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the federal government is now stepping in to calm financial panic over the failure of two u.s. banks. >> the biden administration announcing it will extend a federal backstop to all the banks deposits. >> treasury officials push back on the idea this was a bailout saying the burden is not borne by the taxpayers. >> we'll hear from president biden moments from now. >> water everywhere, causing chaos across central california. >> warnings of intense sustained flooding in the days ahead. >> it's unimaginable. >> folks, we are not done yet. >> former vice president mike pence telling a crowd in washington that history will judge donald trump for his actions on january 6. >> probably not a message that will be terribly popular with

republican-based voters. >> three women who live in texas are believed to be missing in mexico. >> we really haven't had any other incidents that i can recall. >> and the oscar goes to -- "everything, where every, all at once." >> this year at the academy awards, they had the highest number of asian nominees ever. >> for all the little boys and girls who look like me watching tonight -- this is the beacon of hope. dreams do come true! >> and welcome in, everyone on a very busy monday morning. we're going to begin with the biden administration scrambling to prevent an economic meltdown after two different banks fail. poppy is on her way to speak with a local toy store about how they're scrambling to respond. we'll go to her shortly. >> a live look at the white house. president biden is set to address the nation in the 8:00 hour. the federal government tries to

ease panic and stop the crisis from snow balling. we'll carry that for you live. > silicon valley bank collapsed on friday. regulators shut down signature bank based in new york. they say it was on the brink of collapse and a threat to the entire banking system. feds are now taking extraordinary action. they're guaranteeing that customers of both banks will be able to get their money back starting to day. and they're offering emergency loans to other banks to keep them afloat. i'm going to go straight to cnn's white house correspondent for the latest. good morning, m.j. what do we expect to hear from the president when he speaks shortly? >> good morning, don. it is clear that president biden's message this morning is going to be there is no need for panic. we saw over the weekend the administration working furiously to try to contain the fallout and that culminated in the announcement that was dramatic that said all depositors will have access to all of their funds starting to day.

and that taxpayers are not going to foot the bill. when he speaks in a little bit, the president, we expect him to echo some of the messages of reassurance that we heard from some of the other top u.s. officials including the fact that they believe the u.s. economy is not where it was back around the 2008 crisis. the economy is far more resilient. the reforms that were put in place after that financial crisis will work. that is part of why treasury secretary janet yellen said that the bank is not going to be -- is going to get a bailout. and also this commitment that they're going to try to protect small businesses. small businesses made up a large portion of the depositors at silicon valley bank. the president, you know, last night said in a statement he will hold those responsible for this mess fully accountable. we're about to see who he believes are responsible for what happened. and also accountability is going to look like, don. >> all right. >> m.j. lee joining us from the

white house. thank you. zb >> let's talk about. this two banks abruptly closed their doors. the u.s. government is backing deposits for silicon valley bank and signature bank. christine romans is here along with a senior editor and reporter. i want to get to you on what the federal government is doing in a moment. can you explain this? it is not just the bank that happened on friday, svb this is also this bank from yesterday that collapsed after the warning they got. >> this is a run on the bank. classic run on the bank. the fed started cranking up interest rates, right? all of these long dated treasuries that svb had on the books got less and less valuable. at the same time, tech was starting to have a down turn. so the companies that used to be putting money into the bank were taking money out of the bank because they were burning so much cash. of. >> suddenly, it became clear that the bank was selling its treasuries at a loss. it spooked investors.

investors started telling their companies that the startups they invested in, get your money out of. there a classic run on the bank. i think what is really clear is we knew when the fed was jacking up interest rates you would find weaknesses in the system. something would break. in this case, these banks broke. >> we talk about whether this was the -- whether it's a bailout. >> yeah. >> you say clearly is. taxpayer money is being -- taxpayer money is not being used. >> it is to think so. but it's not the case. taxpayer money is backing this. there are two ways that we are bailing out these banks right now. when we're talking about bailing out the banks and the depositors, what we're really talking about is bailing out and capitalists backing the companies that are here. there is not enough money in the insurance fund that is paid for

by banks. to really protect all the depositors in america. if there is really a run, taxpayers would back that. that's going to banks. they can sell or they can give their assets that have lost money to the fed and they get a loan. they get a cheap loan. but they couldn't get otherwise. so taxpayers are certainly backing up these very wealthy investors who have made mistakes. >> it's not just affecting people in sill con silicon vall. what we heard is the firms are not being bailed out. depositors are being protected. you're saying they're wrong. >> right. they are -- that's not accurate. i agree with you about payrolls.

