tv MSNBC Reports MSNBC March 15, 2023 7:00am-8:00am PDT
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down the financial sector. coming on the heels of the major collapse of silicon valley pank. we'll dig into the investigations now being launched into svb, including whether bank executives sold any stock before the spectacular meltdown also right now, abortion rights are firmly in the spotlight in a texas courtroom a judge is set to gavel in a high-stakes hearing over whether to pull a major abortion pill off the market we're expecting crowds of support etc. to gather outside the courthouse how soon the judge could make a decision and how tar beyond texas it could reach plus michael cohen heads
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back in the hot seat he's set to answer even nor questions before the manhattan grand jury probing hush money payments to stormy daniels cohen spent three hours answering questions on moond what more could he have to say today. and the faa is set to host a safety summit after weeks of high profile close calls between planes and terrifying on board attacks. the changes that could come out of today's summit as the acting faa administrator works to regain the confidence of fliers. >> is flying safe right now? >> lester, i can say to you, to your audience, to the american people that say flooiing is absolutely safe. >> we'll have more on that including my conversations with flight attendants. but we begin with the latest turmoil in the global banking industry senior analyst is keeping an eye on the markets for us. justice correspondent ken dilanian has the latest on the probes into silicon valley bank.
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i'm also joined by andrew wiesman, former jl counsel, who also served as director of the fbi's enron task force ron, let's start with the tanking stock price. what's going on here and how does it fit into the larger story involving silicon valley bank >> well, we're worried that this problem in the banking sector, which was local with respect to silicon valley bank and regional banks had exposure to specific industries they had assets that were declining in value as the federal reserve raised interest rates rapidly over the last year now we're seeing this spread across the pond, which is an institution that's never been deemed to be up with of the most credit worthy among the european banks. it's hitting the european markets hard one of the larger shareholders said they would not put anymore money in and that triggered as
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24% sdrop in their shares to a new all-time low now there are more concerns about whether u.s. banks, sm smaller banks are healthy and will require anymore activities from federal regulators or from the federal rezeserve to keep everybody solid and keep depositors safe. >> is this tied to what caused the silicon valley bank? or is this similar to a runnen the banks in panic >> it's a little of both on the one hand, they invested in long-term bonds, which declined in value as the federal reserve rapidly raised interest rates. and there might be other banks that have similar issues with respect to the quality of their assets now this also raises the question as to whether or not the federal reserve will raise interest rates or pause to let the smoke clear around not just the banking situation in the
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united states, but also if we have any global issues, sometimes the federal reserve takes those into account if they represent any systemic financial problem when it's making decisions on whether or not to raise rates. >> we know the d oj is now investigating. what can you tell us >> officials tell us the investigation is being run out of the northern district of california and san francisco there's a parallel doj, fbi and securities and exchange commission investigation it's not unusual for law enforcement officials to take a look when something catastrophic like this happens in the financial markets. but there are some things that are raising eyebrows the ceo of the banks sold more than $3 million worth of stock 11 days before the collapse. he did that pursuant to a plan what they will want to look at is did anybody sell stock based on inside information. that would be illegal. employees were paid bonuses on the day the government took over the bank that may be fine, but that's the
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kind of thing that law enforcement wants to take a look at >> a senior law enforcement official told nbc news that the investigation will be led by a team of fbi agents based out of your san francisco field office who specialize in white collar crimes what kind of steps what they be taking now >> as ken said, this is really pretty typical when you see something like this, a collapse. what you're going to be looking for, you're going to be thinking was there any criminal wrong doing in collection with the collapse, but that's not what this would really be focusing on it's focusing on the idea was there insider trauding this happened in enron you go back 20 years, it happened in the 2008 and 2009 financial crisis the criminal prosecutors were looking at not so much what caused the collapse, but roother whether somebody took advantage of that inside knowledge to sell shares before that became publicly widely known.
