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   Your Tuesday Briefing: U.S. bank shares tumble
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   Plus, possible war crimes charges for Russians
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             March 14, 2023
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             By
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              Natasha Frost
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             Writer, Briefings
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             Good morning. We’re covering repercussions from bank collapses in the U.S., and possible charges for Russians in the International Criminal Court.
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                 <span class="css-2zlgwg" style="margin:0;font:normal 12px georgia,serif;color:#666">
                  The shares of First Republic Bank fell 60 percent on Monday.
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                 <span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Casey Steffens for The New York Times
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            <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
             U.S. bank shares tumble
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             The unexpected seizure of two U.S. banks in three days by regulators
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              intensified fears of a broader financial crisis
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             , sending the stocks of more than two dozen banks across the country into free fall yesterday, even as President Biden reassured Americans that the banking system was resilient.
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Banks found themselves battling market turmoil as customers rushed to withdraw their deposits and investors, worried about more runs, dumped bank stocks. Shares of banks closed the day in the red, with the KBW Bank Index, a proxy for the industry, down nearly 12 percent.
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Despite the echoes of the 2008 financial crisis, when 465 banks failed within four years, sometimes dozens in a month, regulators and banking officials were quick to insist that the current panic is far more contained and that the banks whose stocks had tanked had enough funds to meet their obligations.
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              Response:
             </span>
             Biden tried to reassure Americans that their deposits were safe and sought to distinguish his intervention from the taxpayer-financed bailout in 2008 and 2009, when the U.S. steered hundreds of billions of dollars to rescue the bank industry.
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              For more:
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              <span style="font-size:17px;line-height:25px;vertical-align:middle">
               Bank runs can feed on themselves and become a self-fulfilling prophecy, my colleague
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                David Leonhardt writes in The Morning
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               .
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              <span style="font-size:17px;line-height:25px;vertical-align:middle">
               Here’s what we know about
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                the collapse of Silicon Valley Bank
               </a>
               , a once-obscure lender that had focused on tech start-ups.
              </span>
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             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px;vertical-align:middle">
               Investors speculated that the Fed might have to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                slow the pace of its interest rate increases
               </a>
               , which contributed to the downfall of the banks.
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                 <span class="css-2zlgwg" style="margin:0;font:normal 12px georgia,serif;color:#666">
                  The bodies of a man and a woman were found in a pit at a site used by Russian troops in Ukraine.
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                 <span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
                  Ivor Prickett for The New York Times
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            <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
             I.C.C. to open war crimes cases against Russia
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The International Criminal Court
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              intends to open two war crimes cases
             </a>
             tied to the Russian invasion of Ukraine and will seek arrest warrants for several people, officials said. They are the first international charges to be brought forward since the start of the conflict, and it was not clear whom the court planned to charge in each case.
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The charges allege that Russia abducted Ukrainian children and sent them to Russian re-education camps and that the Kremlin deliberately targeted civilian infrastructure. Some outside experts said it was possible that Vladimir Putin, the Russian leader, could be charged, as the court does not recognize immunity for a head of state in cases involving war crimes, crimes against humanity or genocide.
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The Kremlin has denied accusations of war crimes, but international and Ukrainian investigators have gathered
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              powerful evidence
             </a>
             of an array of atrocities since the invasion’s early days.
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             <span style="font-weight:700;font-size:inherit">
              Next steps:
             </span>
             The chief prosecutor, Karim Khan, must present his charges to pretrial judges who will decide whether the legal standards have been met for issuing arrest warrants, or whether investigators need more evidence. Still, the likelihood of a trial remains slim, as the court cannot hear cases in absentia and Russia is unlikely to surrender its officials.
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             <span style="font-weight:700;font-size:inherit">
              On the ground:
             </span>
             Moscow’s forces have
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              stepped up artillery and infantry assaults
             </a>
             across eastern Ukraine, trying to improve their position before either side attempts a major breakthrough.
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                  Australia will buy three nuclear submarines, then later build its own.
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                  Haiyun Jiang/The New York Times
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             A submarine deal between Australia, the U.S. and Britain
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             Leaders of Australia, Britain and the U.S. unveiled plans yesterday at a naval base in San Diego to develop and deploy nuclear-powered attack submarines. They described the partnership as a critical way to confront China at a time of heightened tension, creating a “nuclear stewardship” among the allies, according to U.S. officials.
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             “The United States has safeguarded stability in the Indo-Pacific for decades for the enormous benefit of nations throughout the region,” President Biden said. He added, “We’re showing again how democracies can deliver our own security and prosperity, and not just for us but for the entire world.”
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             For the first time in 65 years, the U.S. will share the technology at the heart of its nuclear submarines, allowing Australia to build powerful war machines that will grow into fleets capable of facing off with Chinese vessels. Australia will buy three submarines and will eventually build a new version, called the AUKUS, with British and American help.
