right up federal regulators are scrabbling to prevent a sudden bank failure from triggering a wider financial meltdown. cnn has learned the fdic has prepared to step it and operate silicon valley bank to ensure its account holders can pay their employees in the wake of friday s sudden collapse of that banker that s according to a source with details on briefings between treasury officials and lawmakers for us just one sinner being floated at this hour with just hours left until financial markets reopen for monday trading for less tara spoke with a woman who used to silicon valley bank to run her small business per she says she is not her yet from any bank or federal official about the status of her money, here s what she had to say. note direct communication from anyone at this point. so i m in close communication with a lot of other founders and business owners. and we are trying to share all the information we can find during our own research and piecing it together. fran
there apparently was not a buyer. silicon valley bank despite the request for bids or at least nothing has been announced so far. but the fcic in conjunction with the federal reserve and the treasury secretary apparently determined that there would be what s called a systemic risk exception. and that they would ããthat the government would essentially make sure that those who had deposits at silicon valley bank would be made whole normally again ãã the fdic insures deposits up to $250,000. that was not the case. many of the deposits and accounts at this bank exceeded far exceeded that level so the idea here is to calm that concern ããcalm the concern of any depositors at comparable banks. so that they don t ããthat sort of panic does not feed on itself. that is the goal here. right. catherine, just a quick follow-up heard we re looking at what looks like we are going to be saying on wall street tomorrow morning. the dow feature nasdaq futures
if silicon valley bank is not resolved and an imminent timeframe i think you you should expect to see some of this concern will spread to the other banks. former fdic s chair says a buyer for silicon valley bank is the best outcome. i know you saw this earlier today, catherine, chuck treasury secretary janet yellen set a ballot of the bank is not under consideration at this point. could you have something short of a bailout summit rescue package that no one was to call a bailout but is essential when going in there and assisting the investors, the consumers at that bank? so, everybody knows the word bailout is a toxic term. nobody wants to be accused of bailing out anyone let alone a bank, let alone a bank that serves the tech industry, which is a very polarizing industry. it does not really have a specific term. i think what they mean when they say were not going to have a bailout is we are not going to
only announced it for these two banks. the question is how to investors ããheaded depositors ããextrapolate other banks? did they say ããif the fdic and treasury and the fed were willing to do, stop the panic and stop the bleeding at this one back ããwill they do it at my bank as well? and we don t know yet. how that will be interpreted. i m sure i will be looking as others will at markets tomorrow and added behavior of these financial institutions tomorrow. absolutely. if folks are lining up at the bank, that might be assigned of where things might be heading. our catherine ramapo. thanks much. we appreciate it. despite russia s brutal attacks on the city of walkman, one group traffic tracking the work says there s no sign t that russian forces a are making any progress. we spoke somebody y just back from ukraine who s helping investigate possible war crimes. i think you recognize him. we are alive in the vecnn newsroomh is. [music] res
right up federal regulators are scrabbling to prevent a sudden bank failure from triggering a wider financial meltdown. cnn has learned the fdic has prepared to step it and operate silicon valley bank to ensure its account holders can pay their employees in the wake of friday s sudden collapse of that banker that s according to a source with details on briefings between treasury officials and lawmakers for us just one sinner being floated at this hour with just hours left until financial markets reopen for monday trading for less tara spoke with a woman who used to silicon valley bank to run her small business per she says she is not her yet from any bank or federal official about the status of her money, here s what she had to say. note direct communication from anyone at this point. so i m in close communication with a lot of other founders and business owners. and we are trying to share all the information we can find during our own research and piecing it together. frankly i ve b