but, you know, basically the treasury is like, blah, blah, blah, it's not a bailout f we can name this something else, it's not the case. but what happened is people were about to take losses. some of the biggest anti-government deregulation advocates in america were suddenly screaming for federal government help this weekend. they got it. the losses were prevented there is no way to sugar-coat that. that is a bailout. >> they're not going to be protected. that is important to note. i think, you know, bailout is such a dirty word after the great financial crisis. the entire fanl syinancial syst on the brink. this is not a financial bank and

signature this is a different scenario that we're in here. there is still very, very careful about not wanting to call this a bailout. they made money on the end. it was ugly. the fed facility is really important to note. so this is the fed giving banks, banks who want it, a one-year loan. the collateral is all of these bonds that are worth less today. so it's like giving them really good deal. >> and there you have it. there is a bailout. i think you made a important point. underlying this is a question of whether this was an actual systemic risk that required the federal government to come in here. this is one bank, bank dozen fail. this is concentrated in one area. very wealthy enclaves.

and the number of employers and employment here and significant and unsympathetic is very small. there is 150,000 workers here. so it's really not really an economy wide systemic financial crisis that required federal government possibly. >> i talked to gary cohn yesterday. senator warren criticized the rollback of the dodd frank rules put in place saying that contributed in part because there was less oversight of a bank this size. do you think that is true? he said it's not. >> it's a very good point. and one of the people who is advocating for that rollback was the ceo. so that was a trump era deregulation. >> we have to run. just real quickly, what do we

expect to hear from the president today? >> look, i think he's going to say that we're going to make sure the financial system is strong and we're going to make sure that your money is safe. i think the bottom line is if you have less than $250,000 in a bank account, your money is safe no matter what happens. it's insured by the federal government. these are people and companies that have way more than $250,000 -- they had $137 billion in uninsured deposits in the bank. they were not protected. the government stepped in and said everyone will be made hole. >> jesse is also the author of the "chicken -- poop -- wasn't sat say the real world on morning television. thank you both. even if you don't, you know, monitor, closely monitor markets, silicon valley bank's failure is having a real impact. you need proof of that? look at a toy store. on friday they sent an e-mail out to customers to put up this

ad on their website. it said, when your bank collapse, run, don't walk to save 40% at camp. the captions say i never like the bay area and could this happen? how could this happen? this all sucks. promo code, bank run. is that right? so, poppy, we're, you know, we're talking about kids toys here and you're live at the camp store right now. what are you seeing? hello? >> hey, guys. good morning. we're with the ceo. this is your idea over the weekend. and we're smiling because, thank goodness, your deposits are now assured because the federal government. but this was a last-ditch effort over the weekend to try not to collapse. that's how dependent you guys were on svb. >> yeah. about 85% of our company is cash assets were at svb.

>> 85%. millions of dollars. >> millions of dollars. >> so what happened to you friday? >> so on friday when we got the alert that the fdic was taking control of the bank, we had no idea what would be the next step. we didn't know how long it was going to take. >> we're grateful the fed stepped n we did what start-ups do. we took matters in our own hands. we took that fight for survival. same thing when covid happened. and so we turned to our most loyal group of customers and said, hey, we need cash right now. we set up a new account and pushed our weekend sales to a new account. >> at jpmorgan chase. >> yes. >> we said we need your help. the outpouring of support was -- >> so to all our viewers and guys back in the studio, the reason that i wanted benson i'm

a loyal customer. i have little kids. i get this e-mail friday afternoon. i'm like, wow. they're turning to everyone who is a customer to try to save the business. that's how dire the straits were for you. >> yeah, we have to pretend like it was the end of time. it felt that way. we had to find a way to fight for survival. that was turning to customers, providing them with a little offer. there was value for customers who offered 40% off. and we were so lucky to have so much amazing support. >> in all the things that keep you up at night as the founder of a business, small business, as a start-up, did you ever think that your deposits that were larngly held in, you know, securities, treasuries, bonds, would not be available? >> no. i mean, like you said, running a start-up is hard. running a retailer is hard. running a product company is hard. running and experience business is hard.