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and this is one where the s.e.c. has so much data about who is selling shares, and as ken pointed out, you figure out what is legitimate because it was done pursuant to a plan. it was always going to be executed and not based on insider knowledge, and what looks out of the ordinary it's not that hard because of that data to investigate and found out whether insiderers were trading. you ask them and get evidence of the reason they traded when they did. so you could see potential charges out of this kind of investigation, but it's too soon to tell whether there's that criminal liability here. >> we noted your role on the ep roll task force. two sources say part of this probe will examine whether bank executives sold stock prior to the collapse and any suspicion of insider trauding. in nipg we learned from enron
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that would be applicable today >> jeff skilling is a great example of the former ceo. in august and sold a whole host of enron shares in september is. he claimed under oath in congress he did so because of the 9/11 attacks the problem for him is the records show he put the order in to sell those shares before 9/11 so he was caught making a false statement to congress and was trading on this inside information about enron. so i'm not saying there will be those kinds of examples here, but that is a road map of the kind of thing that the fbi and the u.s. attorney's office in san francisco will be look ing
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at but it really is important for people to understand that there is a demise of the company, but it's a different thing to say there's criminality in connection with the demise or insider trader it's toetally appropriate for th doj and s.e.c. to be looking at that question. >> thank you to all of you we're also following breaking news out of texas this morning. a hearing is starting this hour that could cut off access to abortion medication across the country. dasha burns is at the courthouse in texas >> reporter: a high-stakes hearing in the courtroom behind me in the case where antiabortion groups are suing the fda over the two drug regimen used in medication abortion, which is the method of abortion for more than 50% of pregnancies that are terminated in the united states what we're focusing on today in this courtroom, the the hearing is about the injunction that the
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plaintiffs are requesting this this case. they are asking the judge to order the fda to pull the drugs from the marketplace so if the judge rules in favor, they would have to begin the process of talking the two drug regimen after the market what we're hearing from groups in favor of abortion rights thrks will cause major disruption to clinics across the country as they will have to scramble to figure out other methods for patients there will be an increase in demand for surgical abortions and those appoints are already few and far between as clt inning are overwhelmed after the dobbs ruling, which overturned roe v. wade. we don't know when the judge will rule. it's possible he will rule after the hearing today. or it could be days or potentially weeks, but what we do know is this case could have
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a massive impact nationwide. what happens here today not just impacting texas, not just impacting states with abortion restriction, but even states like new york, like california, where abortion rights have been protected this could have an impact on everyone >> dasha burns in texas, thank you. let's bring in senior legal correspondent laura jarrett, executive 06 the women's group ultraviolent shaw na thomas. this lawsuit seeks to up end a ruling that the fda made some 20 years ago. what are the the arguments being made >> the group that's brought this has been at it for quite awe while. they have been bolstered by the fact that the supreme court has overturned roe v. wade is and now they have a better shot at actually getting the relief that they want. their core argument is the drug is not safe. they say that the fda didn't follow the right regulatory process in evaluating its sauf
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tu the doj says they looked at this at nauseam every time it looked at it, it evaluated it carefully and says the drug is so safe, doctors will tell you it's more safe than tylenol the drug is not -- the judge this this case is not supposed to be looking at all the technical evidence he's supposed to be looking at the legal arguments. one thing you'll see today is the doj saying that the plaintiffs don't have the standing to sue. they haven't been harmed in this case if they vice president been harmed, the whole thing should go away. >> so more than half the women who terminate pregnancies in the u.s. do so using medication abortion talk to us about the potential impact for women in texas and beyond >> it's really important to point out this isn't just about texas. this is about women and people who need access to this medication in all 50 states. this case is really about republicans not being happy with just overturning roe but really wanting to complete
