One Thing: Breakdown of a Bank Collapse (and What It Means for You)

CNN 5 Things

CNN

News, Daily News

3.7 • 1.3K Ratings

🗓️ 19 March 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Federal Reserve is scheduled to meet this week for the first time since the collapse of Silicon Valley Bank. The key question: will the largest failure of a US bank since 2008 change its approach to fighting inflation? In today’s episode we look at how we got here, the emergency response, and if the average customer can have faith in their money going forward. Guest: Christine Romans, CNN Chief Business Correspondent To learn more about how CNN protects listener privacy, visit cnn.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	At Barclays, we're here for the land of football.
0:06.4	We're here for the Premier League,
0:09.0	and the Barclays Women's Super League.
0:12.1	We're here for the football chance for giving more girls a chance.
0:18.0	We're here for the grassroots and all the muddy booths. From schools to stadiums, we're here for it all.
0:27.6	Barclays, here for the land of football.
0:31.6	Kelly and I were actually at a toy industry media event in New York City on March 8th.
0:36.8	This is Kaylee Christensen.
0:38.7	She's the co-founder of Slumberkins.
0:40.5	It's a kids toy company.
0:41.7	They make these cute stuffed animal characters and
0:43.9	corresponding books that teach emotional learning skills. And it was on March
0:48.0	Heath a little over a week ago when she and her co-founder Kelly Ouryard
0:52.2	started hearing that her company's bank might be in a little bit of trouble.
0:58.3	He'll never guess which one.
1:00.3	And on Thursday though, tried to access our accounts at Silicon Valley Bank and the portals kept crashing.
1:08.0	The next day, as they were about to board a cross-country flight back home to Portland, Oregon, Silicon Valley Bank confirmed their withdrawal request.
1:16.0	But that's all they knew.
1:18.0	And we got on the plane thinking, okay, our entire bank account is hanging in limbo and ACH, like, wire transfer fund.
1:26.3	We hope it materializes by 5 PM at the end of today.
1:30.7	Yeah, and in that time frame we hear that the bank failed and it's gone under.
1:37.0	So that was like, wait a minute, what? How do we, what are we supposed to do?
	...

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