WITHOUT BOND. >> > > RAY CORTOPASSI: WELL, 2 BANKS BROKE DOWN OVER THE WEEKEND. THE WHITE HOME TODAY, THOUGH, INSISTING THE BANKING SYSTEM IS SAFE. FEDERAL REGULATORS ARE AIDING DEPOSITORS ACCESSIBILITIES THEIR CASH. WGN” S JENNA BARNES HAS THE INFORMATION ON THIS SET. JENNA, LOURDES AND RE THE FEDERAL BOOK INTRODUCED A REVIEW OF HOW IT MANAGED and monitored SILICON VALLEY BANK AS HEAD OF STATE JOE BIDEN WORKS TO CALM WORRIES CONCERNING THE STATE OF THE FINANCIAL SECTOR. >> > > JENNA BARNES: CUSTOMERS OF SILICON VALLEY CREDIT LINE UP MONDAY TO TRY TO ACCESSIBILITY THEIR FINANCES AFTER THE BIGGEST BANK FAILURES GIVEN THAT THE 2008 FINANCIAL CRISIS. THEY” RE TRYING TO CHECKED. FEDERAL REGULATORS TOOK OVER THE FINANCIAL INSTITUTION FRIDAY AND PRESIDENT JOE BIDEN INTRODUCED FIRST THING MONDAY MORNING. ALL DEPOSITS AT SPB AND NEW YORK CITY BAY SIGNATURE FINANCIAL INSTITUTION WHICH ALSO COLLAPSE SUNDAY WOULD BE PROTECTED.
EVEN THOSE ABOVE THE FEDERALLY GUARANTEED RESTRICTION OF $250,000. WITHOUT THAT RELOCATION, LOTS OF SBB CUSTOMERS THAT INCLUDE TECH BEGIN UPS AND THE GOLDEN STATE WINERIES WOULDN” T HAVE THE FUNDS TO PAY BILLS OR THEIR WORKER. AMERICANS CAN REST ASSURED THAT OUR BANKING SYSTEM IS SAFE. YOUR DEPOSITS ARE HEAD OF STATE BIDEN AND LEGISLATOR PENIS DURBIN CALMING FEARS TO AVOID CONTAMINATION. THIS ISN” T GOING ANY FURTHER. BIDEN SAYS CUSTOMERS THAT HAD TO POSIT THAT THE BANKS WILL BE MADE WHOLE FOR COSTS. THE FINANCIAL INSTITUTIONS PAY RIGHT INTO AN INSURANCE FUND, NOT TAXPAYER DOLLARS, BUT THAT SAFETY AND SECURITY WEB DOESN” T MEAN THE RAMIFICATIONS OF THE COLLAPSE ARE OVER. BUSINESS WILL HAVE THE ABILITY TO MAKE PAY-ROLL NOW FOR THIS WEEK OR NEXT WEEK.
>> > > THEY DON” T HAVE ACCESSIBILITY TO THE SILICON VALLEY FINANCIAL INSTITUTION LINE OF CREDIT. THAT INDICATES THEY DON” T HAVE ANY CASH. ALONG WITH WHAT CASH THEY AT TO KEEP THEIR FIRMS GOING. MY GUESS OVER THE NEXT 30 TO 60 DAYS, WE” LL START TO SEE SOME OF THESE TECHNOLOGY FIRMS IN THEIR EARLY TO MID-STAGE. IS THAT BEGINNING TO LAY INDIVIDUALS OFF IF NOT GOING TO TELEPHONE CALL THAT THE FINANCIAL INSTITUTION ROBBER. >> > > JENNA BARNES: THE COLLAPSE OF SVB AND TRADEMARK FINANCIAL INSTITUTION TRIGGERED THE SUPPLIES OF REGIONAL BANKS TO TUMBLE MONDAY. THE LARGER FINANCIAL INSTITUTIONS TOOK A MUCH SMALLER HIT. WAS A CONFLUENCE OF VARIOUS PRESSURES. >> > > THAT WE CALL THE BLACK SWAN EVENT THAT IS EXTREMELY, VERY UNUSUAL. AND THE CEO OF BUFFALO GROVE BASED SGL FINANCIAL STEVE. LOU, IT IS QUESTIONING THE BANK” S LEADERSHIP WHERE WITH THE BUSINESS MINDS BEHIND THE FINANCIAL INSTITUTION AND ITS FIRST FROM MY POINT OF VIEW, IT” S LIKE THERE WAS A GREAT DEAL MISSING OUT ON THERE. >> > > BIDEN SAYS MONITORING AND EXECUTIVES OF SVB WILL CERTAINLY BE FIRED. THE FINANCIAL INSTITUTIONS FINANCIERS WILL NOT BE
> > RAY CORTOPASSI: WELL, 2 BANKS COLLAPSED OVER THE WEEKEND BREAK. > > JENNA BARNES: CLIENTS OF SILICON VALLEY FINANCIAL INSTITUTION LINED UP MONDAY TO TRY TO ACCESS THEIR FINANCES AFTER THE LARGEST FINANCIAL INSTITUTION FAILURES SINCE THE 2008 FINANCIAL DILEMMA. FEDERAL REGULATORS TOOK OVER THE BANK FRIDAY AND HEAD OF STATE JOE BIDEN ANNOUNCED FIRST THING MONDAY EARLY MORNING. > > THEY DON” T HAVE ACCESSIBILITY TO THE SILICON VALLEY FINANCIAL INSTITUTION LINE OF CREDIT SCORES. > > JENNA BARNES: THE COLLAPSE OF SVB AND SIGNATURE BANK TRIGGERED THE SUPPLIES OF REGIONAL BANKS TO TUMBLE MONDAY.