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             <span style="font-weight:700;font-size:inherit">
              Context:
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             The move is a sign of the degree to which Biden and his aides are investing in strategic military planning to counter China’s growing capabilities and to prepare for a potential armed crisis over Taiwan.
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           <td style="padding:0;font-size:0;border-top:14px solid #000">
            <h3 class="css-1fceny0" style="color:#000;font:700 16px/24px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             SPORTS NEWS FROM THE ATHLETIC
            </h3>
           </td>
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         </tbody>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit">
              Will the Champions League stay in Europe?
             </span>
             Powerful figures are looking to increase the fan base for the Champions League, and far-reaching ideas
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              are being considered
             </a>
             .
            </p>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit">
              The BBC’s Gary Lineker drama:
             </span>
             In trying to deal with the host after he expressed opinions on social media, the BBC
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tied itself in knots
             </a>
             .
            </p>
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         </tbody>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit">
              Predicting Jude Bellingham’s next move:
             </span>
             We consulted an A.I. model to determine
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the most suitable destination
             </a>
             for Jude Bellingham if he leaves Borussia Dortmund. Liverpool, Real Madrid and Manchester United are all suitors.
            </p>
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            <h3 class="css-1fceny0" style="color:#000;font:700 16px/24px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             ARTS AND IDEAS
            </h3>
           </td>
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            <h2 style="color:#000;font:700 24px/31px nyt-cheltenham,georgia,serif;margin:0 0 10px">
             Inside the F.B.I.’s art crime unit
            </h2>
           </td>
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         </tbody>
        </table>
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       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Two of the team’s investigators, Special Agent Elizabeth Rivas and Special Agent Allen Grove, agreed to answer questions from The Times. Here are edited excerpts.
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Read the full interview
             </a>
             .
            </p>
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit">
              Can you start by telling me the origin story of this team?
             </span>
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit">
              RIVAS
             </span>
             <span style="font-style:italic;font-size:inherit">
             </span>
             Starting in 2003, around the time of the war in Iraq, there was a lot of looting that was going on at the Baghdad Museum and in some of the other cultural areas in Baghdad. And at that time, our F.B.I. headquarters saw the need to identify a team of agents that could assist by trying to help identify artwork and antiquities that were being stolen. The hope was that we, the F.B.I., could help return anything that had been stolen and had entered this country.
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             <span style="font-weight:700;font-size:inherit">
              Why is this work important?
             </span>
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit">
              GROVE
             </span>
             Obviously, a lot of what we’re doing is not necessarily life or death, but these paintings and cultural items and the types of artifacts that we deal with last long beyond our work in this organization — and, frankly, beyond our lifetimes.
            </p>
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit">
              What kinds of art crimes are most common?
             </span>
            </p>
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit">
              RIVAS
             </span>
             A majority of our time is spent on fraud. The fraud could be something sold as authentic that isn’t — that’s probably the largest crime. And it’s not just art. It could be sports memorabilia. It could be collectible stamps. The charge could be wire fraud, mail fraud. It could be a money laundering case. It could be somebody who’s doing all this and committing tax evasion.
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             PLAY, WATCH, EAT
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            What to Cook
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                  Kelly Marshall for The New York Times. Food Stylist: Roscoe Betsill. Prop Stylist: Paige Hicks.
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             It’s still soup season.
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              T’chicha
             </a>
             , a meatless tomato and barley soup, is substantial but light.
            </p>
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            What to Read
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         </tbody>
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        <table cellpadding="0" width="100%">
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Birnam Wood
             </a>
             ,” by Eleanor Catton, is a fast-moving ecological novel that follows guerrilla gardeners in New Zealand.
            </p>
           </td>
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         </tbody>
        </table>
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       <div style="margin:0 auto;max-width:600px;width:100%">
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            Friendship
           </td>
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         </tbody>
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       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             How can introverts tackle
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              expanding their social circle
             </a>
             ?
            </p>
           </td>
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         </tbody>
        </table>
       </div>
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            Now Time to Play
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Here’s
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              today’s Mini Crossword
             </a>
             , and a clue: Floating chunk of ice (four letters).
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             And here are
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              today’s Wordle
             </a>
             and
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the Spelling Bee
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              You can find all our puzzles here
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
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           <td style="padding-bottom:15px">
           </td>
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          <tr>
           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
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        <table cellpadding="0" width="100%">
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             <span style="font-style:italic;font-size:inherit;font-weight:700">
              That’s it for today’s briefing. Thanks for joining me. — Natasha
             </span>
            </p>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             P.S. Dogfooding, “
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              friendshoring
             </a>
             ” and “
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              trendjacked
             </a>
             ”: In the column Shop Talk, Times reporters
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              examine the business jargon
             </a>
             used to elevate ordinary functions and conceal ugly truths.
            </p>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
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            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The latest episode of “
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Daily
             </a>
             ” is on E.S.G. investing.
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
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           <td align="left">
            <p style="color:#333;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              You can reach Natasha and the team at
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               briefing@nytimes.com
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
        <table cellpadding="0" width="100%">
         <tbody>
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