we never had to think about the safety of our bank. that's an added layer. >> i spoke to a lot of founders this weekend. and another start-up founder and ceo told me it was a requirement that if you got lending from svb you had to hold all of your cash deposits there. they require that. is that true for you? >> it was true. at a certain point in our company's history. we had a line of credit with svb. we no longer did at the time of the collapse. because when you check out at the register, the money went to svb. it was all wired in. we never transferred that away. >> but that would explain why so many founders and startups had all of the cash in this bank. >> yes. >> yeah. >> it was bank to use. >> and they made that available to you if you wanted to get credit from them? >> yes. >> do you have a message from the management of svb? do you think this is bad management? >> i don't know. i mean, i'm -- i run a toy

store. i'm not an economist. i don't know how to manage, you know, money at that scale. frankly, like svb was there for us when we needed them. they were there for other starters. again, startups are hard. >> is that why you didn't pull all your money out when you heard this twitter chatter and talked about pulling money. >> we attempted to on thursday. it just didn't settle at the other banks. >> i have to think of all employees first. what were they feeling and saying? >> again, we were lucky to have an account already set up at jpmorgan chase. the first thing i said to my employees is we have a little cash there. p if you pay in cash in our stores, you know, the store managers run it over to chase. we knew we were going to able to make payroll this week. but we said the future is uncertain. we don't know what the next step is going to be. and so, again, we turned to customers and immediately store managers are saying the stores were packed. and, you know, what we saw online from people that were not only existing customers but new customers wanting to support

this brand was, you know, i'll never forget it. it was amazing. >> i'm so glad. does it change, finally, how you hold your money going forward? do you now split it up? i think a lot of heads of small companies and startups are thinking do we put 20% in this bank and 20% in this bank and 20% in this bank? >> yeah. i think that's going to have to be a consideration moving forward. i he don't want to do this again. >> no. no one does. we're glad you're okay. you're going to make the next payroll. >> we are. again, like the support this weekend was incredible. we're going to go back to the regular start-up fights. you know, the regular fighting for survival that every start-ups do, even when the bank is stable. >> you made it through covid. >> yeah. >> you made it through this. i told you, we would get all of our kids christmas gifts, birthday gifts here. the staff is always so lovely. thank you. good luck. >> thank you very much. >> hey guys, back to you. >> and one of the coolest old school rocking horses in that store, poppy, as you know. >> we love the old school

rocking horse. >> it is great. i love what he said. i'm a toy store owner. i'm not an economist. i think that speaks to a lot of, what a lot of folks are dealing with. >> such a good interview by poppy there. it also brings home the real life impacts of this. fox media, etsy, roku, all these companies were affected by this over the weekend and didn't know if, when this morning happened if they were going to have access to any of their money. now they'll have access to all of it. it shows you, he is a toy store owner, what am i going to do? >> they'll have access. still causes a lot of consternation. a lot of undoing of things they tried to put in place over the weekend that they have to fix. it's not done yet. we're going to continue to pay attention. the president is going to speak shortly and we'll carry that for you live. interesting to hear what he has to say. >> north korea saber-rattling with a missile test launched from a submarine. >> also, officials say that a large group of people seen here approach the u.s. border point. the entry point in el paso,

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north korea launching at missile test from a submarine sound. officials of pyongyang saying it confirmed the reliability of the weapons system. the move comes as u.s. and south korea kick off their annual spring time joint military exercise. the 11-day freedom shield drills are the largest in the last five years. north korea also issued several warnings against the scheduled drill last month. also, u.s. border patrol clashed with migrants at the border crossing. the migrants were essentially trying to gain entry to the u.s. en masse on sunday forcing agents to halt traffic. rosa flores joins us live from houston. rosa, what happened and how did officials handle this? >> kaitlan, good morning. according to customs protection this started 1:30 on sunday.

