of money in SVB.
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.
The Free Beacon also points out that, while the BLM organization doesn't bank with SVB as far as anyone knows, they have received $73 million from that bank since 2020.
BLM has money issues of its own, but lack of funds is not one of them.
The biggest industry getting saved, however, is the green energy cabal:
Silicon Valley Bank's failure could have delivered a seismic blow to the climate change industry and the more than 1,550 technology companies that specialize in solar, hydrogen, and battery storage solutions that held funds at the bank, had Biden not bailed the institution out.
Still, the bank's failure will have lingering effects for the industry, with insiders warning that Silicon Valley Bank was often the only institution willing to lend funds for their projects.
Don't worry, green energy hoaxers! Sure, your most supportive bank just went under, but the Biden administration will surely continue to bankroll this sector of the economy.
The only industry Biden is at all interested in helping is the green technology industry. Everything else can suffer, as long as the climate changers are still okay.
This is exactly why the "Occupy Wall Street" and "no more bailout" Democrats are sending more money to Silicon Valley.
It's about rewarding their friends and punishing their enemies.
That's politics for ya.