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and total control over our bodies and our health care this is a judge who is essentially reaching in to blue states where abortion is still legal and really just using it to try to restrict our rights and undermine our federal agency >> what is the significance of where this was filed and with who? >> the judge appointed by donald trump got on the bench in 2019 sorks he hasn't been on the bench that long. in husband past record, he's had a conservative stance, at least as a private practice attorney the cases he worked on having to deal with contraceptives and against abortion no indication of how he will rule because he hasn't had something with this level of high stakes before him before, but we're pointing out when you
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file suit in amarillo, there's only one judge, but here's the case and this is the judge that gets to hear the case by local rule it's one of these cases where somed a vo caughts said this is an example of forum shopping because they expected this rule ing. >> when can we expect a ruling and appeals? >> we can expect a ruling any time after arguments today it could come today or weeks from now if they rule for the plaintiffs, expect a quick appeal from the justice department >> so if that happens, what do you see here in terms of your role in protecting access to this medication? >> sure, the first thing is to really make sure everybody understands how this case is making a mockery of our judicial system this well-known hate group behind this case has a radical agenda they found a judge who they knew would make a decision in their favor to restrict access and we
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brought attention to the plan so this is essentially ul legitimate this is a kangaroo court they are leaping over evidence over procedure, over precedent to get to the conclusion they want to force pregnancies on people and put a conservative government inside a doctors office so what that means is we shouldn't be accepting decision that takes medication abortion off the shelves as legitimate. it means pharmacies should continue to provide it and state officials should give assurances on the side of human rights and civil rights that they will not prosecute for ensuring access to medications. it means the administration need to file an appeal and get a stay
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on this board and make it available to people for as long as only. >> thank you for your time next, rising diplomatic tensions after a collision between a russian fighter jet and u.s. drone the implications for that already tense relationship and also ahead, two storms slam ming both coasts causing power outages and frightening close calls on icy roads >> we're sliding left and right almost straight into the poles off the road plus donald trump's formerer fixer is back for a second day of grand jury testimony about hu mshoney payments to stormy daniels. what the legal team saying ha-ha! it was me the whole time. -whoo-hoo! -[ laughs ] well done, ma'am. what...did i do exactly? with snapshot from progressive, you get a personalized discount for doing exactly what you're already doing --
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being a safe driver. congratulations. this is a bowling trophy. yeah, it's the biggest one they had. okay, thanks. mm-hmm. oh. have a good one. (vo) with verizon, you can now get a private 5g network. so you can do more than connect your business, you can make it even smarter. now ports can know where every piece of cargo is. and where it's going. (dock worker) right on time. (vo) robots can predict breakdowns and order their own replacement parts. (foreman) nice work. (vo) and retailers can get ahead of the fashion trend of the day with a new line tomorrow. with a verizon private 5g network, you can get more agility and security. giving you more control of your business. we call this enterprise intelligence. from the network america relies on. this morning a new war of words straining the already tense relationship between the u.s. and russia.
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after the u.s. revealed yesterday a russian fighter jet and u.s. drone collided midair over the black sea u.s. officials summoned the russian ambassador to the state department headquarters late yesterday to take the russians to task for what he called unsafe and reckless behavior russia denied hilting the drone and accused the u.s. of conducting surveillance to help ukraine. pentagon correspondent is with us also join ing us is evelyn farther cuss courtney, this incident really first of its kind here with some of 9 the gasoline dropping and other tactics. what risk delirium tremens it present and what about recovering that drone? >>s i was struck by the dropping of the fuel. i have never heard of that i asked military officials what's not uncommon is intercepts one nation's aircraft comes up, checks out another aircraft, follows behind it.