this happened at the bridge in el paso, texas. this connects el paso to mexico. they say they deployed physical barriers to stop this attempted mass entry into the united states. now according to customs protection by 7:00 p.m. local time, the flow of traffic was back to normal. i just checked those cameras, the live cameras and the traffic, it is back to normal. and the big question is why? why are we seeing this right now? there's been a swelling of venezuelans. talking to some of them recently, there is just desperation. they feel hopeless because they sold everything in their home country. now they're stuck on the border. >> three women from texas

disappeared on their way to a border town in mexico. what can you tell us about the latest on that investigation? >> you know, i just obtained photographs of the search. this is from the ag's office. he sends me these overnight. you can see there is dozens of vehicles involved. and drones and also personnel. this, again, is in the state of mexico. here is the time line that we know. according to the texas police chief this is in the rio grande valley of south texas, he says the three women crossed over to mexico on february 24th. according to several mexican authorities, they say these women were driving a green 1996 chevy silverado. they were going from a town to another town when they disappeared. their family reported them missing on february 25th. if this name sounds familiar,

it's because it should. that is the state where the four americans recently were kidnapped. these women had to drive through the this state to get to where they were going. as you know, the state is in this department of state dozen not travel list. the state is not on that list. it is considered an area where crime and kidnapping also happen. we reached out to the fbi and they're not commenting at the time. >> you know the families are worried. >> straight ahead, the big wins and highlights from last night's oscar awards and how the slap was addressed. >> if anyone in this theater commits an act of violence at any point during the show, you will will be awarded the oscar for best actor. that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes morore restful sleep per night.

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en and the oscar goes to -- >> michelle yo. >> and the oscar goes to

"everything, everywhere, all at once." >> it really was everywhere last night. "everything, everywhere all at once" dominating oscars last night with the eccentric science fiction concept taking home seven oscars including best pict picture, director, actress, supporting actor and editing. largely drama free night following last year's explosive slapping incident. for more, let's bring in brittany spanos, senior editor for "rolling stone." great to have you both. what a night. what a night to finally showcase and honor diversity we've been waiting for for so long at these awards. >> everything is rooting for "everything everywhere all the aonce." interesting to see them take home the awards and see three acting awards also for actors that have never been nominated before across the big four. it is incredible to see what happened last night.

>> yeah. what stood out to you? as you were watching, it didn't have the same drama as last year. but i think that was kind of welcomed, the fact the spotlight was on something like all of these asian actors and actresses and asian-americans and putting that in the spotlight instead of, you know, what we were talking about a year ago. >> absolutely. they cleared the very low bar of no guest got assaulted. i think that is sign of progress. but what really stood out to me was the number of come backs and kind of reassessments when it came to a lot of the major winners. you had michelle yo seen as a martial arts star earning this acknowledgement, someone like kwan who had actually because of a lack of career opportunities been kind of out of the industry for a number of years. he came back. brendan frasier, someone on the a list for many years and then had all the personal health struggles. and he came back and won the oscar. i think there is a lot to sort of feel good about which was a

really nice thing particularly in contrast to last year's ceremony. >> were you surprised that he had -- was -- you know, that i thought that brendan frasier was such an important role he played. >> i think the enormous amount of good will that people have to brendan frasier. if you look at the oscar events this man is so nice, so generous, and so genuine. i think that's what people really responded to. >> how is jimmy kimmel as the host? was he good? >> you know, i feel like he wasn't really around too much. i feel like it was a straight forward show. it was very, you know, there was not a lot of excess fat on it. >> they need to ease off the cocaine last night. >> yeah. >> definitely a lot of that. maybe cocaine bear sweep venture in the oscars or something. he didn't do too much. so that was fine. you know, kind of like a little

bit of a dry show. i feel that's how the oscars are functioning. >> i mean, look at her. >> yeah. of. >> speaking of people getting recognized that deserve roiz recognition and had for so long not been afforded that recognition. >> yeah. absolutely. >> gorgeous. angela basset we're talking about. she was up for best supporting actress. >> right. everyone is sort of shocked she didn't take it home last night. i think there is a lot -- a really tough best supporting actress category. i think everyone sort of had their winner in mind. and so it could have been anyone for that. >> were you surprised by the best supporting role? >> i thought it was between her and jamie lee curtis. i think it's a lot like the brendan frasier thing. jamie lee curtis has been in the industry for decades. she work with a lot of people. there are a lot of friends who are among the voting block who i think probably put her over the top. i think angela basset will be back. i think she'll win at some point. >> poppy, you loved that acceptance speech moment from kwan and from everything overall. you were talking about that.

