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
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,
homes leveled, airplanes upended in missouri. tens of millions of risk once again for massive hail and powerful storms. just breaking, criminal charges dropped against alec baldwin, who was charged with involuntary manslaughter after that deadly shooting on the rust movie set. production slated to restart today. so why are charges being dropped now? just in tonight, president biden s plan to announce his rebid for election as new details emerge on the hunter biden investigation and the criminal charges prosecutor have considered. this spectacular explosion on the first test flight of a new powerful space rocket. what caused it, and why nasa is still call it a success. car repossessions on the rise as more americans struggle to make ends meet. how to navigate the high cost of owning a car. cutting down on food waste to combat climate change. the amazing school that s making sure less ends up in the landfill in our series climate challenge. and finding a signatu
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
translator: it s fear of where do we go with the kids, because we don t have anywhere to go. we came to check our home but they won t let us in. millions in california, more rain expected throughout the weekend, and as more details come to life from that deadly kidnapping in mexico, we ll look at the growing business of medical tourism in the country. plus the bbc s soccer coverage plunged into chaos from the gary lineker partiality in the uk. this is cnn newsroom with kim brunhuber. we begin this hour in california where a series of deadly storms unleashed historic snow falls and massive flooding across much of the state. the white house telling us the president spoke with california s govern gary newsome again on saturday telling the governor that california has full support of the federal government. it is likely to be a long, sleepless night and soggy weekend for many across the state especially in monterey county. the latest epicenter of extreme weather. a