that ensures bank deposits and overseas financial institutions. the agency says all insured depositors will have access to their deposits no later than monday morning. the fdic ensures deposits of up to $250,000. why did this bank fail so quickly? it is an old school bank run in a modern economy. you can point to two reasons. the first is that the fed has been increasing interest rates since 2022. that has an effect on thing bank s assets, which means its unrealized bonds were worthless money. those increased interest rates has had a devastating effect in the tech sector at large. the tech sector has seen layoffs and funds been sold off. that has led to panic. that s led to group chats of founders of vcs all abuzz with what to do with svp. that led to panic. nobody wants to be the last customer held at a bank. help break down all those affected. svb was the premier bank in silicon valley. we ve seen tech companies banking at svb as kind of a badge of honor. right now we
you are live in the cnn newsroom. i m jim acosta in new york. it s here 6:00 here in the big apple, 3:00 p.m. in california. what s likely to be a long, sleepless night and soggy weekend lying ahead for much of monterey county. the county is the epicenter of catastrophic flooding in that state. these are new images of the levee that failed around midnight local time. mandatory evacuations are now under way in parts of the that county. a string of deadly storms has unleashed massive flooding across the central and northern portions of the state. at least two people have died in this most recent storm. this week s atmospheric river is the tenth to hit the state this winter. it s dropped more than a foot of rain in some areas and several feet of snow in others. let s begin in monterey county, the site of that levee breach. cnn s mike valerio is there. mike, the state of that breach, could this continue to dump more flooding into that area? what can you tell us? reporter: tha
hello and a warm welcome to our viewers in the united states and all and the world. just ahead the administration s top finance officials triggered a dramatic show of dual pronged government force. every american should feel confident that their deposits will be there if and when they need them. and heavy snowfall is coming down and that will continue tuesday. it is just the historic decision of whether to charge a former president is expected soon. he speaks in a code and i understand the code because i ve been around him for a decade. live from london, this is cnn newsroom with max foster and bianca nobilo. it is tuesday, march 14, 8:00 a.m. here in london, 4:00 a.m. on the u.s. east coast. and 1:00 a.m. in california where at least 50 million americans are bracing for two separate storm systems. much of new england and parts of new york will be hit by a major nor easter. and in monterey county, a levee breech has added to the flooding there and so5,
plus, russia s military falling apart. soldiers revolting against commanders calling themselves sacrificial lambs as the battle between russia s army and the private military wagner group spills out into the open. and hundreds of migrants trying to storm the u.s. southern border. frustration with biden s policies boiling over. this is the u.s. boarder you re looking at and we ll tell you what s happening there. let s go outfront. and good evening. i m erin burnett. outfront tonight, bank crash. stocks of dozens of regional banks across the united states plunging to record lows today. the situation so volatile that trading had to be completely stopped, halted for roughly a dozen of those banks. here s just a few to show you what happened in the hours they were even opened for trading. first republic bank, 66% lower at one point. western alliance bank corp, 60% lower. pac west, 34% of its value gone. first horizon, about a quarter of its value erased. it was a head-spin
this is cnn newsroom. 50 million are under flood alerts in california. hundreds of thousands take to the streets in israel. a move many see as stepping away from democracy. a protester joins me later this hour. history could be made at the oscars, we take a closer look at who is likely to go home with a golden statue. live from cnn center, this is cnn newsroom. california is getting a brief respite from recent storms and flooding but not for long. more rain is expected later today and the next big storm system is expected to arrive monday and last through wednesday. officials say the flooding will have a devastating impact on the community. today is a worst-case scenario for this community, a heavily latino community. we work hard to prioritize this community and avoid flooding. we know that these are the folks that can least afford this type of hardship. we note the river levy was breached, and more than 90 people were rescued by emergency crews. 50 million are u