day on wall street, the u.s. government steps in to protect a failed bank, promising depositors they won t lose a penny. one film won everything everywhere all at once at this year s oscar awards. plus already-flooded parts of california bracing for yet another powerful storm. live from cnn center, this is cnn newsroom with rosemary church. good to have you with us. we begin here in the united states where the biden administration is stepping in to contain the fallout from the sudden collapse of silicon valley bank. authorities say customers will have access to all their money starting monday morning. the president also promised to hold those responsible for the bank s failure fully accountable. he will speak about the issue in the coming hours. regulators also shot down another regional institution, signature bank, fearing it was also on the brink of collapse. cnn s arlette saenz has more. reporter: the biden administration took extraordinary steps sunday to ensu
just ahead on cnn newsroom what we re living in today is a very traditional run. making sure people can make payrolls and making sure depositors can taken care of. is that what you want for families and jobs? cnn meteorologists predicting more for california, unleashing heavy rain and snow once again. from london, this is cnn newsroom, with max foster and bianca nobilo. it is monday, march the 13th. 8 4:00 amy in washington, d.c., and president biden is promising all customers will have access to their money starting today. mr. biden also promising to hold the banks fully accountable. here in america, hsbc has announced buying the treasury bank. and janet yell assured americans they will make sure this doesn t happen to another bank. we want to make sure that the shortfalls that exist in one bank don t create contagion to others that are sound. and the goal always of supervision and regulation is to make sure that contagion can t can t occur. now,
you get essentially carried away by strong currents that pull you back into the ocean. officials saying they tried to search by air, but even night vision goggles weren t able to see anything. they also announced that they found some life jackets in the area, but these life jackets were essentially washed up on shore and say that the bodies they recovered did not have any life jackets on. but what they re also saying is that the people responsible for all of this are not thinking about safety. here s what authorities said. this is not necessarily people trying to find a better life. this is part of a trans national criminal organization effort to smuggle people into the united states. these people are often labor trafficked and sex trafficked when they arrive. this is the one of the worst maritime smuggling tragedies that i can think of in california. certainly here in the city of san diego. reporter: customs and border protection also are looking into
decided to call it a recovery operation. they searched for about five hours and were not able to find any survivors. they recovered eight bodies and that s even after they continued searching on sunday. officials saying that the search was extremely difficult because it was pitch black on saturday night. they say there are sandbars in the area. so you may think you re able to walk out into the water but there are also the holes. once you step into the holes you get essentially carried away by the very strong currents that pull you back into the ocean. officials say they tried to search by air but even night vision goggles weren t strong enough. they weren t able to see anything. they also announced that they found life jackets in the area. but these life jackets were essentially washed up on shore and say that the bodies they recovered did not have any life jackets on. but what they re also saying is that the people responsible for all of this are not thinking
you and what is that plan you have if you have to go up to your roof? tell me what that looks like? i ve got my husband and two sons and a friend who are here and two animals. and like i said, if we have to, we will get up onto the rope tied together with life jackets on. we also have coolers to float with, and, trust, me, there is lots floating in the ocean right now. we are watching people s roofs go by. we have watched a lot of our property wash by. it s just incredible. do you have any sense of what people around you have done, you know, how close are you to your neighbors, and do you know if many people stuck around? was there much of an option to leave? yeah, there was an option. we do have an immediate neighbor who is home on his own. he s in a two-story house. and some neighbors down the street who are also i think