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
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
reporter: other search warrants show what police did seize in pennsylvania, including a gun and knife, black face masks and gloves, cell phone, multiple laptops and a book with underlining on page 118. investigators san jose they found a shovel in coal berger s hyundai elantra. the latest documents, the judge ordered them to stay sealed and redacted, saying they contain highly intimate facts or statements or information that might threaten the safety or endanger the life or safety of individuals. experts say that is likely to protect the prosecution s case, possibly preventing a possible jury pool tainting, given the flash attention this whole ordeal has received. brian kolberer s hearing is set for june he hasn t entered a plea his former attorney said he was eager to be kpoj rated nchtsd next, president biden is on his way to california right now for a meeting with the leaders of
Bank investors you heard him talk about the guarantee that none of the money that will be used will come from taxpayers themselves listen to a piece of that here no losses will be borne by the taxpayers. instead, the money will come from the fees the banks pay into the deposit insurance fund because of the actions our regulators have already taken, every american should feel confident their deposits will be there if and when they need them. reporter: you also heard him talk about the need for more accountability he s saying these bank managers will be held responsible he called for more regulations he said the trump administration rolled back regulations and now more are needed to safeguard the financial industry, saying he ll be talking with congress on next steps to be able to do that. how exactly that s able to be accomplished in the near future is still a huge question looming over all of this, especially when you consider this newly divided government that the president will h
Term this speech today all in all was an effort to speak directly to the american people to ease their fears, the president hoping that s enough to prevent this from snow balling into further of a crisis. robin, the president was just asked how do we know, are you confident other banks won t fail he didn t answer go ahead and pick up that baton in terms of what we can see in the near future. if you could, give us a quick explainer on how taxpayer money won t be at risk here. even if that money that shores up these deposits is used in this fund that banks pay into, how do we know people won t have to take this on in the form of fees for starters, the president actually doesn t control all of this you re seeing a high-stakes game of chicken or truth or dare or whatever you want to call it where rumor spreads, you see the stock tumble, you see management come out with this ham-fisted, ham-handed way of saying we re well capitalized