Transition, like they have sol off another part of th business to apollo where are they going to make u this 54 billion? part of the restriction the are trying to do is to - various west bank, they manage peoples money. the reason central rank just u and was people in their mone so they have to take money out of the bank. there s not been money sitting in the neck right now. now, one or two things could happen, right? it is the middle of the nigh into challenge right now they announced this a couple o hours ago. yeah, how about this. this rescue deal gets announce and basically to a swiss time, what is that telling you well, yes, it is either one or two things. one is that they stepped in fo the markets opening in asia. people don t fight the fight you don t sign by the centra bank, they can print money we ll step back and say fine or they look and say, gosh, wh do people currently do this at top in the morning and surface was trouble to me in a start to continue to pul money.
Not persuaded by your argument and they voted to pass legislation, 30 to 26. once the bill signed, minnesot will join states lik california and colorado, providing free meals to kids so on, that senator. and on that note, i wish you all a very good night. all our colleagues across th networks of nbc news, as you r staying up late, so at the end of tomorrow. tonight on all in, the trump appointed judge in texas, no deciding abortion access for the entire country. we wil have the latest from today s hearing in amarillo. then, congresswoman maxine waters on the failure of silicon valle bank and new fears of a global banking crisis. plus - at the end of the day, complied with everything, an now it is in the hands of ou
The latest turmoil involving banks and the financia markets. today shares of the swiss bank sweat is - setting off fears across the globe all the way to wal street it came after signature bank and silicon valley bank fiel here in the u.s. there are swiss central bank stepped in to say it was ready to support credit suites, an tonight in the last couple o hours, credit suites announced it will be borrowing up to 5 billion dollars from the national bank. with that let s get smarte cocked far lead off pane tonight precludes the pulitzer flies harbor mcquade which is federal former goes attorney for the eastern district of michigan and my friend peters eagles is here at that iraq, you s managing editor for th financial times. peter let s start with credi suites this comes days after silico valley bank, signature bank, w know other regional banks here first republic, they are i trouble. lots of viewers are goin
Or running from the back of th start to fall apart credit weeds been a long running over two years basically almost every major scandal that has been blowing up on wall street as involved credit sweets. this has been a badly run bank for a long time. and what triggered the lates thing was, yes silicon valle bank has stressed the system but the saudi backers who have been giving the money said, yo know what, we are not gonn give you any more money. and that happened this morning the bank fought stocks dropped and as you said, the central bank to seven today an basically rescue them. audience, be patient with me, we won t get too deep into the weeds. but what is 54 billion dollars going to actually do for them? because here is the case, in silicon valley bank they had the issue that all these depositors were pulling out, maybe at credit suites all they have got basically is the wealt management business an investment banking business is getting spun off, you have controlled by the ce
Think is gonna happen, now i i m the fdic, i m gonna go loo at every other regional bank, rather specialty, bank and we ll see what s happening o their balance sheet, we re gonna find some wrought there, because of the rate races that happened so fast, management teams make mistakes, as yo talked about and there s no way this is a isolated incident. now depositors are gonna b covered, so not to have pani they are gonna see wrought that s my opinion. i want to remind ou audiences that depositors this is not gonna get the mor banking, fails but depositor in this country, are going t be protected, that was alway the case up to $250, 000, an the president has assured spot beyond that congressman, i ve seen you beyond that sane is importan great this backstop for silico valley bank, they did a specia thing this, bank there are the one bank really supporte start-ups.