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the vast majority of these are safe and professional. there have been cases that have been close calls in the past one came within five feet of a navy surveillance plane. so it's not -- those incidents certainly aren't unprecedented, but the clipping like this and causing the u.s. to down their drone, that's what's really potentially provocative. we know the state department summoned the russian ambassador. this has moved into a diplomatic sp space, but it's exact ly what we have been warned about for years with these intercepts where they come too close to u.s. military aircraft there's a possibility of an incident like this that could potentially lead to a military escalation and the worst case scenario even a conflict >> so we don't know whether
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there was intentional, accidental, we can read some of the tea leaves here, but what kind of red flags does it send to you in addition to the points that courtney made, we don't know whether this unsafe behavior was something that was directed from above or whether these pilots were going rogue the fact that two of them were involved is also disconcerting so it's good we're using our diplomatic channel, but we need to get another drone in that air space because we need to make sure we signal to the russian government and frankly to the chinese government because the chinese do this as well in the air and on the sea, they try to restrict the right to international navigation in international water asks air space. it's really important to uphold the principle to send another drone in there, although
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obviously we probably want to wait a little bit to cool the situation down, but there's a principle involved that we have to defend. >> we know the u.s. wiped their software from the drone. what's the risk here of them intercepting this tech >> there's a huge risk to the technology we rely on these drones for our intelligence surveillance and to soak up a lot of information that we process. we have withheld these drones from ukrainians because of the advanced technology in fears the russians would get ahold of them it's because they reverse engineered our drone we need to recover it, if we can. that also gets to the issue of
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the blockade of the black sea, which is illegal and something russia is conducting right now >> the "new york times" report that the episode stunned u.s. military officials watching this from a video feed. what could we learn, if this video is declassified, did and do you ever expect it will be? >> that is interesting it seems that the drone was providing in realtime back to us and the government could decide to publish it. we generally don't in these kinds of incidents we will call up the military if we want, we can share it with them although we are not likely to do that either because we don't want to give away what we can see. >> thank you both. >> thank you next, rain, landslides and hurricane force wind gusts we're in california following a
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never-ending weather nightmare that has millions under flood watch this is morning. plus we'll take you inside the fallout of silicon valley bank collapse through the eyes of a business owner what and what he wants to see change. also the faa is holding a safety summit after a string of air scares that has flight attendants on edge >> it feels like we let problems on to the plane we wouldn't necessarily need to. fter colleg. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪
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this morning dualing weather storm systems are causing havoc on both sides of the country in california another atmospheric river reason is causing flash floods in already drenched areas a nor'easter knocked power to hundreds of thousands of people on the east coast. take a look at this city bus in massachusetts. it skid off the road due to the hazardous conditions there emily is in new york. and meteorologist annugie lasman has a look at what's next. >> reporter: the worst of the snowfall may have passed, but officials and authorities underscoring the point that does not mean the threats have. we continue to see the really powerful wind gusts push through here 40 miles an hour ask that's a huge point of concern for officials this morning. the chance for continued
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widespread power outages still roughly 200,000 households are in the dark in these frigid temperatures despite crews 8,000 workers at the ready trying to restore power. one of the things they are up against are the wind gusts it's difficult to swiftly restore power in these continually difficult conditions and also the travel conditions are not just difficult, but even dangerous. yesterday we saw more than 1200 flight cabslations nearly 200 flight cancellations in new york. there's been a ground delay 80 to 90 minutes because of the powerful winds so now everyone is up against the cleanup process. so it's not the light fluffy stuff. they are having to clear out and move this icy, heavy snow. that's one of the things that has cause sod many power outages that they are working to restore at this time this nor'easter,
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more than a dozen states dumping three feet of snow in parts of three different states. >> dena, what are you seeing in california >> reporter: the greatest impact is the flash flooding. i want to show you the river corridor this is usually bone dry as you can see, there's so many much water flowing through it. this really help ss to divert t access water out into see. even this morning, drivers dealing with flooding and some closed roads in one area, the nonstop rain pushed a tree and mud in the road one driver told a local afill kuwait that he was stuck in his car for 30 minutes so that was the biggest impact now up in northern california, the concern there is melting snow because of the rain
