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cruise missiles. at this hour former trump lawyer michael cohen is before a manhattan grand jury investigating hush money payments made to stormy daniels. straight ahead what he told us as he enter had courthouse. and the assurance from president biden to americans worried about their money after the collapse of two big banks in a matter of days your deposits, he says, are safe our nbc reporters are here with the latest developments. and that s where we begin on wall street, where the markets have been up and down all day after the president tried to convince americans the collapse of those two banks is not a reason for alarm cnbc s senior markets correspondent bob pisani is at the stock exchange what s happening there well, there is some relief and there is some confusion, chris. there is relief because the government stepped in and essentially made all of the depositors at silicon valley whole by saying you re not going to lose a dime that was a great sigh of re ....
That was a great sigh of relief on wall street the government also implied that ul aof the other banks might get some backstop as well although they didn t spell it out that way, but that s the implication and the president said your deposits at banks around the united states are safe there is a little bit of confusion about whether there is any other deposit risk in any other banks that are out there even though the government has provided plenty of assurances that everything is going to be fine so big regional banks that trade very strongly every day are down another 15%. a lot of people are trying to figure out why, given the fact the government is trying to imply everybody s deposits are safe right now so relief and a little confusion, chris. all right, cnbc s bob pi saun bob pisani meanwhile we re watching the courthouse where michael cohen is talking to the grand jury regarding hush money payments made to stormy daniels ....