It helps to know the right people. And Silicon Valley Bank had hired someone close to the ‘Big Guy’.
A dramatic government intervention seemed unlikely on Thursday evening, when Peter Orszag, former President Barack Obama’s first budget director and now chief executive of financial advisory at the bank Lazard, hosted a previously scheduled dinner at the bank’s offices in New York City’s Rockefeller Center.
Among those in attendance were Mr. Adeyemo (Biden’s deputy treasury secretary)… Blair Effron, a large Democratic donor whose firm, Centerview Partners, had just been hired by Silicon Valley Bank to advise it on its liquidity crunch, was also there.
Mr. Effron and Mr. Adeyemo spoke as it became evident that Silicon Valley Bank was running out of options and that a sale — or some bigger intervention — might be necessary.
The New York Times story, “How Washington Decided to Rescue Silicon Valley Bank’s Depositors” is a bit vague about who Blair Effron is.
Let’s go back to 2019 and the Democrat primaries to understand Effron’s place in Bidenworld.
Joe Biden’s fundraising network is about to get a big boost just in time for 2020.
Marc Lasry and Blair Effron, two of the most influential and prolific Wall Street Democratic fundraisers, are lining up behind the former vice president in the presidential primary race now that Sen. Kamala Harris has dropped out.
Lasry and Effron were marquee fundraisers for former President Barack Obama and Democratic candidate Hillary Clinton. In 2012, Lasry, according to data compiled by the nonpartisan Center for Responsive Politics, bundled over $500,000 for Obama. Four years later, he helped bring in over $100,000 for Clinton.
Effron bundled similar amounts for Obama and Clinton.
Effron is currently sitting on the President’s Intelligence Advisory Board and was being touted for a more influential economic position in the administration.
Biden administration officials are considering recruiting a seasoned business executive — potentially a Wall Street banker — to join the White House in a senior role, people familiar with the matter tell Axios.
What we’re hearing: Blair Effron, a co-founder of Centerview Partners, an investment banking advisory firm, is among the potential candidates.
SVB knew exactly whom it was hiring and Adeyemo knew whom he was talking to. Effron’s support will be crucial for Biden in 2024. Having this conversation was unethical and inappropriate, but it happened anyway. Instead of directly addressing it, the New York Times buried its own lede and failed to mention Effron’s connections to Biden and the administration.
How did Washington decide to rescue SVB? It’s a real mystery.