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we have had several feet of snow over the last couple weeks once that snow melts, we're talking about oversaturated ground that's what makes the mud slides and landslides happen. so a very big concern there. even in the bay area, san francisco international airport had wind gusts up to 77 miles per hour it prompted a ground stop and it's concerning as this river moves out of southern california it's going to be important for drivers to not underestimate the lasting impacts of this rain if you're heading to work, it's important to pay attention, especially if you're driving through the hills. oversaturated ground, the mud, the rocks can come down. >> when ke we expect the storms to end >> there's some good news here we're going to start to see this northester pulling away. that means the winds, while they are still fair lu strong through the day today, they will stick
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around a little while longer and those will calm down along with the snow showers leftover. this is going to come to an end through the day today and that system will start to the east causing more problems across the country. let's start with what's going on for the nor'easter there's the leftover snow showers. there's a lot less than they were a couple hours ago. the winds still impacting folks in that area we head to the west coast, where these have come down significantly. it does include los angeles in that flood watch because of the heavy rain we saw overnight. we're starting to get a bit of a break, but really saturated conditions have already received about 20% of their annual rainfall so that tells you something about how saturate d the ground are. we know the waterways are swollen. you heard them talk about it the good news is we're going to
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start to see this quiet down and we'll have nicer conditions for folks in california here for the short-term that system, we're not done yet. it's going to make its trek across the united states it does bring snow to the rock keys tomorrow we're going to watch for it to gain a little bit of strength it's going to bring snow to the midwest in parts of the great lakes. we'll deal with rain as well but we're also going to have the heavy rain and the potential for strong to severe storms focused into the south dallas is in that enhanced risk area we could see some of the stronger storms developing that is system continues moving this is going to be something we'll watch for tomorrow, large hail as well as strong winds ask we can't rule out some tornadoes as the system works east >> emily, dana, angie, thank you. this morning the federal aviation administration is holding a rare safety summit we're looking at a live look right now, after a series of startling incidents on board planes and on run ways, includin a close call in washington, d.c. just last week the faa confirming one plane
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rolled on to a runway in the path of a eunited jet about to take off this was not an isolated incident there's been more than 600 runway incursion incidents this year gabe gutierrez has more. >> reporter: with spring break travel season underway, they are drilling down what's going on and it comes as the faa is now investigating another incident, a near collision right here at reagan national. a plane dropping within 800 feet of the pacific ocean to more than half a dozen collisions, the aviation industry facing scrutiny and hit ting the pause button the acting administrator is holding an air safety summit this morning telling lester hospital in an interview >> that gives us a moment to say let's stop let's reflect.
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let's ask ourself the question are we missing anything. >> the summit comes as nbc news learns of yet another sunsettlig incident the faa confirming a regional jet pilot rolled in front of a unite d air bus jet right before takeoff. >> the transportation secretary is call ing the close calls deeply troubling and the chair of 9 ntsb says runway incursions have increased over the past five years >> is the airline industry overstressed right now >> that's something we have to look at. what's going to happen in the future when we have even more of a congested air space. >> reporter: attending today's summit, represent you haves from airlines, airports and unions. >> it's usually a complicated diverse set is of factors like crew training or air traffic
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control communication or the lack of runway technology. >> reporter: industry experts say flying is still extremely safe, but the miracle on the hudson pilot told savannah, air travel should never be taken for granted. >> do you think there's a sense of come placency sets in when a travel has been so safe? >> yes, we have become the victims of our own success >> reporter: at today's summit, the ntsb plans to renew its call for longer voice recordings. the devices only capture two hours of audio here in the u.s the ntsb says it want thes 25 hours to better investigate these incidents. back to you. >> gabe gutierrez, thank you he mentioned incidents on board. we want to show you 2021 saw a dramatic rise in unruly passenger investigations more than a thousand compared to 183 in 2020. most of the incidents reported were mask related.