>> yeah. was it me? i was. >> yeah. >> i thought it was poppy. >> when he said my 83-year-old mother is at home right now. look, mom, i won an oscar. i so related to that. it made me cry. i think that's as far as i got. i think i fell asleep after that. >> very special when harrison ford presented best picture and they had a very special thoug have this indiana jones reunion in this moment. that was his first role. he just had a really tough time over the years since he was a child actor. and to have this moment where steven spielberg is rooting for him in the audience, to have harrison ford present him with the award and, you know, i think that was just such a highlight for me to see them have that little moment on the stage. >> and halle berry. my goodness. >> yeah. >> she gets more beautiful every year. stunning. >> guys, thank you so much. i love what you wrote about it being a night of come backs and reassessment. thank you very much, brittany and brent. >> thank you. really exciting news for us, too, here at cnn. cnn films taking home best

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all right. an update for you on the news that everyone has been watching all weekend. this morning we're seeing regional banks get hammered two hours before the markets are set to open. first republican bank says they are plunging down more than 60% after what we saw happen on friday and yesterday. silicon valley bank and s signature bank closing their doors and the president biden is about to speak about the failing banks. christine romans is here now. so first republic bank shed half of the value before the markets opened.

>> the regional banks are really getting hammered here today. investors are looking for anything that looks remotely like svb. so they look at some of the west coast regional banks and hammering those. first republic down sharply here. that number is not correct. and pathwest is down this morning as well. charles schwab which is also a west coast money manager is down 8%. we're watching those closely. other banks are down. the big national banks are also down 1%, 2% this morning. you're going to see a lot of unease in the banking sector. it's not necessarily concerns about their balance sheets. it's concerns about profitability and what i mean by that, these banks are going to have to start paying more interest for depositors to keep depositors happy, to keep the deposits in their banks. that means they're going to make less profit. that's one thing you're seeing in the banking sector. overall, futures are just barely mixed. this could have been a very different looking day here today if the fed and the fdic, treasury hadn't stepped in. so you got some stability

overall in the stock market. but in the banking sector, we'll be watching very, very closely. there is still some unease there. >> overall. if you're a mid-sized bank or banking with a mid-sized bank, is this going to hurt them? are people less likely to go to go to something like that? >> your money is insured up to $250,000. lo looks like the government is going to insure that your money is safe. that is something the banks will be facing here. i think the federal backstop means the balance sheets are not the issue for the banks. it's their profitability that will be in question going forward here. >> okay. that's good advice. everyone is searching for advice right now. consumers will check back in with you it at the top of the 8:00 a.m. hour. >> the president is going to speak in just moments. in the meantime, joining us is democrat senator tammy baldwin. she was on the call with the president for the biden administration, i should say, about the silicon valley bank

decision. thank you so much for joining us. lots to discuss. of course, this is top of mind this morning. what happened to the biden administration call with members of congress about the banking fail? what happened? >> we learned about the signature bank failure also added to the silicon valley bank:and assurances were made, obviously, for fdic, $250,000 secured for everyone. that's already a given. but the administration indicated that beyond that, those who had deposits beyond the $250,000 would also be kept whole but not at taxpayers' expense. this is urgent from small businesses that need to make payroll, et cetera. the message, i think, is no widespread panic necessary. >> they're not worried about other banks? >> i think that there might be a handful of other banks out there. but i don't know for sure.

