11 Burst results for "11 Big Banks"
The Breakdown
"11 big banks" Discussed on The Breakdown
"Management business that aren't eligible for that bank term funding program liquidity. Arthur's whole thesis has been that eventually the bank term funding program is going to have to accept basically any type of loan as collateral. And so he sees this as just the next step. Now on the subject of uninsured deposits, Jens nordwig wrote, remarkably little discussion around whether uninsured deposits would take losses in a first republic receivership situation. The debate was very hot around SVB, why is the debate missing now? Jim Bianco quote tweeted that and said, first republic's April 24th quarterly earnings report collapsed the stock in three days and put it in this position. What did it say and why a potential FDIC takeover comes with a big dilemma? The big stat from last week's earnings report was FRC lost 100 billion of deposits by March 31st. This left them with 70 billion in deposits probably a lot less now. 30 billion of those remaining deposits are 120 day time deposits, AKA jumbo CDs from 11 big banks. They have about 80 days left to maturity, so these deposits still exist at FRC. This was part of a rescue package led by JPM's Jamie Dimon in March. Now, the rescue package is the problem. In mid March, Yellen gave assurances that all non insured depositors would be covered in any future bank failure. So if the FDIC guarantees all FRC depositors, they bail out these uninsured time deposits held by the 11 banks. Do this in Washington loses it over yet another quote unquote bailout of bankers. Now don't bail out the uninsured depositors who are also uninsured creditors and most likely they take a loss. Yes, the 11 banks will lose, but so will any other uninsured depositor. The risk is high that someone does not get a paycheck next week because their business took a loss in FRC. If so, sit back and watch 41% of the U.S. deposit base that is not insured, mainly businesses with deposits greater than 250 K, try and get their deposits out of their not too big to fail bank and into one that is too big to fail.
Marketplace with Kai Ryssdal
"11 big banks" Discussed on Marketplace with Kai Ryssdal
"Coming up. Money likes to be with other money, right? I guess, yeah. First though, let's do the numbers. Down industrials up three 82 today one and two tenths percent, 32,002, four, four, the NASDAQ gained 45 points, four tenths percent. 11,675, the S&P 500 picked up 34 points about 9, 10%, 39 and 51. We heard from Stefan. He was just now about the sale of Credit Suisse to UBS investors seem to approve of that mute move. UBS stock jumped 3.3% today. Stocks in the big banks were a bit mixed today after the tumult of this past week. Tumult for tumult. You tell me. JPMorgan was up 1% Bank of America fell two tenths percent Wells Fargo slid 7 tenths of 1%. Today shares of first republic bank out of San Francisco continued to plummet today losing another 47%. That is after those 11 big banks swooped in last week to try to save the lender with $30 billion in cash deposits there's talk by the way of more bond prices fail yield on the ten year Tino rose to 3.48%. You're listening to marketplace. Actually, you don't need vision to do most things in life. George Marriott develops software for BDO. Yes, I'm legally blind, and yes, I'm responsible for the user interface. Blindness is constantly about problem solving. How are you going to navigate a room that you have never been in and you don't know what the layout is? George's visual impairment helps him design screens that are easy to use. It translates into the user interface. Because you have to be very observant of the information that you're presenting a user. If I can see it and understand it quickly, anyone can. Whatever the project, George never loses sight of the goal. It's all about helping accountants make decisions. So if they can pick it up and run with it, if it's intuitive and it's helping make their lives easier. I think that's the most rewarding thing. Making complex things clear. That's how I help people thrive. Learn more at video dot com. People who know no video. This is marketplace. I'm Kai risda. All The Rain we've been having out here on the West Coast isn't gonna do much for one of the most important sources of water we have out here, the Colorado River. And we've talked about how the 7 states in the Colorado River basin haven't been able to agree on a deal to save that river. But more than 30 tribal nations have a legal claim to the water in the Colorado two, including a dozen whose water rights have never been officially quantified or settled. Today, the Navajo Nation argued in the Supreme Court that the government has a duty to fulfill its treaty obligations even as the water levels keep dropping. Marketplaces of NMR has that one. In 1908, the Supreme Court ruled that when the federal government created reservations, it also reserved enough water for tribal nations to sustain themselves. So why are some tribes still arguing their water rights in court? It's a combination of racism and colonialism. Andrew curley is a Professor of geography at the university of Arizona and a citizen of the Navajo Nation. He says, despite that 1908 ruling, policymakers continued to exclude tribes while divvying up resources like the Colorado River. The only way we could get the attention of the state governments is through litigation. And that litigation is expensive, says attorney Heather whiteman runs him who helped settle her own tribe's water rights in 2010. The crow tribe had to hire lawyers, hydrologists, lobbyists. Very involved very time consuming and somewhat speculative because you can never tell just what a court is going to do, right? Not all tribes can afford that. And without adequate water resources and infrastructure, tribal economies suffer says Heather tanana at the university of Utah, who's also Navajo. Because of health costs, time spent, collecting bottled water, premature deaths, there is a real significant cost. Before the Supreme Court today, the federal government agreed the Navajo Nation's water right exists.