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while the number of investigations dropped in 2022, it's still much high er than years prior. i talked to two flight attendants about what they want to hear from the summit. >> what are some of the things that you'd want them to know about the day today challenges of your job? >> it feels like we let problems on to the plane we wouldn't necessarily need to rs as far as passengers that haven't been assessed proper ly or maybe intoxicated. we do our best to avoid the situations and identify them in a time ly interaction we need as much training as we can get. >> what would you like to see in terms of either support or training or even an acknowledgment from leaders and stakeholders about what you guys are going through to make it better >> i i really want to see more self-defense training. there are programs right now that are available for flight attendants to attend, but they are not available all the time
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it's something that a flight attenadapt would have to do on personal time. they wouldn't be compensated it's something the airline should be offering at our recurrent training that's held every 12 to 18 months. >> they also told me they would like to see current legislation proposing a no-fly zone no-fly list you can see right now in this live picture of the safe tu summit transportation secretary pete buttigieg is talking now. we'll have more later today. as michael cohen heads in for another dau of grand jury testimony about hush money payments to stormy daniels, a revealing interview by donald trump's legal team that led to this exchange. >> you're kind of admit ting par of the misdemeanor >> don't put those words in my mouth. >> they weren't legal services >> plus santos 2024? the embattled congressman facing numerous investigations and scandals but even with all the controversy, his latest move
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in just a few hours, michael cohen will head back to a manhattan courthouse to finish testifying before the grand jury investigating hush money payments to adult film star stormy daniels cohen already testified for three hours on monday. ron allen is covering this for us also with us is legal analyst
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lisa rubin what do we know about this appearance today >> 2:00 p.m., this is a continuation of monday's appearance that was three hours will they be finished, bedon't know he says he's telling the same story he's said for seven years that donald trump instructed him to make these payments and was fully aware of it all. what's different now, the da here in manhattan knows a lot more about the trump organization, about how it worked he's gotten kwuxs of the organization and of allen weisselberg for so long, who is now in jail. so presumably, they have accumulated more information that perhaps coincides with what cohen has been telling the da's office over these years. he's made 20 awe peernss, interviews, just one before the grand jury but that's what seems to be different. the da seems to have a lot more
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knowledge about what was going on inside trump world than the da did back in 2016 when this all happened and when this all began. and michael cohen is a convicted felon, which is not the kind of person you want to bring with before the grand jury, but he's also trump's right-hand man, so he knows a lot the grand jury meets on mondays and thursdays. if cohen doesn't finish today, he may be there tomorrow the process after that, i'll defer to lisa on this. we know that trump did not accept an invitation to appear before the grand jury, which is a sign that there could be an indictment coming. so there's a lot of stars aligning, perhaps we might say there's a lot of things that suggest that something might happen, but there's also, again, there are a lot of lawyers out there who think this is not a slam dunk case
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it's not an easy case. if it was, it would have been prosecuted a long time ago so there's all of that and much more >> your name has been invoked. i do want the to play an exchange between ari melber and trump's personal attorney about awe certificating trump did not lie about his awareness of the payments to snormy daniels >> it seems that you're saying, well, yeah, he lied. it wasn't really legal services. >> i said his lawyer advised him to pay him his legal services. the money went to ms. daniels before that. he was reimbursing his lawyer. that's the evidence in this case so he didn't lie >> what do you make of that exchange >> i think we're where we're headed right now is whatever these charges look like, the chief defense that you'll hear from the trump team is reliance on the advice of counsel the way that trump is going to play this is, i was just a client
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michael cohen was my lawyer and my fixer he's the master mind of this scheme he told me to characterize them as legal expenses. he came up with the idea to pay it himself then i reimbursed him. i didn't make a campaign finance payment myself when i reimbursed him, that was sol solely at his direction. >> given what they were sayings about michael cohen testimony taking place after 20 some appearances in front of alvin bragg and the fact that trump was invited. he's going to decline. we are getting to the end of the investigation. what do you expect are the next steps? >> the next steps are the da may invite trump's team to come in one more time. his colleague, who also represents trump, has been talking to prosecutors that wasn't something we knew previously they may ask the team to come in one last time. persuade us why we shouldn't indict your client then go back to the grand jury