but i think the issue is that there should be no widespread panic. i think that for us in congress, we need to revisit some of the regulations that were loosened on the regional mid-sized banks not so long ago. i certainly oppose that loosening at the time. >> you're talking about the bill 2155 in 2018. it really loosened parts of dodd-frank for any bank that had less than $250 billion in assets. 17 democrats voted for. that one was mark warner much he was asked yesterday on abc if he regrets that vote. listen to what he said. i wonder what you think. >> no matter what the capital had been in this bank, if you don't get banking 101 straight, if you don't manage your interest rate risks, if you then got to run at $42 billion in a single day unprecedented. management didn't get this

right. banking 101, managing interest rate risks, that -- >> so, senator, you don't regret that vote? >> no. i don't regret that vote. listen, i think 2155 bill, i think it put in place a appropriate level of regulation on mid-sized banks. >> looking at it now, is there the appropriate amount of regulation on these banks or would you be in favor of voting to reinstitute things like the stress tests for banks like this? >> i certainly think moving forward that we need to come back to those questions. time changes circumstances. and i think it's appropriate for us to re-examine that. >> you voted -- why did you vote against that legislation in 2018? were you worried about something like this? >> you know, i think that at appropriate amount of capitalization and regulation should be required especially, you know, there was a big lobby to get the community banks out from under the regulation of dodd-frank especially the very small ones. i didn't think that the regional

medium-sized banks should really have been a part of that. >> on the white house's response, is it sufficient so far? >> i think so. the call we had last night involved treasury and the fed and fdic. all hands on deck clearly working all weekend long. and we'll hear from the president shortly. i think they've been dealing with this in very expeditious manner. >> the treasury department says it's not a bailout. it is insulating tech investors. is it a bailout? >> i think the question is will there ever be taxpayer dollars on the line? so far we've been told that is not going to be the case. they'll figure out within the federal government a response that won't require taxpayer contribution. we'll keep a strong eye on that, i promise you. >> yeah. >> one of the other things we want to talk to you about is this legislation that you put

forward once again. the you're hoping you can get enough votes. you need republicans onboard. this is on trying to ensure the right to an abortion for women in every state. >> that's right. >> after the supreme court overturned roe. you got 47 democrats supporting it. joe manchin and bob casey didn't say they're supporting it. you don't know how they would vote? >> 49 of us this is the largest number we ever had on the women's health protection act when we introduced it last week. and so we're showing that the support is growing. we're still talking to other members of the senate to grow that support. i think what is really key is after roe versus wade was overturned, half of america lost freedoms and rights. and my home state of wisconsin there is a near absolute ban on abortion and 13 other states like wisconsin, we're talking about a crisis situation right

now. we've got to advance not only the women's health protection act, we've got to be working on all fronts to assure that women have the rights and freedoms and not fewer than their mothers and grandmothers in america. >> how is walgreens the decdec decision -- is walgreens decision playing a role in the legislation? >> certainly the passage of the legislation would address that. you didn't have to worry about what zip code or state you were in order to access a proven effective, safe medication for abortions at a certain point up to a certain point of pregnancy. i think walgreens messed up in announcing how they were going to distribute the medication. i think what they really owe the american public and their customers is clarity. they received sort of

threatening letter from a variety of republican state attorneys general kind of bowed to that pressure. they really need to look at the law of each state and be able to give a clear message to their customers and the american public of where people will be able to access access that medication. >> we aren't always as fortunate as we are now to have you in studio. please come back. >> thank you very much. >> and we'll continue to collapse how this sv collapse is handled and how congress is responding to it, as well. >> right on. >> speaking of that, president biden expected to direct a collapse at silicon valley bank and address their response. we'll speak to jack singh, the founder of the tech start-up company that primarily used that bank. and what the manhattan district attorney is saying about his probe into former president trump's alleged hush money payments. that is all ahead.

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here's how the manhattan d.a. over the weekend, alvin bragg, described his motivations. >> we're looking at the facts and the law. we follow the facts, doesn't matter what party you are, doesn't matter your background, what did you do and what does the law say? >> joining us now with his perspective on this is one of trump's attorneys during his second impeachment trial, you'll recognize him, david schoen. david, thank you for being here this morning. we just heard from trump's attorney who is handling this case here in new york. he was on good morning america. i want to show you what he said and have you respond to it. >> he made this with personal funds to prevent something coming out false, but embarrassing to himself, his family's young son. that's not a campaign finance violation. not by any stretch. so personal funds and personal use of funds, spending to full ail commitment and obligation or an expense of a person that would be existing, irrespective of the campaign is not a violation. and that's what you have here. >> david, do you agree with him?

