Joe Biden’s Green Energy Buddies Have Major Ties To Silicon Valley Bank
BY: LARRY BEHRENS | MARCH 21, 2023
Read more at https://thefederalist.com/2023/03/21/joe-bidens-green-energy-buddies-have-major-ties-to-silicon-valley-bank/
The contrast couldn’t be clearer. A devastating train derailment and subsequent toxic fires rock a community in Ohio that President Trump carried by 29 points. Forty days later, President Joe Biden has yet to set foot in East Palestine despite numerous pleas from residents.
A few weeks after the train crash, news breaks about a well-connected bank few have ever heard of crumbling on a Friday afternoon. At a time of the day his supporters say he usually does nothing, Biden is in front of the television cameras telling the world that the U.S. government will bail out Silicon Valley Bank, which is located in a city Biden won by almost 50 points. Biden’s climate buddies and Gov. Gavin Newsom’s wine companies are no doubt relieved.
For those keeping score: Silicon Valley Bank (SVB) is an emergency that requires Biden to get out of bed before 9 a.m., while the people of East Palestine continue to wait for answers.
Looking at those who work with or benefit from SVB, one begins to understand Biden’s urgency. The White House may say climate is our worst existential crisis, but it looks like green dollars for leftists’ eco-friends required the quickest action.
It’s easy to wonder if President Biden’s actions are driven by the bank’s connection to climate companies. This article highlights a few, noting “Silicon Valley Bank served as a banker to dozens of climate and energy-tech companies, holding their cash on a day-to-day basis and issuing billions of dollars in loans in support of the type of large-scale, one-off projects that are essential to the sector.”
Read it again: Dozens of climate companies. Billions in loans. Holding their cash on a day-to-day basis. Now, it gets interesting.
Just earlier this month, SVB was one of the sponsors of “Winterfest” which billed itself as a global conference on energy transition. Another sponsor of the event was Galvanize Climate Solutions, tied to none other than billionaire Tom Steyer. Fun fact, this is the same company that also proudly had John Podesta as a “Strategic Advisor” before he took over managing the “green” money from the Inflation Reduction Act.
Steyer once played a key role on a Zoom fundraiser for Biden that raised $4 million dollars. That’s a lot of money for a single conference call. Many of the donors were from Silicon Valley and have deep pockets. That’s why it should be no surprise that when it came time to find someone to oversee $369 billion in taxpayer dollars for green investments, Biden would reach back into Steyer’s world.
Another company reported to have close ties to SVB is Lowercarbon Capital. It doesn’t take long on their website to find their managing partner is a strong Biden ally. They proudly tell you the partner is not only a longtime supporter of President Biden and Vice President Kamala Harris, but “was on their 2020 campaign’s National Finance Committee and is a member of Climate Leaders for Biden.”
Wait, there’s more. According to the reports, another major company with ties to SVB is Sunrun Solar. The company saw money from SVB going back to 2014 and arranged for a loan of more than half a billion dollars less than three months ago.
It doesn’t take much searching to learn Sunrun’s CEO joined President Biden at the signing of the Inflation Reduction Act and gave comments in support. In fact, when Biden waived tariffs on solar components last summer, Sunrun was listed as one of the top beneficiaries.
All this government cheese would be bland without a little wine. Take a moment to appreciate Newsom’s tone-deaf actions about SVB. Not long after Biden’s announcement, Newsom heaped praise on the move, and now we’re starting to see why.
Newsom is the owner of some wine companies, and you’ll be shocked to hear those companies are reportedly held by SVB. And if you can handle one more vomit-inducing dose of hypocrisy, an SVB bank president sits on the board of a charity run by Newsom’s wife.
Joe Biden’s Climate Cult: Membership has its privileges. It’s too bad the people of East Palestine couldn’t get in on the ground level.
Larry Behrens is the Communications Director for Power The Future and has appeared on Fox News, Newsmax and One America News. You can find him on Twitter at @larrybehrens or email at email@example.com.
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