i m bianna golodryga, welcome to cnn newsroom. i m john berman. we begin with breaking news. a russian fighter jet has forced down a u.s. drone over the black sea. the u.s. air force says the jet damaged the propeller of an mq-9 reaper drone. the aircrafts were operating over international waters when one of the jets intentionally flew in front of the drone and began dumping fuel. the white house says president biden has been briefed on the situation. cnn s oren liebermann is at the pentagon. we also have mark kimmitt. what are you learning? this played out early this morning over the black sea according to u.s. air force europe where a surveillance drone, an mq-9 reaper drone, was operating, again, over international waters when the air force says two russian fighter jets conducted an intercept in an up safe and unprofessional manner. but it goes beyond that. after the interpret, the russian fighter jets flew in front of the u.s. reaper drone, jumped dual in an attem
procedures to help with their cash needs. i take issue with that. i think on the so there were two different actions. one was the systemic risk designation and the other was this new fed lending facility which i think of the existing options that was the least bad of the options available. i think that actually more than anything is what s calming the markets right now the emergency lending. the emergency lending facility. yes. given your concerns, then, what are you worried about in terms of regional banks as a whole and their future as far as holding uninsured deposits? right. the regional banks listen, i think you have to differentiate. so silicon valley bank was not a traditional regional bank. it was a rapid growth bank. it had porous management. i didn t really load up on dodgy loans or speculative investments. brought a lot of securities. because they had low interest rates, with interest rates rising, they lost a lot of
losses. so in an ideal world, they would be better managing the risk on those securities. at least with svb, we know that risk wasn t being managed very well. so what is it that you specifically take issue with with regards to what the is it the fdic going on and guaranteeing all deposits, including those that were uninsured? so by law, the fdic can only insure deposits up to 250,000. by law they re required to minimize the fund which is capitalized by bank and is there for $250,000 deposits. household, main street deposits. so, yes, making system risk designation to give the fdic the authority to pay in full all these uninsured depositors, these were very, very wealthy people. there are a few start-ups that need it for payroll. they could have gotten a dividend under the normal
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tales which provides financial literacy lesson. an important book and series to read. great to see you. so my first question to you is, do you support the actions taken by the administration and the federal reserve in response to this particular crisis? if not, what else would you have done? yeah, well, i do question the systemic designation that they made on a couple of banks. 300 billion total assets between the two of them in a $23 trillion banking industry. so i do think the fdic s normal procedures could have handled those failures. i think the underinsured depositors might have taken a small haircut. but to say that just by imposing some marginal losses on uninsured depositors somehow puts the entire system at risk, that s basically what you re saying if it s a systemic risk determination. i think that was ill-advised and