>> that's what michael cohen said originally, you know. listen, the new york law is a bit convoluted. and i think the biggest problem here is the acceptance of the idea of indicting a former president, unprecedented move, a law that's sort of a couple of steps removed. in other words, the law here makes it a misdemeanor to falsify business records with the intent to defraud. so the idea there would be that payments were falsified that were made to michael cohen to reimburse him for payments to stormy daniels, miss daniels. and then it becomes a felony under 175-10, under new york law, if there was the intent to defraud, to commit or conceal another crime. and so we're a couple of steps removed here. it's a fundamental assumption or principle of prosecution, both federally and in storknew york that we don't prosecute unless the prosecutor beliefs he will get a conviction beyond a

reasonable doubt. that's a dubious theory of conviction. it's not the kind of case to indict a former president trump. by the way, the political fallout plays both way. there's an election bloc piece by rick hazen, who's no trump lover, who says, this is not a prosecution to bring. you risk making president trump a martyr by doing this kind of thing. and the public is already so skeptical of these kind of things. i think it's a big mistake to bring this prosecution. >> do you think he is going to be indicted, though? >> i've said all along, you know, i'm a worst-case scenario person. i think right now, we're seeing politically a rush to be the first prosecutor to indict a former president. so i worry about that. the political considerations play into it. which again is fundamentally against the aba standards for federal prosecutions or any kind of prosecution, including state prosecutions. i worry, though, there's a race now between new york and georgia, to be the first one. i think it sets a terrible, terrible, dangerous precedent. sorry, go ahead. >> david, is that a longer way of saying, yes, you do think he will be indicted? >> i don't have a crystal ball.

i worry that he will be indicted and i think that's bad for the coun country. if i were a betting person, i would say, yes, i think for political reasons and not consistent with the law. >> one thing that we've reported on is that the d.a.'s office offered trump to come in and testify himself, to speak to the grand jury. that was how it signaled that an indictment was likely likely. he huddled with his team over the weekend. if you had been in that team, would you have advised him to go before them? >> i would not, frankly. i'm not sure, by the way . i saw mr. techapino on the piece. he's certainly representing the president now, representing him in another matter in new york, former president, and another matter in new york. but, listen, you know, lawyers can differ over this kind of thing. new york, this is part of their system. they offer the subject of the grand jury investigation, an opportunity to testify. and then there's certain immunity factors that play into it. i would not, because i think there's an agenda here. and i think there's a graduate risk of sort of perverting anything that he says in there

to maybe come up with another crime. >> trump seems to have this idea sometimes, and i've been hearing from some people around him that maybe he can go in there and change their mind. do you think that's unlikely? >> i think that's unlikely. i know what you're talking about. he is a very persuasive speaker. and i know that sometimes, there is this thinking about changing people's minds. but if there's a political agenda at work here, and i believe there is, then i don't think that's very likely. i don't think, frankly, that the facts matter. and again, you have to think about all of these considerations, including the level of evidence here. and the source of the evidence. the case starts and stops with michael cohen. >> yeah. and i'm assuming you don't think he's a very good star witness for them? >> well, he's got problem. every criminal case, generally the government witness has a problem, but here, he's on record with the federal election commission, with the "new york times," and elsewhere saying that this absolutely was not any kind of hush money, that the president trump didn't know about the payments that he made and so on. i understand, he changed his position and people do that. but that's not the kind of

witness that we indict a former president behind. >> we'll find out. david schoen, thank you so much for that analysis. >> thank you. and "cnn this morning" continues right now. good morning, everyone. top of the hour. we're glad you're with us this monday. wow, what a weekend it was. two different banks failing back to back. the biden administration trying to ease panic and prevent an all-out financial crisis. the president will speak a little bit later this morning at the white house, as the federal government steps in to protect and shore up america's banking system. >> we're watching that very closely as we look at live pictures of the white house. and we're going to talk to the ceo of a tech start-up after his company's primary bank suddenly collapses. we'll also speak with shark tank star and investment mogul, kevin o'leary. how concerned should we be about the economy?