Northwest Newsradio
"11 big banks" Discussed on Northwest Newsradio
"Regulators are looking to shore up the global banking system. We'll be watching for jitters today in the market. Some investors are waiting for another shoe to drop. You can't prove with any level of confidence that there isn't going to be another name that pops up tomorrow. So until you get a stretch of time where it seems like deposit flight has slowed down and you're not having people reach for liquidity this way, you're going to be a little bit twitchy. CNBC's Mike santoli watch first republic bank shares today. They fell 30% on Friday, even after 11 big banks pledged $30 billion in deposits to prop it up. Meantime, midsize U.S. banks reportedly asking the FDIC to ensure all deposits for two years all eyes though on the fed tomorrow and Wednesday after interest rates have gone up fast to fight inflation somewhat a pause in those increases. One investor says, the fed should not pause another quarter point increase needs to happen. Right now this is a confidence issue more than anything. And I think the 25 actually strange way is a confidence boost that they can handle it. They have the tools to handle. And Jeffrey is David zervos on CNBC. Warner Brothers won the weekend box office with Shazam, fury of the gods, but it was a disappointing $30.5 million take. Jessica, many of us cut the cord with cable TV to go to streaming services, but now those are getting rather expensive, like YouTube's recent rate hike. Yes, the Google owned company raising its monthly price from 65 bucks to $73 a month and some are saying, why did I get rid of cable? While others say this is still a really good deal, especially if you're an NFL fan. It started at $35, 6 years ago. So it's gone up at 12% a year, and you saw what they did. I mean, look, they raise price into the tournament so they took a day when you really sort of have to have it. And it still cheaper than the alternatives, and from a product standpoint, the reason I have it, the reason everyone on my team has it, it's a better product. And so it's actually worth more than the peers, Sunday tickets coming to YouTube TV. They're going to get two to 3 million incremental customers, if not more. Just from that event. Light sheds rich Greenfield on CNBC. On the watch list for the week, it's actually very busy as we told you investors are on hold really until the fed decides if it's going to raise interest rates or not that decision comes Wednesday. The game developers conference begins in San Francisco. That runs all week. And that's important in the tech industry. The national cherry blossom festival begins in Washington, D.C., and of course that's the tourism industry. Spring arrives today at 5 24 p.m. Eastern Time. Oh, welcome to reprieve CNBC's Jessica eddinger at 24 after. Identifying
Northwest Newsradio
"11 big banks" Discussed on Northwest Newsradio
"Regulators are looking to shore up the global banking system. We'll be watching for jitters today in the market. Some investors are waiting for another shoe to drop. You can't prove with any level of confidence that there isn't going to be another name that pops up tomorrow. So until you get a stretch of time where it seems like deposit flight has slowed down and you're not having people reach for liquidity this way, you're going to be a little bit twitchy. CNBC's Mike santoli watch first republic bank shares today. They fell 30% on Friday, even after 11 big banks pledged $30 billion in deposits to prop it up. Meantime, midsize U.S. banks reportedly asking the FDIC to ensure all deposits for two years all eyes though on the fed tomorrow and Wednesday after interest rates have gone up fast to fight inflation somewhat a pause in those increases. One investor says, the fed should not pause another quarter point increase needs to happen. Right now, this is a confidence issue more than anything. And I think the 25 actually strange way is a confidence boost that they can handle it. They have the tools to handle it. Jeffrey is David zervos on CNBC. Warner Brothers won the weekend box office with Shazam, fury of the gods, but it was a disappointing $30.5 million take. Jessica, many of us cut the cord with cable TV to go to streaming services, but now those are getting rather expansive, like YouTube's recent rate hike. Yes, the Google owned company raising its monthly price from 65 bucks to $73 a month and some are saying, why did I get rid of cable? While others say this is still a really good deal, especially if you're an NFL fan. It started at $35, 6 years ago. So it's gone up at 12% a year, and you saw what they did. I mean, look, they raise price into the tournament, so they took a day when you really sort of have to have it. And it still cheaper than the alternatives, and from a product standpoint, the reason I have it, the reason everyone on my team has it, it's a better product. And so it's actually worth more than the peers. Sunday tickets coming to YouTube TV. They're going to get two to 3 million incremental customers, if not more. Just from that event. Light sheds rich Greenfield on CNBC. On the watch list for the week, it's actually very busy as we told you investors are on hold really until the fed decides if it's going to raise interest rates or not that decision comes Wednesday. The game developers conference begins in San Francisco. That runs all week. And that's important in the tech industry. The national cherry blossom festival begins in Washington, D.C., and of course that's the tourism industry. Spring arrives today at 5 24 p.m. Eastern Time. Oh, welcome to reprieve CNBC's Jessica edinger at 24 after. Identifying
