it s 10:00 a.m i m lindsey reiser at msnbc headquarters in new york we re following a lot of breaking news on this busy monday morning, including president biden assuring the country our financial system is safe amid heightened fears of a banking crisis after the collapse of both silicon valley bank and new york-based signature bank americans can rest assured that our banking system is safe. your deposits are safe let me also assure you we will not stop at this we ll do whatever is needed. the government is taking extraordinary new steps to ensure customers will have full access to their money, a major move by the treasury and the federal reserve to shore up the banking system and prevent the panic from spreading to other banks. plus, a promise no losses will be shouldered by taxpayers and officials will hold the people responsible fully accountable. more on this in moments and what you need to know about your money. plus, no-show. donald trump s lawyers say he wi
campaign in-kind contribution. instead it was a private contract meant to silence a defamatory story against him he has denied having sex, having a relationship with stormy daniels and that is at the heart of this investigation here it is noticeable that donald trump is now saying that he will decline to go before this grand jury the invitation was brought to him, but he would have had to wave his immunity, meaning anything he would have said before that grand jury could have been used not only to bring an indictment and charges against him, but also in the potential criminal proceedings that were to follow. so much like he did ahead of that civil suit from attorney general letitia james and his family business in which he pled the fifth, this is another situation in which he s declining to testify about the investigations into him. kristen, how does the former president deciding not to testify impact the probe how significant is cohen s testimony?
cohen s testimony is very significant, but i think also very significant is the invitation for trump to testify. typically in new york, the new york practice for an indiegt grand jury is right before they intend to charge a suspected target such as trump they do invite that person to testify before the grand jury. it s typical that the defendant will not testify, but the invitation is an indication that criminal charges are near. michael cohen s testimony is going to be significant. he s going to testify just like he has in the past, that he s trained as a lawyer, but he was actually trump s fixer, and he was directed by trump to pay ms. daniels in exchange for the silence. that could constitute the charge of falsification of business records if, in fact, trump and his company collared those payments as legal fees to michael cohen who at that time was a trained attorney, but in reality that was false because they were actual reimbursed
be shouldered by taxpayers and officials will hold the people responsible fully accountable. more on this in moments and what you need to know about your money. plus, no-show. donald trump s lawyers say he will not testify before a new york grand jury looking into hush money payments to stormy daniels. his old lawyer and fixer michael cohen will in just a few hours what this could mean for the case. when it rains in yeah. it pours california national guard and first responders made dozens of rescues after severe flooding over the weekend and even more bad news for the state more bad news is coming. i ll talk to the governor of emergency services about these endless storms. new comments from president biden as regulators step in to back silicon valley bank amid the second largest bank failure in u.s. history. with us to break it down, msnbc
that s what chills me more than anything else. we ll be quick. interest rates we got the strong jobs number on friday a lot of people thought the fed would continue to be aggressive. one reason why we saw the blowup is because silicon valley bank made a bet on their portfolios that interest rates wouldn t rise as fast as they did. the fed is going to continue to race rates maybe slower than expected maybe .25 or less. we ll have to see what the number shows appreciate you brian cheung thank you. donald trump s lawyers tell nbc news the former president will not sit before the grand jury even as his former personal attorney prepares to testify today. what that all means for the case plus, around 17 million americans are under flood watch right now as another atmospheric