39 Burst results for "First Republic"
The Charlie Kirk Show
China's "Century of Western Humiliation" With Jack Posobiec
"You and I have both been warning, hey, there's going to be a new superpower alliance happening and the American regime is cheerleading for it and is actually helping it happen. Chilling last couple of days in Moscow as Xi Jinping Winnie the pooh goes to Moscow to meet with Vladimir Putin and they say, quote, there are changes that have not happened in a hundred years that are happening when we meet take care of yourself dear friend. Play cut 73 and then Jack, I want you to make sense of this for me. What does this mean? I'm not even sure, play cut 73. Now there are changes that haven't happened in 100 years. When we are together, we drive these changes. I agree. Take care of yourself to your friend. Please. Jack, what does this mean? So to understand China, you have to understand that the way they teach history, they refer to something as the hundred years of humiliation of the century of humiliation. So the century humiliation goes from the opium war of about 1859 all the way up to 1949, which is of course the founding of the People's Republic of China. So they could refer to that as the century of humiliation, meaning humiliation by what, humiliation at the hands of the west. So the flip side of that for him to say, this is a change we haven't seen in a hundred years. What he's actually referring to is their new plan for 2049. That's their target date on forward where it's the century of western humiliation that he wants the west to be brought down low. And what does the United States done throughout all of this? They've driven Russia. The biggest wildcard in all of this, Russia, which had been trying to extend economic ties to Europe. Of course, we've now see where those economic ties are. They've been blown up. Most likely by the Biden administration and their allies at the bottom of the Baltic Sea and driven Russia in to the arms of China. This is the most historic meeting that we've seen in terms of the global geopolitical balance of power since Nixon going to China,
Masters in Business
Fresh update on "first republic" discussed on Masters in Business
"Was a guest on Bloomberg's big take podcast. There wasn't a single moment where I got just became true, but the potential for this is probably bigger than the Internet. It's just a very complicated way to get there. After working on self-driving technology at Google and Uber, Lewandowski cofounded the autonomous trucking company pronto. He says driverless trucks are very good at moving material on closed courses, such as mines and construction sites, but widespread use of autonomous vehicles on public roads is still years off. I do think there will be fully driverless with other vehicles that are driven by people at some point in time. It's just not with the technology that we have available today. Jeff Bellinger, Bloomberg radio. And I'm Susanna Palmer in the Bloomberg newsroom. We're hearing officials at the Federal Reserve are considering what to do about first republic bank, if anything needs to be done. Our source is the fed is thinking of expanding an emergency lending facility for banks in ways that would give first republic bank more time to shore up its balance sheet, but extra support may not be needed. Watch dogs see first republic as stable enough to operate without any immediate intervention as the company and its advisers try to work out a deal to shore up that balance sheet. President Vladimir Putin of Russia said Russia is preparing to station tactical nuclear weapons in neighboring Belarus, escalating a confrontation with the U.S. and its allies over the war in Ukraine. Putin said in comments broadcast on state television today that Moscow isn't handing control of the weapons to Belarus and won't be in breach of its non proliferation obligations under an agreement with Belarusian president Alexander Lukashenko. Putin says the U.S. has, quote, long deployed tactical nuclear weapons on the territory of
America First with Sebastian Gorka Podcast
Raz0rfist Unpacks What We're Witnessing in America Right Now
"Are we witnessing in America right now? Because it's really weird for me, raise a fish that I come to this nation as an immigrant who's been naturalized. He's worked in The White House, who was born and raised in the mother of democracies, the home of the Magna Carta, but whose parents escaped a communist regime whose father was actually liberated by freedom fighters from a political prison. And I'm at a point where I have to admit things like America has political prisoners. You know, I've had the family members of the January 6th who have been imprisoned for two years without an arraignment. And I look at the idea that a man who's not only a former president who to use a British term is the current leader of the opposition, is about to be arrested on a trumped up charge that even if it were true would be a misdemeanor slap on the wrist and a fine. Am I overstating the case? Or are we at risk of losing the republic to those who think that the mechanisms of the state are there for political targeting of their adversaries? It's true. And I think it's a fundamental, it's an inversion of the philosophy upon which the country was founded. The reason I made that Abraham Lincoln video wasn't because I harbor any kind of grudge against Abraham Lincoln. It was because Abraham Lincoln is one of the fathers of a belief that the government is ruling from the top down and lording over the states and that the states, in fact, Lincoln literally argued this, the states were created by the union. Historically, that's absurd. When England finally surrendered, they acknowledged each individual state by name as sovereign separate nations, right? And then they formed a union later on. This is really sort of sadly. It's interesting you bring that up. It's apropos to the point. Biden is a believer in this as well. And many of his followers, unfortunately, are this believe that ultimately the government, the federal government, is what gives us our rights.