Bloomberg Radio New York
"11 big banks" Discussed on Bloomberg Radio New York
"Thank you so much. Carol master along with just met in here in our Bloomberg interactive broker studio on YouTube on Bloomberg originals right here on Bloomberg businessweek. Let's get to it. Let's get to those headlines that Denise just mentioned. They are Financial Times reporting UBS to buy all or some of Credit Suisse and you have shares of Credit Suisse they are up about 4% in the aftermarket. First republic, going in the other direction, down about 16% as The New York Times puts out that they are looking to raise cash by selling shares privately. So with us, Bloomberg news, Wall Street reporter shanali balsic and Bloomberg news markets reporter Abigail Doolittle, both on the phone in New York City. Let me kick it off with you. I'm not quite sure. Do I start with Credit Suisse do I start with first republic you tell me? So critically is remember they had that lifeline who's with national bank FT is now reporting that they're considering a merger between UBS and the sense that they could buy part or all of the assets. It's unclear whether that would involve government assistance, but this is all happening because plan a wasn't enough, right? This idea of a credit line did not go far enough to save investor confidence. And once investor confidence erodes, then you might have other problems at bay separately with first republic, they had this huge private rescue with banking deposits flooded into them to stave off any concerns that that investor confidence to stem concerns about other forms of confidence draining. And similarly, you had about you had a couple hours really of confidence there and then the market turned on them as well. And so remember, it's very hard for banks to raise capital in this market. Mergers are very seriously being discussed. We reported earlier in the week at first republic was considering a merger. But again, these banks have to be in the position where other banks want to buy them. Otherwise, either government, get guarantee or assurance, or at least a sense of nothing bad will happen to you if you buy these banks have to be there for these mergers to happen. Can we just talk first republic for a second China? I don't get it. I mean, 30 billion from 11 big banks, now they're looking to sell some private shares in weren't they prior in the last three weeks, four weeks or so. Weren't they also Tapping into the fed for money? No. Yeah, and they did. They bolstered their liquidity via the fed as well as and remember, for months they had also taken money from the federal home loan banks as well. So you had them and then also JPMorgan before this. So this is a problem here. The market keeps on asking, how far do we need to go? How much more? How much more? What's the endgame? And so you're watching kind of this crisis of confidence lead even further. And by the way, I don't know that the market being closed over the weekend helps all that much, right? Over the weekend, all it does is give people the bankers as well as the executives from time to figure things out. But it's not like an emergency fed rescue plan on Sunday Night gives a lot of people a lot of confidence either. Abigail, I wanted to bring you into the conversation because how did we end up when we were closing out the week when we're looking at stocks, we're looking at treasuries. Obviously, ahead of those fed expectations next week, kind of wrap it up for us. The end of the week and certainly not one that I would expect to see given the fact that we're amid this bank turmoil and especially everything that Shelly was just talking about all of this uncertainty of crisis and confidence that seems to ebb and flow. But relative to stock for the NASDAQ 100 up nearly 6%, its best week of the year, the S&P 500 also up more than 1%. On the other hand, you have the bank index is down about 15% again. So what really stands out to me at this point is that we're starting to see a pretty strong rotation both for sector and style with growth up sharply on the week. I think it was up about 4% or so while value is down about 2%. I don't think that this was the expectation for the year. I think that everybody keeps thinking that value at some point is going to shine. But this week, we had apple up. We had Microsoft up. We had meta up and in big, big ways. Also what stands out before we get to Bond crypto. I mean, Bitcoin up 25%, it's best week in two years. That's not the action. Again, that I would expect to see given the fact that we have this banking crisis, but it shows you that folks are willing to invest and make their putting their money into other assets. So now come back on here. I mean, like you say, it's not necessarily good that the market's going to close this week. 