all the implications for the economy, the biden administration, and for your money. let s go to our chief white house correspondent phil mattingly first. tell us more about what s causing the growing uncertainty about banking here in the united states. what are you learning? you know, wolf, it is interesting to notice and obviously been very clear for a long time but no more acutely today just how interconnected the global financial system is. this is not related to silicon valley bank, what happened over the course of several days in the united states. however, the anxiety driven by those moments, the general concern around financial markets just writ large over the course of the last several days ran head on into very significant issues raised for credit suites, a bank a yourman leader that s had many major issues over the course of the last few years. some people refer it to it as the problem child of european banking. however, when it made clear it had some material issues it was
$8 billion last year and it s from scandal to scandal over the past few years that have damaged its reputation and its finances. it is very much seen as one of the week of europe in the banking sector that matters because the entire banking sector is coming under scrutiny in the collapse of silicon valley bank and signature bank in the united states came as a big shock and is focused attention on other banks to see whether the weakness occurred there might occur elsewhere. with all the scrutiny upon it. credit suisse has not come out well. they said that the material weaknesses in their internal controls over financial reporting are not good. its biggest shareholders says it was not able to come up and prop the bank a pending further. so that accentuates the feeling of weakness running credit suisse in those white investors running scared. and share some of forming well because some of the weaknesses that existed in silicon valley bank and signature bank make this elsewhere and if one
targeted to specific banks, but more general pro hi bitions on russian financial institutions participating in the american financial system, i think that would get their attention. i think they obviously have to find some other place to do their bank and other transactions. transactions. that s why i don t think so-called targeted sanctions are effective. you sanction bank a and bank b springs up the next day together same thing. limited sanctions. you need broader more sweeping sanctions. china dealing with north korea. to be effective sanctions have to be broad and even forced and swiftly applied. targeted sanctions don t do that. eric: world leaders announced
emirates are also making hundreds of millions of dollars in prast profits right now. they have every ability to borrow money. i don t see any reason why the government needs to be involved. boeing says not having the ex-embank puts them at a disadvantage. it s not just planes. boeing says it will have to cut up to 300 jobs by the end of the year because it lost a satellite contract. but it s not just boeing. many small companies also get loan guarantees from the ex-im bank so they can grow their businesses. we found a craft brew maker who now sells close of half of his beer in sweden. the bank doesn t cost taxpayers anything because the loans are mostly getting repaid. democrats call reauthorization of the bank a no-brainer. the government has always been the back stop for our businesses to go out and sell and say, we expect that they ll pay, but if they don t the banks aren t going to lose their
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