Masters in Business
Fresh update on "first republic" discussed on Masters in Business
"Council on sports fitness and nutrition. Steph Curry of the Golden State Warriors has been appointed alongside his wife Aisha. The White House says the council aims to promote healthy, accessible eating and physical activity for all Americans regardless of their background or ability. Former Philadelphia Phillies first baseman Ryan Howard has also been appointed. And in music history news on this date back in 1979, Van Halen released the album Van Halen two. I'm Chris Karachi. And I'm Susanna Palmer in the Bloomberg newsroom. We're hearing officials at the Federal Reserve are considering throwing first republic bank a little lifeline if it needs it. Our source says the fed is thinking of expanding an emergency lending facility for banks in ways that would give first republic bank more time to shore up its balance sheet. But extra support may not be needed. Watchdogs see first republic as staple enough to operate without an immediate intervention as the company and its advisers try to work out a deal to shore up that balance sheet. Investors who are wary in the wake of the credits suites take over last week are a waiting for the next shoe to drop and they are focused on Deutsche Bank. Sharers fell in the cost of ensuring its debt against default rose in sudden moves that some attributed to hedge funds, seeking to profit from the broader turmoil in the financial industry. Deutsche Bank's shares fell as much as 15% before pairing losses to end Friday down 8 and a half percent in Frankfurt. There was no clear trigger for the declines Friday. But hedge funds have turned their attention to Deutsche Bank in the wake of the collapse of Credit Suisse group and three regional U.S. banks. Meantime, the Swiss government was compelled to intervene to save Credit Suisse group as the troubled bank wouldn't have survived another day of trading amid a crisis of investor confidence. That's according to finance minister Karin Keller Sutter speaking with Zürich newspaper and ZZ. Keller Sutter said the crash of Credit Suisse would have sent other banks into the abyss. French authorities have asked airlines to continue cutting flights through next Wednesday amid strikes over a retirement reform law, more from Bloomberg's Charlie pellet. The country's civil aviation authority is asking airlines to reduce flights at Paris orle airport by 20% on Tuesday and Wednesday. Companies were already asked to cut flights there by 33% this weekend and by 20% on Monday, regional airports in Marseille and Lyon have also been asked to cut flights. Charlie pellet, Bloomberg radio. Germany reached an agreement with the European Union on a landmark regulation that requires new cars to be carbon neutral by 2035. That resolves a dispute that threatened to undermine the block's ambitious blueprint to reduce greenhouse gas emissions. Hyundai and Kia recalled more than 570,000 cars they say are at risk of catching fire. More from Bloomberg's Courtney donahoe. The vehicle should be parked outside and away from homes even if they're turned off because they could experience an electrical short that could start a fire. That's the warning from the national highway traffic safety administration. The agency says driver
America First with Sebastian Gorka Podcast
Sebastian Welcomes YouTuber Raz0rfist AKA "Rageaholic"
"It's the Mar-a-Lago raid or the unselect committee hoax, the perfect Georgia phone call who is absolutely perfect. Or the stormy horse faced Daniels, extortion plot, they're all sick and it's fake news. Our enemies are desperate to stop us because they know that we are the only ones who can stop them and they know it very strongly and they're looking at the polls where not me but we are up by so much. They can't even believe it. We won twice and now we've got to win a third time. They know that we can defeat them. They know that we will defeat them, but they're not coming after me. They're coming after you. I'm just standing in their way, and I always will stand in their way. Thank you very much. 45th president of the United States saints, it's not about him, Alvin Bragg may want to arrest him, but it's about you. It's about his supporters. It's about the 73 million Americans that voted for him to have a second term. Is that, in fact, the case? What should we expect is the republic salvageable? Let's talk to a man who I think may have an opinion or two. You know him as razor fist he's one of my favorite content providers on that. Platform called YouTube, I won't give any other name. He got the Chinese called Rachel holic, razor fist. Welcome back to America first. Couldn't be happier to be back. Anything going on. Anything at all. I don't know, we can talk about my crime age, your favorite jigsaw puzzle. All right. Where should we start? Here we talk about our mutual paper mache hobby. Boy, it is a good thing the New York DA could tear himself away from the 23% increase in violent crime year over year to tackle the truly pressing issues like monetary settlements to age deaths, orange stars. That fall outside the statute of limitations, am I right?
The Big Take
Fresh update on "first republic" discussed on The Big Take
"Helped to identify a lost bird in South Carolina recently, a Myrtle Beach woman lost her pet cockatiel named Joel when he flew out of her home door, she posted lost bird flyers saying that Joel liked uptown girl by the music superstar. Meantime, an employee at a local Ferris wheel spotted the bird got in touch with the woman after she played uptown girl and saw the bird bobbing its head up and down. A new Guinness World Record has been set by a new distillery just south of Nashville at the opening of the humble barren and shelbyville Thursday the Guinness World Records stop by to measure the length of the bar as it turns out they broke a 25 year old record by having a 518 foot long bar. 30 Seattle singles will be starring in the brand new season of Netflix's hit reality show love is blind. The goal of the show is for couples to develop connections without ever seeing each other, testing the theory is love really blind. In order to meet face to face, a couple must accept a proposal after their engaged, they are sent to a couple's retreat where they can get to know one another better. Season four of love is blind premieres on Netflix this weekend. I'm Chris karashi. And I'm Susanna Palmer in the Bloomberg newsroom. We're hearing officials at the Federal Reserve are considering what to do about first republic bank, if anything needs to be done. Our source is the fed is thinking of expanding an emergency lending facility for banks in ways that would give first republic bank more time to shore up its balance sheet, but extra support may not be needed. Watch dogs see first republic as stable enough to operate without any immediate intervention as the company and its advisers try to work out a deal to shore up that balance sheet. President Vladimir Putin of Russia said Russia is preparing to station tactical nuclear weapons in neighboring Belarus, escalating a confrontation with the U.S. and its allies over the war in Ukraine. Putin said in comments broadcast on state television today that Moscow isn't handing control of the weapons to Belarus and won't be in breach of its non proliferation obligations under an agreement with Belarusian president Alexander Lukashenko. Putin says the U.S. has quote long deployed tactical nuclear weapons on the territory of