'cause we know there's going to be more headlines. I mean, how are you seeing it? You're talking to a lot of sources you've been on this for us from the get go. What are you hearing? So I'm hearing that there's a point, I just watched fandom of the opera. So the point of no return, let's call it. So yeah, well, the reality is, is banks are viable unless they lose so many deposit and preferred clients that they no longer are. And so really, everybody is on a clock here. And as you can see from the last couple of weeks, things move pretty quickly. It's interesting to hear what everything Abigail is saying because basically all of this, every day that goes by, the things are not really fixed. You get into a situation where people worry about whether economic conditions are going to create with the fed have to raise, how systemic are these issues. These issues are idiosyncratic. Yes, they are. But this idea of confidence being drained from some of these banks is certainly worrying because you've seen how quickly things can deteriorate. And so. That's okay. You have to be careful. It's not all about the banking either. Listen, it's rough. No pun intended. It's rough. We appreciate it. We're going to let you go. And we'll check in your reporting, certainly throughout the weekend. I'm Abigail, come on back in. I'm glad you talked about the bank stocks and I do feel like there's this disconnect. I was shocked by some of the run ups in Microsoft or some other big tech names. This week, but you look at banking and it just feels like a whole other different market environment and I do wonder when that starts to kind of spill over if you will to the rest of the market, even if it does. I mean, did we see any interesting technicals take place this week? In terms of the positive for the growth and the tech stocks, yes. I mean,
CoinDesk Podcast Network
"11 big banks" Discussed on CoinDesk Podcast Network
"I'm Zach seward. We got out of Levine. We got David Z Morris. My middle initial is R let's get this thing going. Adam, take it away. Thanks, Jack. First up, 11 big banks, including JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, and more announced last night that they would take these somewhat theatrical step of depositing $30 billion worth of uninsured deposits into the troubled first republic bank. But even that move, along with the introduction of the fed's latest bailout window, it might still not be enough to quiet concerns about just how stable and safe the U.S. banking system really is, just this morning as we go to air, even with yesterday's rescue still in the headlines, we're seeing first republic stock trading down nearly 25%. Zach, we've had a backstop, a lending facility that lets banks basically exchange their get their cash back for bad investments made and essentially the best terms. And now the big banks are throwing cash at the problem also. What do you think it will take for the regulators to restore confidence in the banking system or is that something that we're not even really expecting at this point? Well, you know at first republic bank doesn't have the taint of crypto attached to it. That's the thing that stands out to me as it relates to its ability to survive while we see signature be wound down. Obviously this crisis is one of confidence. If you look at people who are researching this issue, pretty much all midsize banks are having this issue, right? They bought bonds that are now worth far less than what they were marked as on their books, right? So clearly, I think people are worried that this could spread to other banks across the country, not just those in California who service, tech firms, but again, those who have customers who are looking to find yields and who are realizing that in this interest rate environment, they can go elsewhere to get yield and they can take that money out of a bank quickly in the palm of their hand and deposit it in a money market account, but they can deposit it with treasuries at their own will, right? So I think clearly what we're seeing is a response to sort of this systemic reality in which we now find ourselves in where money is moving as fast as it ever has. Faster than ever indeed. And all of a sudden, billions and billions of dollars are being drawn out of these banks in hours time. It's quite remarkable and I think that's why we're seeing these remarkable steps. Be taken both from the public and private sector, at least in this instance. David curious for your thoughts on this one for sure. Yeah, I definitely wanted to jump on that point about money moving fast. And it's fascinating and obviously there's a very real situation that I don't want to over intellectualize. But as fascinating to look back on the last 18 months in crypto and see the same things are now happening in mainstream banking with particularly hot money or what you might call rotator capital. Whether it's driven by seeking higher yields elsewhere or fear of people are able to move a lot of money around fast and that has serious consequences for the people managing it. And I guess I also wanted to kind of add a little bit to the question of confidence. The question for me here still is, you know, is this actually something where signaling and confidence are the key issues? Or is this just mass and the consequences are kind of inevitable here? And it looks like Adam made he wants to jump in on that one. So I'll throw it over. Yeah, I mean, so we've seen I forget actually where the statistic came from, but we saw a couple of days ago that banks broadly are sitting on roughly $600 billion of these losses. And these losses are not necessarily like you can blame the banks for it. But I think it's a much more realistic way to look at it that you should blame the interest rate environment for it. Effectively what the U.S. Central Bank and the government has done. And this isn't restricted to the U.S., but it's been worse in the U.S. has pushed up rates so far so fast that anybody