This is CBS Islandward with my colleague Joseph Sternberg in London, and we're going

to London to tell what might be a positive story.

I hesitate because banking makes me very confused.

I can do geopolitics, you know, borders, armies, history.

My short version is that there was a UK iteration of the Silicon Valley bank that had been

very successful so much so that it was set up as a separate branch, a standalone.

When SVP failed in California, the people who are depositors and have loans, lines of credit,

the entrepreneurs were described to me in the UK were at risk.

Enter Jeremy Hanna-Chan at the ex-checker, Rishi Sunak, who was probably on his way to

California for the Augusteal, but in any event phones work.

And members of the banking committees at the Chanceree, I'm sorry, I don't have their

names, and we're told by the London Times it was called Operation Yeti.

I guess that was a reference to a creature that doesn't quite exist, but here it is.

It's their version of the Black Swan.

And the end of this was they found a buyer as the US Treasury could not find a buyer for

SVB on Sunday.

Markets opening Monday morning, you've got to have some way to say things are calming down.

The Sunak government and Jeremy Hanna did find a buyer in HSBC, an international bank.

And the question I have for Joe is, is this explained to the British people as a great

success?

Well, I think that that is certainly how the British government is going to be very keen

to present this situation.

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