The Dan Bongino Show
Lisa Boothe: 'No Faith' in the DOJ, FBI
"You know Lisa this is one of the reasons I really only like you in a very select few people to guest host to show I don't hide it I only like people who are an ideologically aligned and we agree I don't think it's a constitutional republic anymore either I mean when you look at the old Soviets like beria and his infamous line show me the man I'll show you the crime How do you not apply this to Trump I mean it's obscene at this point The collusion hoax the whole impeachment thing The FBI and the DoJ I mean literally spying on him We have the names of the two spies it did it Efforts to sabotage his campaign is Libya You're not obligated to like the guy at all Obviously it's supposed to be a constitutional republic But there's supposed to be institutional safeguards against the government doing things like this That's a limitation and otherwise And they just seems when it comes to Trump It's all been thrown in the bonfire Well yeah that's the thing I mean they look at Trump as a trophy And you look at what they've done to try to get this trophy to try to put it up on the wall to try to say that we finally got them I mean they've destroyed the country in the process right You look at the wreckage that they have left in the wake of trying to go after Donald Trump I mean we don't have faith in government anymore I mean I've always been skeptical I've always lacked faith I have no faith now They've corrupted the Department of Justice They've corrupted the FBI And so in the process of trying to get Donald Trump they've destroyed the nation And so I don't know where we go from here You know I hope that this grand jury I hope that the Manhattan DA's office I hope that they don't move forward with this Because I don't know how much more country can take
Bloomberg Businessweek
Fresh update on "first republic" discussed on Bloomberg Businessweek
"It comes to luxury real estate around the world, sales have slowed a bit, but those who did buy, plunk down big bucks. The top 25 sales in 2022 ranged from 73 million to a 173 million. These were higher prices in many locations than we've ever seen before. And Forbes global properties cofounder and chair Bonnie stone sellers says those trends are likely to continue through 2023. No slowing down in prices definitely continued slow down in volume of sales. She says more than half of the biggest sales were in the U.S. international buyers weren't as fluid during COVID. And it turns out many buyers are less concerned about the size of their house and more focused on the size of the property. People are now investing in entertaining again and being with other people. They want that outdoor space and a lot of it seller says the hottest areas for high end real estate right now, South Florida, followed by Los Angeles and Hong Kong. Jill Schneider, Bloomberg radio. And I'm Susanna Palmer in the Bloomberg newsroom. We're hearing officials at the Federal Reserve are considering throwing first republic bank a little lifeline if it needs it. Our source says the fed is thinking of expanding an emergency lending facility for banks in ways that would give first republic bank more time to shore up its balance sheet. But extra support may not be needed. Watchdogs see first republic as staple enough to operate without an immediate intervention as the company and its advisers try to work out a deal to shore up that balance sheet. Investors who are wary in the wake of the credits we take over last week are a waiting for the next shoe to drop and they're focused on Deutsche Bank. Sharers fell and the cost of ensuring its debt against default rose in sudden moves that some attributed to hedge funds, seeking to profit from the broader turmoil in the financial industry. Deutsche Bank's shares fell as much as 15% before pairing losses to end Friday down 8 and a half percent in Frankfurt. There was no clear trigger for the declines Friday, but hedge funds have turned their attention to Deutsche Bank in the wake of the collapse of Credit Suisse group and three regional U.S. banks. Meantime, the Swiss government was compelled to intervene to save Credit Suisse group as the troubled bank wouldn't have survived another day of trading amid a crisis of investor confidence. That's according to finance minister Karin Keller Sutter speaking with Zürich newspaper and ZZ. Keller Sutter said the crash of Credit Suisse would have sent other banks into the abyss. French authorities have asked airlines to continue cutting flights through next Wednesday amid strikes over a retirement reform law, more from Bloomberg's Charlie poet. The country's civil aviation authority is asking airlines to reduce flights at Paris orle airport by 20% on Tuesday and Wednesday. Companies were already asked to cut flights there by 33% this weekend and by 20% on Monday, regional airports in Marseille and Lyon have also been asked to cut flights. Charlie pellet, Bloomberg radio. Germany reached an agreement with the European Union on a landmark regulation that requires new cars to be carbon neutral by 2035. That resolves a dispute that threatened to undermine the block's ambitious blueprint to reduce greenhouse gas emissions. Hyundai and Kia recalled more than 570,000 cars they say are at risk of catching fire. More from Bloomberg's Courtney donahoe. The vehicle should be parked outside and away from homes even if they're turned off because they could experience an electrical short that could start a fire. That's the warning from the national
The Dan Bongino Show
Lisa Boothe: Will the Trump Indictment Go Forward?