who has a long-term outlook like an insurance company or a pension or a big bank, these places typically are making long-term decisions based on historical precedents. And when you're literally just making up the monetary policy rules as you go along on a month by month basis, that's not a particularly predictable environment where the past can tell you a lot about the future. In fact, the opposite is usually true. And in fact, that's what we've seen here today. So this is sort of like the arsonist now running along and trying to put out all the fires that they inadvertently created, which were fires that they created accidentally in the first place, trying to put out the last batch of fires before that. And again, the Benny Hill music just plays in your head without even saying anything. This is very unfortunate situation in that it involves real people's money and that is a tragic thing. But the reality of it is is that the reason why the banking system seems to be teetering is because the banking system contrary to what we've been told over the last ten years across multiple financial crises actually hasn't had any sort of meaningful improvement that has changed the underlying problem, which is that to the extent that people want their money back and lose faith in the system. System can't really support it. And that's a really, really dangerous reality. And it's the one that I think we find ourselves in today. So to answer my question, I don't know what can restore confidence here. I think that it needs to be something that's dramatic. And I think that we are likely to get that because we are not seeing efficacy from the moves that have been taken so far. So it will become more politically costly in order to do that as time goes on. And I suspect that that is, in fact, where we still wind up at the end of this because I don't see another way they solve this problem. Yeah, I'll just make one last point here, which is it is very interesting to see the contrast between the exact sort of alluded to between the way first republic has been handled by this coalition of mega banks and not just silver gate, the crypto bank, but also Silicon Valley bank, was basically allowed to languish and it seems like there were no bidders for it. Sale offer last weekend, but meanwhile, you have 30 billion pumped into first republic. I don't know exactly what to make of it, but that is definitely a notable contrast. Zach. Yeah, we saw that reporting yesterday and we talked about it on the show about signature, the condition of it being taken over by outside parties is conditional on them winding down Signet, which was their digital payments rails that serviced a lot of the crypto companies that were, again, 20% of their business. So there are those terms that are already being attached to whatever comes next that, hey, you can't deal with crypto. And I think that does, again, add fuel to the fire of a lot of these sort of conspiracy theories out there that operation choke .2 is real and is escalating. And that's not just to add up for his last thoughts.
CoinDesk Podcast Network
11 Big Banks Create $30 Billion Rescue Package for First Republic
"11 big banks, including JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, and more announced last night that they would take these somewhat theatrical step of depositing $30 billion worth of uninsured deposits into the troubled first republic bank. But even that move, along with the introduction of the fed's latest bailout window, it might still not be enough to quiet concerns about just how stable and safe the U.S. banking system really is, just this morning as we go to air, even with yesterday's rescue still in the headlines, we're seeing first republic stock trading down nearly 25%. Zach, we've had a backstop, a lending facility that lets banks basically exchange their get their cash back for bad investments made and essentially the best terms. And now the big banks are throwing cash at the problem also. What do you think it will take for the regulators to restore confidence in the banking system or is that something that we're not even really expecting at this point? Well, you know at first republic bank doesn't have the taint of crypto attached to it. That's the thing that stands out to me as it relates to its ability to survive while we see signature be wound down. Obviously this crisis is one of confidence. If you look at people who are researching this issue, pretty much all midsize banks are having this issue, right? They bought bonds that are now worth far less than what they were marked as on their books, right? So clearly, I think people are worried that this could spread to other banks across the country, not just those in California who service, tech firms, but again, those who have customers who are looking to find yields and who are realizing that in this interest rate environment, they can go elsewhere to get yield and they can take that money out of a bank quickly in the palm of their hand and deposit it in a money market account, but they can deposit it with treasuries at their own will, right? So I think clearly what we're seeing is a response to sort of this systemic reality in which we now find ourselves in where money is moving as fast as it ever has. Faster than ever indeed. And all of a sudden, billions and billions of dollars are being drawn out of these banks in hours time. It's quite remarkable and I think that's why we're seeing these remarkable steps.