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on one of their meeting days and ask them to vote the indictment. >> thank you both. the most famous freshman on capitol hill may have decided he wants to stick around in d.c congressman george santos filed paperwork needed to run again. it was a deadline to file or disavow fundraising activities it doesn't mean he will run again in 2024 for sure, but the move lets him keep fundraising and spend money on a campaign. he admitted to fab ricating pars of his resume. he's facing investigations and a house ethics probe next how ohio is look ing to hold norfolk southern accountable. plus inside the harrowing confusing, and stressful hours the silicon valley bank collapse caused for one business owner. how his company is doing now and
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nor c norfolk has promised $20 million to help. the fallout from the collapse of silicon valley bank was swift and far reaching now we are getting a first-hand look at the chaos. companies worldwide had deposits in svb worth a staggering $5 billion. you'll recognize these companies on your screen another is a credit card start-up nest which had $5 million deposited in svb thank you for being with us derek. you tweeted on monday, we can breathe again. what do you mean by that what were you guys facing before you said that tweet and how are you able to make it to the other side >> thank you for having me you know, we spent nearly 36, 48 hours relatively confident that things would be okay but still some level of uncertainty and, you know, we spend nearly a year
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and a half working on this thing. big ambitions. you know big vision we were really, you know, it was nerve wracking and scary to consider the idea that because of where we put money with the bank we chose to put our money in, we might end up, you know, with nothing and so it was a big relief when we heard the news. >> silicon valley bank's new ceo is imploring businesses, bring your deposits back saying that is the number one thing you can do to support the future of this institution. do you have plans to do that >> i think we are in kind of wait and see territory i believe profoundly in silicon valley bank, at least the banker st past. this is my second communication with the company and helped us in a tough situation when they could have been harder on us and thanks to them, we ended up with a successful sale and they have
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always been great partners for the entire ecosystem as a whole. for that sense i'm grateful but how it all shakes out, i think it's too early to tell. >> we have discovered the doj is investigating and part of that investigation is whether executives sold stock prior to the collapse and fact that employees, according to cnbc, got their annual bonuses frizz, hours before regulators seized them you're a business owner. how does that strike you >> infuriating, obviously. i think, you know, there is kind of two stories here. one is the story of start-ups and a regional bank in whether it's in the actual region or the idea of a region that sort of super served a type of customer that they really understood and could help the second story is this management and poor messaging and story telling, and i think that is ultimately what doomed them and who could have known that a twitter frenzy on top of
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that would just lead to an insolvency that luckily didn't affect the depositors but, obviously, affected the shareholderses and investors and should affect the management as well. >> do you think the signals have changed to the future of silicon valley and the miss stich in the tech industry that that they have this heche of unbridled growth do you think any of that will be stepped back >> i think innovation and entrepreneurship of this country. i believe we are the best at innovation so the idea and the dream of sort of a silicon valley, i hope, goes nowhere i do though other start-up -- i hope other bank get more start justify savvy and learn to speak that language better and i think that would be better for the nation as a whole. frankly, the security' success of the banking system here
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so, yeah, i hope we don't lose that i do think that despite the maybe shifting narrative around what silicon valley stands for, i don't think anyone would disagree that what we are doing for -- what we are doing, for example, in health care trying to improve heavily regulated and heavily broken areas that more shouldn't be able to do that. >> thank you for joining me. that does it for me. take a look at wall restet down hovering about 600 points that is next jaycee tried gain flings for the first time the other day... and forgot where she was. [buzz] you can always spot a first timer. overactive bladder, or oab, can change your world.. like going hiking, just to hike to the bathroom. reaching for the bar,
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comcast business. powering possibilities. good morning 11:00 eastern. 8:00 a.m. pacific. i'm jose diaz-balart this hour we are keeping our eye on wall street the dow dropping hundreds of points at the open look at where the dow is now down 535 points. we will be explaining why investors are so rattled
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