"Lisa Boone first let's talk about Donald Trump So this is the second day now in a row The grand juries being sent home without an indictment You know you're pretty familiar with the legal process I mean that old line you can indict a ham sandwich is accurate It's not adversarial You walk into the grand jury room and you only tell one side of the story It is almost impossible to not indict someone There's no defense attorney there You could say almost anything Lisa as long as you don't lie What does it say to you that after two straight days now Two straight days There are apparently unable even in New York City to get an indictment issue I mean this is police state stuff at this point Well you know and we're talking about New York City right So we're talking about a left brain liberal city Right so it's not even indicting I mean it's even worse than that because it's New York City So I am praying this means that they're not going to move forward with an indictment against Donald Trump because I mean we know what that would mean for the country Dan I've really been thinking about this and thinking about just the basic question are we still constitutional republic And I don't know if we are Dan I mean we look more like an authoritarian nation than a country that believes in the rule of law that believes in freedom and liberty And so we know that this would set us down a really dangerous and dark path as a country
The Trish Regan Show
Chaos Erupts at the Southern Border
"Breaking today as the Democrats continue trying to put the former president behind bars as there were some kind of, I don't know, banana republic two bit banana republic, we actually have real problems. And they're abhorrent behavior shows they have no real effort underway to actually focus on the problems at hand. I mean, no wonder the country's in such bad shape right now. News today, that authorities confronted 16 people at our border just last month that were on the FBI terror watch list. They were all arrested in the month of February alone. Meanwhile, we had some 150,000 plus crossings. Again, new records being hit almost every month. We are not in good shape and it's very dangerous for our country given the amount of drugs that are coming in. The federal government, meanwhile, spending all kinds of money, millions of dollars to store all that unused border wall material because, oh, that was Trump's idea in Trump's bad and they want him behind bars. That's the reality of the situation. They are playing politics when I think it's really, really important for this nation that we get serious about the real issues at hand. Hello, welcome to the program. I am Trish Regan portions of this show are brought to you by legacy precious metals, go to legacy p.m. investments dot com for more. Again, a 150,000 people apprehended in the month of February alone just wait. Just wait until title 42 gets rolled back. And it's going to be really unmanageable. For more on this worsening crisis, I am joined today by Brandon Judd, president of the border patrol council. And it's good to have you here. Thank you for taking the time, Brennan. Trish anytime, I appreciate you having me. What's it like, really? Right now. Well, unfortunately, I live this nightmare every single day. My agents and I, we have to deal with something that this administration could get under control tomorrow if they wanted to. But we have seen time and time again that they just have no political will. They pander to their open border activists. If you look at the west wing, it's filled with activists. And when you have government that is filled with activists, you can expect to see the chaos that we're experiencing on the border and it's a completely unfortunate because it puts American lives at danger at risk. And we could save all those American lives if it wasn't for the unfortunate policies programs and operations that they've taken away from us. They're just not giving us what's necessary to be able to do the job. You know, it really shows you how politics gets in the way. Over and over and over again. So instead of doing what's right, one protecting our country too, protecting these people from the predators that they are so vulnerable to right now. Instead of doing what's right, we're doing what they think is going to play in Peoria. They think that this is going to resonate with their base. If you ask me, it's the most inhumane way of approaching this challenge. The only thing that they care about is a reelection. That's it. And if they think that what they're doing is going to get people to the ballot box, they're going to do it. And that's what we see time and time again. Politics seems to have taken a front seat to what's best for the United States. What's best for our U.S. citizens as long as they think that they're going to be able to remain in power. You know, a lot of this is like, well, you know, it's Texas's problem. You know, let them deal with it in Texas. But now we're seeing that even the mayor of New York is like, wow, wow, wow, wow wait a second. This is Gaston us a lot of money here too, because they've been bused up to New York. More of the vineyard, I think, exposed a lot of the not in my backyard, kind of sentiment. Look, it is a problem there in Texas. It's a problem for any of these border states, but let's not forget we're a federal system. Doesn't the entire federal government have to take responsibility here? How is it fair to put it all on a few states that happen to be physically located at that border? Well, the Supreme Court actually ruled that the federal government is responsible for immigration. The states can't step in and they can't enact laws that would allow them to expel or deport individuals to cross our borders illegally. That was already tested in the state of Arizona when they passed SB ten 70 and the Supreme Court shot that law down. So if you look at this when you look at everything that is going on, if it's not the federal government that steps to the plate, if it's not them that does their job, then all of this is going to continue to happen. We're going to continue to set records. We're going to continue to have deaths on the border. We're going to continue to have more fentanyl coming into the United States than we've ever seen before. We're going to continue to release more people into the United States. When you look at right now, we have released into the United States in the last two years, 4.5 million people have been rewarded for violating our laws. Across the border, illegally and got released in the United States. And then you add on top of that, the 1.2 million people that were able to cross the border illegally and evade apprehension. We've added more than 5 million people to our population just in the last two years alone. And these people entered the country illegally, and they were rewarded for their illegal acts. Look, and I'm not going to say that all people that come here illegally are bad. It's not true. There's plenty of good ones. But you go through the rap sheets, right? And you see a lot of people that happen to be here illegally. And it's so sad for the victims of those crimes because they don't deserve that. The one thing that a country ought to be able to do is know and control who is in it. And by the way, we're not outliers here like, well, we're an outlier and that we let everybody in. I mean, every other country in the world, it's not like I can go show up in Mexico and just hang out for the rest of my life. That wouldn't fly. Why are we allowing it here? Yeah, Trish. And we're not trying to disparage people that cross the borders illegally by any stretch of the imagination. What we want is we want the rule of law to be upheld. And if the rule of law is upheld, we stop all of the deaths. We stop these migrants from putting theirselves in the hands of these dangerous criminal cartels. Yes, there are a lot of people that cross our borders illegally that are good people, but they still violated the law. And unless there's accountability for violating the law, we're going to continue to encourage it. And that's what we have to do. When you listen to this administration and they talk about that they want an orderly and humane immigration system. What they've given us is the exact opposite. It's not orderly and it absolutely is not humane, especially when you look at all of the deaths. When you look at the children that are abused by these criminal organizations, these cartels, they're raped at times they're murdered. They are physically abused all the time, and we see it. And we have to deal with that. The agents on the frontline constantly have to deal with everything that we see every single day and we know that it's simply driven by policy. Yeah, you know, and there's a lot of unintended consequences. The last thinks they're being so wonderful.
The Breakdown
First Republic Bank Shares Sink to Another Record Low
"All right, Friends, another day, another set of serious updates around the global banking crisis. We start with first republic, which had another shocking day on Monday with the stock price plummeting 47% to an all time low. The stock was halted 9 times during its freefall and has now lost 90% of its equity value since the beginning of March. First Republicans experienced a massive $70 billion in deposit outflows over the month, as customers grow concerned about the safety of the bank afflicted with the same duration mismatch impairment that took down Silicon Valley bank alongside signature. Now on Friday, a consortium of major banks led by JPMorgan Chase, agreed to offer first republic 30 billion in deposits, consisting of the deposits which would float out of the troubled community bank. Ratings agency S&P said this package may not be enough to solve the quote substantial challenges facing the bank even if it does ease short term pressures on liquidity. On Monday, JPMorgan CEO Jamie Dimon was back in talks to discuss converting the $30 billion in deposits into a capital infusion in an attempt to calm the panic around the already shaky bank. JPMorgan investment bankers have also been hired by first republic to explore options with a sale also being in the cards. Unfortunately, right now it's not clear how likely that is. Now that said, first republic doesn't necessarily represent the entire banking industry, with some time having passed since the collapse of Silicon Valley bank and the introduction of the fed's emergency liquidity program, the bank term funding program or BTF, regional banks actually saw a broad rally on Monday. This was led by New York community Bancorp, which we'll discuss in just a moment with a record 30% daily gain. Zero X makes he says, if you're in crypto and not following what's happening on community bank Twitter right now, you should be. Regardless of intent, the effect of both choke .2 and our two tier deposit insurance double standard is the same. To centralized resource allocation decisions in D.C. and New York.