WCPT 820
"11 big banks" Discussed on WCPT 820
"For bankruptcy protection. It's no longer affiliated with Silicon Valley bank, but SVB financial group ran Silicon Valley bank until the bank collapsed a week ago. Meanwhile, some big banks are joining together to rescue struggling first republic bank. The AP's Jennifer King has this. A group of banks have extended a lifeline to U.S. based first republic bank offering reassurance to financial markets. Markets rallied on Wall Street and in Europe and Asia after news at 11 big banks have offered a combined deposit of $30 billion to help troubled first republic bank. Markets gyrated this week after the collapse of Silicon Valley bank and investors were looking for other troubled banks amid concerns over the unintended toll that interest rate hikes are taking on financial institutions. I'm Jennifer King. The presidents of Russia and China will meet next week in Moscow, seen as China's president Xi showing support for president Putin. Tensions between the east and the west have been rising over the war in Ukraine. This morning, China is complaining about governments restricting the use of TikTok. Some, like the U.S., fear might be a security risk. TikTok's owner is ByteDance a Chinese company. The AP's Jackie Quinn. National Security Council spokesman John Kirby said he was unable to confirm or deny a report that The White House sent off a letter to ByteDance, saying it either sells off TikTok or the app faces a ban. We have legitimate national security concerns with respect to data integrity. The Treasury Department's committee on foreign investments in the U.S. is also investigating the structural relationship between TikTok and its Chinese parent company. I'm Jackie Quinn. A Massachusetts man faces up to ten years in prison after pleading guilty yesterday to trying to hire someone to kill his wife. This is AP news. Now to a young teenager accused in several murders, the AP's Donna warder has this story. A 14 year old boy accused of being a hit man and a drug related shooting is under arrest in Mexico. The boy is nicknamed capito or little Chapo after the imprisoned drug lord Joaquín "El Chapo" Guzmán, authorities near Mexico City alleged that in January, the boy wrote up on a motorcycle and opened fire on a family holding a birthday party in a Mexico City suburb, killing 8 people and leaving 5 adults and two children wounded, a man was also arrested in the killings and 7 other members of the gang were arrested on drug charges. The motive for the killings has not been made public, I'm down a water, California plans to build 1200 small houses for the homeless in San Jose, San Diego, Los Angeles and Sacramento, the governor says it's just one part of his efforts. I'm Rita foley, AP news. This is a 20 a.m. W CPT willow springs, and streaming worldwide at WCT 8 20 dot com. We are Chicago's progressive talk, where facts matter. Now, your WC PGA 20 weather updates. Weather center, I'm
WCPT 820
"11 big banks" Discussed on WCPT 820
"Protection. It's no longer affiliated with Silicon Valley bank, but SVB financial group ran Silicon Valley bank until the bank collapsed a week ago. Meanwhile, some big banks are joining together to rescue struggling first republic bank. The AP's Jennifer King has this. A group of banks have extended a lifeline to U.S. based first republic bank offering reassurance to financial markets. Markets rallied on Wall Street and in Europe and Asia after news at 11 big banks have offered a combined deposit of $30 billion to help troubled first republic bank. Markets gyrated this week after the collapse of Silicon Valley bank and investors were looking for other troubled banks amid concerns over the unintended toll that interest rate hikes are taking on financial institutions. I'm Jennifer King. The presidents of Russia and China will meet next week in Moscow, seen as China's president Xi showing support for president Putin. Tensions between the east and the west have been rising over the war in Ukraine. This morning, China is complaining about governments restricting the use of TikTok. Some, like the U.S., fear might be a security risk. TikTok's owner is ByteDance a Chinese company. The AP's Jackie Quinn. National Security Council spokesman John Kirby said he was unable to confirm or deny a report that The White House sent off a letter to ByteDance, saying it either sells off TikTok or the app faces a ban. We have legitimate national security concerns with respect to data integrity. The Treasury Department's committee on foreign investments in the U.S. is also investigating the structural relationship between TikTok and its Chinese parent company. I'm Jackie Quinn. A Massachusetts man faces up to ten years in prison after pleading guilty yesterday to trying to hire someone to kill his wife. This is AP news. Now to a young teenager accused in several murders, the AP's Donna warder has this story. A 14 year old boy accused of being a hit man in a drug related shooting is under arrest in Mexico. The boy is nicknamed capito or little Chapo after the imprisoned drug lord Joaquín "El Chapo" Guzmán, authorities near Mexico City alleged that in January, the boy wrote up on a motorcycle and opened fire on a family holding a birthday