WITHOUT BOND. >> > > RAY CORTOPASSI: WELL, 2 FINANCIAL INSTITUTIONS FELL DOWN OVER THE WEEKEND. THE WHITE HOUSE TODAY, THOUGH, INSISTING THE FINANCIAL 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 REVEALED A TESTIMONIAL OF HOW IT MANAGED AND MANAGED SILICON VALLEY BANK AS PRESIDENT JOE BIDEN WORKS TO CALMNESS CONCERNS CONCERNING THE STATE OF THE FINANCIAL MARKET. >> > > JENNA BARNES: CUSTOMERS OF SILICON VALLEY CREDIT LINE UP MONDAY TO SHOT TO GAIN ACCESS TO THEIR FUNDS AFTER THE BIGGEST BANK FAILINGS GIVEN THAT THE 2008 FINANCIAL CRISIS. THEY” RE TRYING TO CHECKED. FEDERAL REGULATORS TOOK OVER THE BANK FRIDAY AND PRESIDENT JOE BIDEN REVEALED FIRST THING MONDAY EARLY MORNING. ALL DEPOSITS AT SPB AND NEW YORK BAY TRADEMARK FINANCIAL INSTITUTION WHICH ALSO COLLAPSE SUNDAY WOULD BE PROTECTED. EVEN THOSE OVER THE GOVERNMENT GUARANTEED LIMIT OF $250,000. WITHOUT THAT RELOCATION, MANY SBB CUSTOMERS WHICH CONSIST OF TECHNOLOGY START UPS AND THE GOLDEN STATE WINERIES WOULDN” T HAVE THE FUNDS TO PAY COSTS OR THEIR EMPLOYEES.AMERICANS CANISTER FELT CONFIDENT
THAT OUR FINANCIAL SYSTEM IS SAFE. YOUR DOWN PAYMENTS ARE PRESIDENT BIDEN AND LEGISLATOR PENIS DURBIN CALMING FEARS TO AVOID TRANSMISSION. THIS ISN ‘ T GOING ANY FURTHER. BIDEN SAYS CUSTOMERS THAT HAD TO POSIT THAT THE FINANCIAL INSTITUTIONS WILL BE MADE WHOLE FOR FEES. THE BANKS PAY INTO AN INSURANCE POLICY FUND, NOT TAXPAYER DOLLARS, BUT THAT SAFETY WEB DOESN ‘ T MEAN THE IMPLICATIONS OF THE COLLAPSE ARE OVER.COMPANIES WILL BE ABLE TO MAKE PAY-ROLL NOW FOR TODAY OR NEXT WEEK.
> > THEY DON ‘ T HAVE GAIN ACCESS TO TO THE SILICON VALLEY CREDIT LINE OF CREDIT RATING. >> SO THAT MEANS THEY DON ‘ T HAVE ANY MONEY. ALONG WITH WHAT CASH MONEY THEY AT TO MAINTAIN THEIR COMPANIES GOING. MY ASSUMPTION OVER THE NEXT 30 TO 60 DAYS, WE ‘ LL BEGINNING TO SEE SOME OF THESE TECH FIRMS IN THEIR EARLY TO’MID-STAGE. IS THAT BEGINNING TO LAY INDIVIDUALS OFF OTHERWISE GOING TO CALL THAT THE FINANCIAL INSTITUTION BURGLAR. > > JENNA BARNES: THE COLLAPSE OF SVB AND TRADEMARK FINANCIAL INSTITUTION TRIGGERED THE
>> STOCKS OF REGIONAL BANKS TO TUMBLE MONDAY. THE LARGER FINANCIAL INSTITUTIONS TOOK A MUCH SMALLER HIT. WAS A CONVERGENCE OF VARIOUS FORCES. > > THAT WE CALL THE BLACK SWAN EVENT THAT IS EXTREMELY, VERY UNCOMMON. >> AND THE CEO OF BUFFALO GROVE BASED SGL FINANCIAL STEVE. LOU, IT IS QUESTIONING THE FINANCIAL INSTITUTION ‘ S MANAGEMENT WHERE WITH THE ORGANIZATIONS MINDS BEHIND THE FINANCIAL INSTITUTION’AND ITS FIRST FROM MY VIEWPOINT, IT ‘ S LIKE THERE WAS A GREAT DEAL MISSING OUT ON THERE. > > BIDEN STATES ADMINISTRATION AND EXECUTIVES OF SVB WILL CERTAINLY BE FIRED.THE BANKS INVESTORS WILL >> NOT BE.
> > RAY CORTOPASSI: WELL, 2 BANKS BROKE DOWN OVER THE WEEKEND BREAK. > > JENNA BARNES: CLIENTS OF SILICON VALLEY BANK LINED UP MONDAY TO SHOT TO ACCESS THEIR FINANCES AFTER THE LARGEST FINANCIAL INSTITUTION FAILINGS CONSIDERING THAT THE 2008 FINANCIAL DILEMMA. FEDERAL REGULATORS TOOK OVER THE FINANCIAL INSTITUTION FRIDAY AND PRESIDENT JOE BIDEN INTRODUCED FIRST POINT MONDAY EARLY MORNING. ALL DEPOSITS AT SPB AND NEW YORK BAY TRADEMARK BANK WHICH ALSO COLLAPSE SUNDAY WOULD BE SAFEGUARDED. BIDEN SAYS CUSTOMERS THAT HAD TO POSIT THAT THE BANKS WILL CERTAINLY BE MADE WHOLE FOR FEES.