Mark Levin
Mark Levin: Our Country Is Not About Populism
"But our government isn't about populism It's about republicanism little R republicanism where republic were specifically not a parliament and we're not majoritarian Look at the Bill of Rights Read the Bill of Rights There's not a word there about populism or majoritarianism Those are your individual rights given to you by God and they can't be taken away by antibody else certainly not morally or legitimately But another society is people can vote and take these rights away or the people are manipulated in a certain way to vote and take these rights away Are the people vote once and they install regimes where they never vote again And so you have these totalitarian regimes and again you don't have your rights So this is very very important to understand as we have this developing and new populism nationalism and populism nationalism is even oxymoronic What does that mean What if a majority of people vote for globalism Well not what are you going to do Oh that's perplexing That's confounding We've been here before This isn't complicated This is stupid Conservatism I started a movement many decades ago called constitutional conservatism Is what protects us The framers the great philosophers Locke and montesquieu and Burke And Hume and on and on and on the men that the founders of our country had studied and believed in The judeo Christian ethic whether you're an atheist or an agnostic whether you like it or not you live in a society that was founded in the judeo Christian ethic which creates these rights and principles and understanding of society and so forth
The Hugh Hewitt Show: Highly Concentrated
The Recession Is Here
"Also, Wall Street CEOs are trying to come up with a new plan to rescue the first republic bank. We'll see about that. Amazon announced it's cutting 9000 workers. Recession is here, Friends, recession is here. It doesn't mean you're going to lose your job. It means a lot of people are going to get laid off at places that are big and want to get small when demand drops for prolonged period of time. As I've already mentioned to you, the Trump grand jury is hearing from a likely final witness on a hush money payment. It was Robert Costello, a partner in the New York office at David hutcherson in citron, who has previously waged his attorney client privilege with Michael Cohen, will be testifying about why Michael Cohen is not exactly the witness you want to hang your cash testimony on. But this Politico piece by the book DA confronts unpredictable opponent in Trump. Prosecutor and Trump, that's from Politico. It's just so crazily left wing. Prosecutor and Trump case, wades into treacherous political waters. That they're not treacherous. They're disastrous for the United States.
Marketplace Minute
"first republic" Discussed on Marketplace Minute
"Hey guys, this is Kenan Thompson. I have a problem with you. Yes, you. None of y'all told me that auto trader has millions of new and used cars that I can shop from home. I thought we were friends. I put smiles on your face. But I'm not smiling. No one told me that with auto trader, a dealer can deliver cars to my home or that I could shop by price on auto trader. Number one, consider this friendship that you just learned we had officially over finally, it's easy. Auto trader. First republic bank may need more help. I'm novice with a marketplace minute. The San Francisco based bank still faces questions about its viability despite $30 billion in deposits from bigger banks. The Wall Street Journal says first republic customers have withdrawn $70 billion from their accounts, and there are discussions among banks, CEOs, about offering more help. President Biden has issued the first veto of his presidency he blocked a measure that would ban federal retirement fund managers from considering environmental, social and governance issues when making investment decisions. In Los Angeles, workers at the nation's second largest school district begin a three day strike today, the district and the union representing teachers aides and other support personnel have failed to reach agreement on better wages and increased staffing. Later today, Federal Reserve policymakers begin two days of meetings, the big question, will they keep raising interest rates or pause because of the banking crisis? I'm nova safa with a marketplace minute.
The Trish Regan Show
Are We Now a Banana Republic?
"This is the kind of stuff that happens in these banana republics. And I don't mean to pick on Brazil. So if anyone's from Brazil, I apologize in advance, but let's face it in Brazil, like everyone goes to jail. It's in the government. I mean, think about Lula, he went to Dale. Of course, now he's president again, go figure Dilma Rousseff didn't she go to jail as well. This is not the United States of America. I don't love the story. I don't even like to say the words stormy Daniels, but they're alleging, of course, that he paid her off in this kind of hush hush money scheme. And that therefore is illegal. And then he lied about it, and maybe used campaign funds, et cetera, et cetera. This is Alvin Bragg, who's alleging all this. He is the liberal prosecutor. There are the DA in New York City whose campaign actually was funded to the tune of a $1 million by a liberal group called color of change, political action group, which actually is in part funded by George Soros. So there's a lot of blue money here behind this. And the Democrats wanted this, right? They haven't given up. They think that this motivates their base, but I get news for them. You know what this is going to do? This is actually going to help Donald Trump immensely. Immensely, because no one wants to see a former president. I'm sorry. You know what? When I see the video of Joe Biden falling on the stairs of Air Force One, I don't like it. I actually cringe, I don't like Joe Biden's policies as you well know. I don't think he's a very good president, but the last thing I want to see is him falling on the stairs over and over again. I don't like that because you know what that to me reflects on our country.