party in a Mexico City suburb, killing 8 people and leaving 5 adults and two children wounded, a man was also arrested in the killings and 7 other members of the gang were arrested on drug charges. The motive for the killings has not been made public, I'm down a water. California plans to build 1200 small houses for the homeless in San Jose, San Diego, Los Angeles and Sacramento, the governor says it's just one part of his efforts. I'm Rita foley, AP news. This is 8 20 a.m. WCT willow springs and streaming worldwide at WWC PT 8 20 dot com. We are Chicago's progressive talk, where facts matter. Now, UW CPT 8 20 weather updates. Weather center, I'm meteorologist Jennifer we cheat ski. Skies become mostly sunny here for this afternoon with temperatures holding steady, freeze U.S. winds around 20 to 25 mph gusting as high as 35 tonight's chance for some flurries here late mostly cloudy and a lone year 16. By Saturday chance for flurries Claudia skies hive 27, Sunday mostly sunny and high around 40 years. Monday sunshine will see high of 50°. That's your latest Chicago weather update. Currently, it's 33. Get lucky all month long at hawke Volkswagen, Joliet. Save big with invoice pricing
Bloomberg Radio New York
"11 big banks" Discussed on Bloomberg Radio New York
"Margaret Brennan, what do you do this Sunday? Oh, gosh. I mean, I think today is going to tell us the direction we'll be in, right? I mean, just look at how fast the news cycle move between last Friday and my showcase on day when we had secretary Yellen and ro Khanna on from Silicon Valley. I think this week we are going to keep looking into this banking crisis. I have two lawmakers who are kind of adjacent, but providing oversight, right? I mean, we don't expect any laws to be written because of a divide Congress, but we do have senator Elizabeth Warren and we have Patrick mchenry from the Republican side of the ledger. It was also really calling for scrutiny of regulators here. I don't know what The White House is going to put forward. If anyone this week, waiting here on that front, but at this look into tech and to business is where I think we are headed this Sunday. I also got Kara Swisher and Scott Galway to talk about this. Oh, wonderful. Good luck with that. Oh my goodness. You're brave to have those two on First of all, Margaret happy Saint Patrick's Day. Happy Saint Patrick's Day. Yeah, what do you think we will hear from this White House? This banking crisis. I'm not sure. I'm not sure if it's even a crisis. I'm not sure if it's a banking industry in turmoil. I'm not sure how to really phrase it, but here on global Wall Street, it is front and center. How do you think The White House will deal with this in the coming days? You know, that is the big question because it took days for President Biden to come out and speak because they wanted to step so carefully and not feed sort of panic. But then I just saw that tremendous change in the news cycle from the time secretary Yellen spoke to me. Sunday morning from where we ended up with the day. I am hearing that there are some grocery officials going out this morning on some of the business networks, perhaps I don't know, maybe you know better than I on that front. But I don't know how much they want to communicate on this yesterday, the focus is really on that bear hug, the 11 big banks gave to first republic in trying to show that this is private sector. The politics of this are unmistakable. Everyone in Washington remembers the populist wave that erupted on besides the aisle. After the financial crisis, they don't want that to touch that. I got to go here quickly, Margaret, but that's going to be the theme here a populist wave is it just simply agrarian America against those rich guys in New York? That is how some Republican lawmakers certainly are playing this out and describing it to the public that, oh, it's those Silicon Valley, Democrats who are getting special treatment, who knows how this would have played out if signature bank had gone first and been focused on. But certainly now, I think the politics of this are dangerous. There are some embracing the populism there. But we'll have to see how this plays out. And I don't think everyday Americans really know that's the regulators within the fed have oversight here. They don't know that. So we're going to try to talk a bit about that. I mean, Paul, I think everyday Americans like me are looking at my bracket, which is completely blown up. I think I'm moving towards zero for 63. Yes. In my bracket. But you're doing better than our good friend Margaret Brennan. But we'll get to that in a moment. So Margaret Kara Swisher Scott Galloway, two of my favorites, always a read and follow and all that kind of stuff. What are you going to talk to him about those two? I want to talk to them about what is actually happening within technology. I mean, all of us here this morning are talking about the financial sector and banking. What's happening in the tech sector specifically would start up and these layoffs and how much pressure is actually happened in there because I do think it's important to hear that description. I mean, tech is everything in terms of the information economy and where we are headed on so many front