It 98 News Today

hello, everyone. welcome to "cnn newsroom." >> and im john berman. victor is off this froop. and we begin with president bidens dramatic overnight move to dparnguarantee the money is e bank. this comes after the failure of two banks. today the president announced regulators are taking them over, but unlike what was seen in 2008 the u.s. will cover only bank customers not bank investors. >> all customers who had deposits in these banks can rest assured that we protect it, and theyll hav...

Small loss because they were uninsured creditors and instead uncle sam is going to make them whole. >> clearly you could argue that management had made bad decision. that having been said you saw investments in deposits go up double in size in two years at this bank, almost all of it 98% or so uninsured. was this an area where reg regulators could have stepped in sooner and prevented what were now seeing? >> its a massive failure of bank supervision. so during the financial crisis we had so many...