America First with Sebastian Gorka Podcast
Bob Frantz: This Is the Most Coddled Generation I've Ever Seen
"We're gonna save the republic, if you're gonna save our civilization bob, we have to pass on to the next generation, the idea, the essentials that non negotiables of what it means to be a man. So if you in a room of young boys, boy scouts, eagle scouts, what have you, what for you would be the minimum syllabus items, the things that we must spread to the next generation of young boys for us to be in a healthier place. What kinds of things do we need to teach them? Well, something that this generation of young boys is not getting at all, and that is disciplined and self reliance. This is the most coddled generation I think that I've ever seen and it's because everything is handed to them whether it's by parents or not, everything comes easy the click of a button, the flip of a phone, all of the different things that this generation is being raised on. Did any of them know how to change the tire, do any of them know how to plant a garden to any of them know how to, you know, to build something if they needed to provide shelter for their family. Doctor gee, we live in a we live in a nation and in a culture right now that is so reliant upon the grid that if something extraordinary happened, like an EMP, if that ever happened and wiped out the electronics and the technology and man was forced to survive on only what he can do for himself, this generation would be wiped out in a matter of months. Because they don't know anything. So that the ability to do it for yourself to not say I'm going to hire a professional to do it for me to fix the car to fix the house to plumb the pipes, whatever the case might be. I would tell every young person today you need to learn how to do it on your own,
CoinDesk Podcast Network
"first republic" Discussed on CoinDesk Podcast Network
"A crisis is actually enough at this point to catalyze a crisis response from the federal government, which then makes it so that it turns into a real crisis because the federal government has intervened in order to bail them out. So that honestly is a terrifying dynamic to me because effectively you're talking about bailout by influence or whining. And if that's our metric for what it takes to get federal government banking intervention at this point then we are done. Zach, I appreciate we've dominated this conversation. Let's kick it over to you for some thoughts. I've been enjoying it. I don't have a ton to add. I mean, I think for like the crypto degens out there, QE equals buy now because Bitcoin going up. Is that right? Is that sort of the general expectation Bitcoin thrived in a period of quantitative easing when money was cheap and people were looking to park it somewhere. So I think for the crypto Twitter set, maybe it's just as simple as that, but I don't know. Adam, what do you think? I mean, Bitcoin is a cork, right? Like Bitcoin literally floats with whatever the monetary policy environment is. So if the tide is going out, then it's bad for Bitcoin. And if the tide is coming in, then it's good for Bitcoin. And I think that irrespective of whether we call this quantitative easing or not. The idea that the Central Bank is going to tighten liquidity provisioning by actually selling some of their balance sheet back into the market. That's a dead letter at this point. That is not going to happen. I think we've seen something like $500 billion worth of inflows so far over the last month. That $300 billion number, that was a week. And that was not even the last half of this week as all of these crises have continued to just sort of boil under the surface and soft form. So yeah, it's wild. Zack? Money is wild. We will talk about it. I'm sure next week. That's it for the show. That's it for the week.
CoinDesk Podcast Network
"first republic" 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.
AP News Radio
Biden hosting Irish prime minister on St. Patrick's Day
"President Biden will host Ireland's prime minister on this Saint Patrick's Day. First Irish prime minister Leo varadkar and his partner will attend a breakfast with vice president Kamala Harris and her husband, then President Biden holds a bilateral meeting with the prime minister in The White House Oval Office, Biden infrared ger head to the capital for a noontime lunch with congressional leaders, hosted by the Friends of Ireland caucus, later Biden will host a White House reception for varadkar. Biden plans to visit both the Republic of Ireland and Northern Ireland this year, the 25th anniversary of the U.S. brokered good Friday accord, which helped in sectarian violence that had raged for three decades over the issue of Northern Ireland unifying with Ireland or remaining part of the United Kingdom. Biden, who often speaks of his Irish heritage, has declared march Irish heritage month, and is even dying the self lawn fountain green. John of water Washington
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
Bloomberg Radio New York
"first republic" Discussed on Bloomberg Radio New York
"Trading. Let's get you up to date on the news you need to know what this shower, following days of uncertainty, the CEOs of 11 banks have offered a lifeline to stop the panic on Wall Street. Big banks have agreed to deliver a total of $30 billion to shore up first republic bank. Treasury secretary Janet Yellen, one of the architecture of the deal says the banking sector is secure. I can reassure the members of the committee that our banking system is sound and that Americans can feel confident that their deposits will be there when they need them. And treasury secretary Yellen proposed the idea of a group bank effort on Tuesday in a call with fed chair Jay Powell, Yellen also spoke to JPMorgan's CEO Jamie Dimon, who reached out to heads of city, Bank of America, and Wells Fargo to backstop first republic. Yesterday was a volatile one for first republic shares, they plunged 35% but closed up 10%, and right now shares are down about 6 and a half percent in early trading. And Karen, we're learning more about the role of fed chair J Powell played in transparency surrounding SVB rescue. According to The New York Times, The White House wanted the statement on the matter to spotlight shortcomings in financial regulation for the collapse of SVB, but the paper says Powell blocked that effort. And any billionaire Bill ackman, among those who are critical of the rescue, the Pershing square founder tweeted that spreading risk of financial contagion to achieve a false sense of confidence in first republic is bad policy. Now with the march FOMC meeting just days away, the Federal Reserve is contending with both high inflation and a crisis of confidence in the banking sector. Consensus calls for a hike of 25 basis points, but former