competition work. Margaret is Charlottesville. We'll have to be medicated as we go to face the nation Sunday. Margaret, let's listen. The four guards out there along with Cedric and the best free throw shoes. Clark and his three jacket. Oh, Margaret, I think that's perfect for facing nation on Sunday. Don't you agree? My office was erupting yesterday with screams and I came running out of my office and saying, what just happened? I thought it was a market that's something horrible happened. People were just watching me and see that tournament. UVA, wait till next year, market Brendan thank you so much, of course, extinguished graduate of UVA and look for face and Asian Sunday morning here at Bloomberg radio. Sunday afternoon. With our news in New York City, here's John Tucker. Let me just bring you this headline as you're talking to Margaret. Fed alarms and Silicon Valley bank began more than a year ago as examiners changed and will have more as the details become available on that one. Chinese president Xi Jinping will visit Moscow next week with Russian president Putin. She's first trip to Russia since it invaded Ukraine, but visit creating concerns in the international community that China will provide Russia weapons to be used against Ukraine. China's foreign ministry spokesman Wang Ben speaking through a translator did not deny any notion of a weapons transaction, but would only say they handled all other exports responsibly. Safeguarding rupees and promoting common development is our foreign policy goal. On the green issue, China always stands on the side of peace and dialog and stands on the right side of history. Well, the state visits center again Monday in Moscow. In Virginia, attorneys for the family of a black man who dined in police custody is a video of the incident shows 7 sheriff's deputies pushing down every part of his body with absolute brutality, civil rights attorney Ben crump represents the family of crumb says it happened at a state mental hospital where a Tino was shackled and pinned to the ground. He is not posing a threat to them. He's not violent or aggressive with them. You see in the video, he is restrained with handcuffs. And attorney Ben crump says 7 deputies, three hospital employees have been charged with second degree murder in the death on March 6th. Protesters took to the streets of Paris last night against French president Macron's moved to raise the country's retirement age from 62 to 64 without a parliamentary vote. And of course the major upsets of the first round of the NCAA, Princeton 15th seeded Princeton beating Arizona, 59 to 55, 13 seated ferment downing fourth seated Virginia 68 to 67. And then the big game tonight with Purdue's shaking in their boots as they take on fairly Dickinson university of New Jersey. They're the fighting, what are they? Not to be confused with the scarlet knights of Rutgers. But we also have another mascot as well. But that's a story for another. John Tucker, thank you so much. Greatly appreciate that we'll get out of those quick as you can. Boy Paul, is this the future? Handle of it. Fed alarms at SVB began more than a year ago. You think that's going to be a cottage industry for the next three or four years? Exactly. I mean, fed alarms. I didn't hear any alarms. I didn't see any alarms. This kind of came out of nowhere, and I think I'm pretty representative of the marketplace there. So somebody's going to have some explaining to do here because, again, you just look at that balance sheet and the mismatch. You don't have to be a fed regulator to know there was something wrong there. Your first read of the weekend from Bloomberg news and I'll make clear. It is stunning to charts in it are jaw dropping. Let's dance came from Bloomberg intelligence. We'll get to that here in a moment. Futures at negative 21, the two year yield, front and center, 4.07%
AP News Radio
World shares up after First Republic aid spurs Wall St rally
"A group of banks of extended a lifeline to U.S. based first republic bank, offering reassurance to financial markets. Markets rallied on Wall Street and in Europe and Asia, after news at 11 big banks have offered a combined deposit of $30 billion to help troubled first republic bank. Markets gyrated this week after the collapse of Silicon Valley bank and investors were looking for other troubled banks amid concerns over the unintended toll that interest rate hikes are taking on financial institutions. Shares of Credit Suisse plunged after their biggest shareholder, the Saudi national bank, said it would not provide any more support, but rebounded after Switzerland's national bank offered $54 billion in liquidity, Stephen Ennis of SPI asset management says in a report, the market remains cautious, traders do not want to get overexcited, especially with investors still focusing on what can go wrong instead of what could go right. Treasury secretary Janet Yellen told a Senate committee Thursday that the U.S. banking system remains sound, yesterday the European Central Bank raised its key rate by half a percentage point that expectations on Wall Street are that this week's turmoil will push the U.S. Federal Reserve to cut its rate hike next week to a quarter of a percentage point. I am Jennifer King