In an expected move, Silicon Valley Bank's former parent company SVB Financial Group filed for chapter 11 bankruptcy protection on Friday. Last Friday Silicon Valley Bank went into FDIC receivership after it was unable to produce cash for its depositors. The Biden Regime bailed out SVC depositors over the $250,000 FDIC insured threshold.

Meanwhile, it was revealed that California Governor Gavin Newsom (D) failed to disclose he was a client of Silicon Valley Bank as he lobbied the White House and Treasury for a bailout.