fed economist Claudia psalm says the Central Bank should probably pause. It's not like the fed caused this what happened with Silicon Valley bank. But they did set up a situation in which we were more grown to this kind of volatility with these big rate increases. Former Fred economist Claudia Somme says, raising rates hard and fast created a fragile environment. Well, Amy Charles Schwab is another firm we have our eyes on this morning. We're getting word that clients pulled billions of dollars out of Schwab's prime funds this week at the same time are told Schwab's government and treasury funds have had inflows. Banking turmoil is also focused in Europe we watch shares of Credit Suisse Bloomberg news has learned Credit Suisse and UBS are opposed to a forced combination both banks see a takeover as a measure of last resort following days of chaos and uncertainty shares of Credit Suisse now down more than 4%. And futures this morning higher S&P futures up a tenth of a percent or 5 points this morning straight ahead your latest local headlines plus a check of sports and this is Bloomberg
Bloomberg Radio New York
"first republic" Discussed on Bloomberg Radio New York
"And I've done prisoner Bloomberg world headquarters in New York. Let's check this hour's top business stories on the markets, 11 of the largest U.S. banks have deposited a total of $31 billion with a regional bank first republic. The move here is aimed at stabilizing the California lender after a collapse of three other regional banks, and the move here has received support from regulators in the U.S.. Here is Bloomberg's Herman Chan. I think what the government in conjunction with the private sector banks are doing is drawing a line in the sand, saying that SVB happened signature happened, we're not going to let first republic become a failed bank. That is Bloomberg's Hermann Chan now shares the first republic and at higher by 10% in the regular session, then after the bell, first republic said it was suspending its dividend and the bank said it will focus on reducing its borrowings, shares were down as much as 15% in the late U.S. session. We are hearing that Credit Suisse and UBS, the two large Swiss banks, they are opposed to a forced combination this comes even as a scenario planning for a government orchestrated tie up does continue. Here is Bloomberg chinali basic. UBS Credit Suisse, this was the merger of dreams for a very long time, but the moment in time we find ourselves in now, if UBS were to buy a credit squeeze, they would also take on all the risk tied to Credit Suisse. And it would also probably also need some support from the Swiss national bank. Now we are hearing that UBS would prefer to focus on its own wealth management business as a stand-alone strategy while Credit Suisse is seeking time to see its way through a turnaround this after winning a liquidity backstop from the Swiss national bank. The European Central Bank went ahead with a planned half point increase in its key policy rate, lifting it to 3%. In a press conference, ECB president Christine Lagarde said the bank has a lot of confidence in the European banking system. In Europe, we have strong supervision. We have strong capital and we have solid liquidity positions. And as the vice president said, exposures are not concentrated and based on the work that has been conducted by the SSM, we don't have similar occurrence as the one that occurred in California, for instance. That is ECB president Christine Lagarde who went on to decline giving any guidance on what the ECB might do at its next meeting. She did say the elevated level of uncertainty does reinforce the importance of a data dependent approach and she went on to say that ECB officials won't wane when it comes to their commitment to fight inflation. We check markets every 15 minutes here on Bloomberg in Hong Kong, the hang seng up 1.1%, the Nike better by 6 tenths of 1%, similar gain and sold for the cost, ASX 200 higher by a tenth of 1%, Shanghai composite up 9 tenths of 1%. Global news powered by more than 2700 journalists and analysts in more than 120 countries. This is Bloomberg
WTOP
"first republic" Discussed on WTOP
"Twice an hour while games are on progress and Frank Henry and WTO be sports. All right, Frank, now 9 15 on WTO, a group of financial institutions, the big banks that you know about the JPMorgan chases of the world and so forth. They've agreed to deposit $30 billion in first republic bank in what's meant to be a sign of confidence in the banking system. Let's take you live tonight to bend white. He's chief economic correspondent for Politico. We appreciate the update tonight, Ben. Unlike the thank you so much. The unlike a decade ago or more, the big financial crisis of O 8, where the government was stepping in, what do you make of these big names in banking that do have a lot of resources stepping into, I suppose, try to instill some confidence here. Yeah, I think it was a move by the private sector, obviously the government has to get some action. They did on Sunday in the failure of Silicon Valley bank. It was time for the big banks to step up and help out in the situation, particularly the largest, as you mentioned Bank of America Citigroup, JPMorgan, a couple of others at 5 billion apiece. And in a way, Dmitry, this was money that had been in first republic and left and gone to these banks anyway. And in a way they were turning it. But the intention is to show that the financial system is sound the banking system is sound and that none of these institutions will fail and that depositors do not, in fact, have to worry about their money. Through their words, treasury secretary Janet Yellen was saying the same thing in front of senators today, President Biden himself has come out to say it. Why hasn't that been enough? And I don't mean to suggest, by the way, that we do have this rash of banks going under, but everything feels very shaky. It does Dmitri and that's exactly the right word for it. Shakiness in confidence and it has not fully been restored, even though the government, I believe, on Sunday Night, essentially said that they would backstop any of these mid sized financial institutions. If they rescued signature bank and Silicon Valley bank in the way they did, making depositors entirely whole, even above 250,000 the FDA FDIC insured limit indicates they would do it for everyone. That message did not fully get through. I think it may still need to get through. This is going to help. It's a good sign, but I'm not sure this is the last of it. Is it a lack of regulation? How did we get here? It is, in part, a deregulation. These banks were more heavily regulated until 2018 when legislation passed in Congress, mostly Republican, but some Democrats significant Democrats support to lower the level of regulation