WITHOUT BAIL. >> > > RAY CORTOPASSI: WELL, 2 BANKS COLLAPSED OVER THE WEEKEND BREAK. THE WHITE HOUSE TODAY, THOUGH, INSISTING THE FINANCIAL SYSTEM IS SAFE. FEDERAL REGULATORS ARE ASSISTING DEPOSITORS GAIN ACCESS TO THEIR MONEY. WGN” S JENNA BARNES HAS THE DETAILS ON THIS SET. JENNA, LOURDES AND RE THE FEDERAL GET ANNOUNCED An EVALUATION OF HOW IT MANAGED and supervised SILICON VALLEY BANK AS PRESIDENT JOE BIDEN FUNCTIONS TO TRANQUILITY FEARS CONCERNING THE STATE OF THE FINANCIAL INDUSTRY. >> > > JENNA BARNES: CUSTOMERS OF SILICON VALLEY LINE OF CREDIT UP MONDAY TO SHOT TO GAIN ACCESS TO THEIR FUNDS AFTER THE LARGEST FINANCIAL INSTITUTION FAILINGS SINCE THE 2008 FINANCIAL CRISIS.THEY ‘ RE
TRYING TO CHECKED. FEDERAL REGULATORS TOOK CONTROL OF THE FINANCIAL INSTITUTION FRIDAY AND HEAD OF STATE JOE BIDEN INTRODUCED FIRST THING MONDAY EARLY MORNING. ALL DOWN PAYMENTS AT SPB AND NEW YORK CITY BAY SIGNATURE FINANCIAL INSTITUTION WHICH ALSO COLLAPSE SUNDAY WOULD BE SECURED. EVEN THOSE ABOVE THE GOVERNMENT GUARANTEED RESTRICTION OF $250,000. WITHOUT THAT RELOCATION, LOTS SBB CUSTOMERS WHICH CONSIST OF TECH START UPS AND THE GOLDEN STATE WINERIES WOULDN” T HAVE THE FUNDS TO PAY EXPENSES OR THEIR WORKER. AMERICANS CAN FELT CONFIDENT THAT OUR BANKING SYSTEM IS SAFE. YOUR DEPOSITS ARE HEAD OF STATE BIDEN AND LEGISLATOR DICK DURBIN CALMING FEARS TO AVOID CONTAGION. THIS ISN” T GOING ANY FURTHER. BIDEN SAYS CUSTOMERS WHO NEEDED TO POSIT THAT THE FINANCIAL INSTITUTIONS WILL CERTAINLY BE MADE WHOLE FOR COSTS. THE FINANCIAL INSTITUTIONS PAY INTO AN INSURANCE POLICY FUND, NOT TAXPAYER DOLLARS, BUT THAT SAFETY WEB DOESN” T MEAN THE RAMIFICATIONS OF THE COLLAPSE ARE OVER. COMPANIES WILL CERTAINLY BE ABLE TO MAKE PAY-ROLL NOW FOR THIS WEEK OR NEXT WEEK.
>> > > THEY DON ‘ T HAVE ACCESS TO THE SILICON VALLEY FINANCIAL INSTITUTION LINE OF CREDIT. TO ENSURE THAT SUGGESTS THEY DON” T HAVE ANY CASH. ALONG WITH WHAT CASH MONEY THEY AT TO KEEP THEIR BUSINESS GOING. MY ASSUMPTION OVER THE NEXT 30 TO 60 DAYS, WE” LL START TO SEE SOME OF THESE TECHNOLOGY BUSINESS IN THEIR EARLY TO MID-STAGE. IS THAT BEGIN TO LAY INDIVIDUALS OFF OTHERWISE GOING TO CALL THAT THE FINANCIAL INSTITUTION BURGLAR. >> > > JENNA BARNES: THE COLLAPSE OF SVB AND TRADEMARK FINANCIAL INSTITUTION CAUSED THE STOCKS OF REGIONAL BANKS TO TUMBLE MONDAY. THE LARGER FINANCIAL INSTITUTIONS TOOK A MUCH SMALLER HIT. WAS A CONFLUENCE OF DIFFERENT PRESSURES. >> > > THAT WE CALL THE BLACK SWAN OCCASION THAT IS VERY, REALLY UNUSUAL.AND THE CHIEF EXECUTIVE OFFICER OF
BUFFALO GROVE BASED SGL FINANCIAL STEVE. LOU, IT IS QUESTIONING THE BANK” S LEADERSHIP WHERE WITH THE SERVICES 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 CLAIMS ADMINISTRATION AND EXECUTIVES OF SVB WILL BE FIRED. THE BANKS CAPITALISTS WILL CERTAINLY NOT BE.
> > RAY CORTOPASSI: WELL, 2 BANKS FELL DOWN OVER THE WEEKEND BREAK. FEDERAL REGULATORS TOOK OVER THE FINANCIAL INSTITUTION FRIDAY AND HEAD OF STATE JOE BIDEN INTRODUCED FIRST THING MONDAY MORNING. BIDEN SAYS CUSTOMERS WHO HAD TO POSIT THAT THE BANKS WILL CERTAINLY BE MADE WHOLE FOR FEES. > > THEY DON ‘ T HAVE GAIN ACCESS TO TO THE SILICON VALLEY FINANCIAL INSTITUTION LINE OF DEBT. > > JENNA BARNES: THE COLLAPSE OF SVB AND TRADEMARK BANK CAUSED THE SUPPLIES OF REGIONAL BANKS TO TUMBLE MONDAY.