on these banks between 50 billion assets and 250 billion in assets. So in that way, we sowed the seeds of this problem and the existing oversight that should have been there was not strong enough. And there were some regulatory failures on the existing rules as we have them. What would you tell the average person with some money in a savings or checking account with the understanding that we're journalists here not financial advisers, but a lot of people say that rash move is probably the wrong one. That would be absolutely correct. You are 100% safe, I think, in all cases now. You are certainly and always since we created the FDIC been safe 250,000 and below in your account. If you were worried about it, I think the government has shown you now that those deposits will be guaranteed for all. That's the message they're trying to send my thinking is they probably need to send it more clearly through someone other than me. Ben, we really appreciate the update and I wanted to share with you I almost picked Princeton two. Oh, that was very hard on me to be a tree. I really was so close to pushing that button. It's tough to get the upsets, right? We appreciate it and enjoy the tournament and thank you for your time. Take care. That's Ben white, Politico's chief economic correspondent
The Breakdown
Apparently, U.S. Regulated Banks Are Riskier Than Stablecoins
"All right Friends, well, today we are going to discuss the delicious irony of why, despite all the teeth gnashing of politicians, it wasn't stablecoins that disrupted the regulated financial system, but the regulated financial system that disrupted a stablecoin. First though, I want to do a few follow-ups from things we've discussed over the last few days. Yesterday we talked about Credit Suisse. You'll remember that markets were freaking out about it and pricing in a huge chance of default. After their biggest investor said absolutely not to further investment. As we discussed, despite the fact that its problems were quite different than Silicon Valley banks, having another bank in peril so close to last week's dramatic events inherently connected the two. Well, today, Credit Suisse has posted a record surge of as much as 40% and has seen major drops in their default swaps. The big update is that they were able to open up a CHF 50 billion credit line with the Swiss national bank, which is about $54 billion U.S.. They also announced plans to purchase some senior debt to the tune of about CHF 3 billion. So seems like the European banking crisis is over, right? Well, enough so that the ECB hiked rates by 50 basis points today, and I guess we'll have to see how that plays out over the next few days. Meanwhile, back in the U.S., all eyes have been on first republic. Indeed, before the New York department of financial services decided to off signature bank over the weekend, most believe that first republic was the most likely next U.S. domino. Well, on Sunday, first republic reported that it had more than 70 billion in unused liquidity from agreements with the fed and JPMorgan Chase, but its stock still cratered this week. Given that, word is that they're exploring a sale. Unlike SVB, silver gator signature, no one industry makes up more than 9% of first republics depositor base, and their emphasis on private banking and wealth management seemingly make them a juicy target. JPM is one that many have mentioned in conjunction with the sale, but it seems like others, including Bank of America subsidiary Merrill Lynch, and Morgan Stanley might also be interested.
CNBC's Fast Money
"first republic" Discussed on CNBC's Fast Money
"<Speech_Female> <Silence> <Advertisement> <SpeakerChange> <Speech_Male> <Speech_Music_Male> <Speech_Music_Female> <Music> Welcome back to fast money Visa rebounding <Speech_Female> sharply off its <Speech_Female> lows erasing a three <Speech_Female> and a half percent drop <Speech_Female> to finish in the green, <Speech_Female> but options traders <Speech_Female> are betting this payment <Speech_Female> player is in for more <Speech_Female> pain, maiko's got the <Speech_Female> action, Mike. <SpeakerChange> <Speech_Male> Yeah, so <Speech_Music_Male> Visa traded <Speech_Music_Male> almost 2.7 <Speech_Male> times its average daily <Speech_Male> put volume and puts <Speech_Male> outpaced <Speech_Male> calls the busiest <Speech_Male> puts were the <Speech_Male> March 31st, <Speech_Male> 205 <Speech_Male> strike puts. We saw <Speech_Male> about 2900 <Speech_Male> of those trading <Speech_Male> the buyers were paying a little <Speech_Music_Male> over three bucks a <Speech_Music_Male> contract. Now <Speech_Music_Male> I would point out that <Speech_Music_Male> as you just said, <Speech_Male> the stock did rally <Speech_Male> sharply <Speech_Male> off of its low end. <Speech_Male> Most of those traded by <Speech_Male> about 10 a.m., but <Speech_Male> the stock still did <Speech_Male> underperform both <Speech_Male> information <Speech_Male> technology and financials <Speech_Male> and the buyers of those puts <Speech_Male> are betting that <Speech_Male> the stock could be lower <Speech_Male> by 5 to 7% <Speech_Male> by the end of this month. <Silence> Tammy <Speech_Female> like Visa. <Speech_Female> <SpeakerChange> <Speech_Male> Now, <Speech_Male> I'll <Speech_Male> let Carter speak to the <Speech_Male> chart. I don't like that <Speech_Male> chart. But <Speech_Male> you know, I think the <Speech_Male> <SpeakerChange> valuation <Speech_Male> is not terrible, <Speech_Male> but we all know <Speech_Male> the macro data around <Speech_Male> credit card balances <Speech_Male> and where the consumer <Speech_Male> is and <Speech_Male> ultimately <Speech_Male> the wealth <Speech_Male> effect that we've also were just <Speech_Male> talking about with <Speech_Male> both with Caleb <Speech_Male> and with Rosie. <Speech_Male> None <Speech_Male> of this really <Speech_Male> feeds well into <Speech_Male> credit card spending. So <Speech_Male> now I'm not chasing <Speech_Male> Visa here. <SpeakerChange> <Speech_Male> Can you speak to the chart? <Speech_Male> I can. <Speech_Male> And here's the thing. <Speech_Male> It's a pair twos. <Speech_Male> <Speech_Male> It's just a term. <Speech_Male> <Speech_Male> That's not a bull, it's not <Speech_Male> a bear. Sometimes stocks <Speech_Male> are where they belong. <Speech_Male> It belongs <SpeakerChange> here. <Speech_Female> All right, for more options, <Speech_Female> action. Mike, thank you for <Speech_Female> watching this action tune into the <Speech_Female> full show 5 30 p.m. <Speech_Female> Eastern Time. Up next <Speech_Music_Female> final trades. <SpeakerChange> <Speech_Music_Female> <Music> <Music> <Music> <Music> <Advertisement> <Music> <Advertisement> <Music> <Advertisement> <Silence> <Advertisement> <Speech_Music_Female> <Advertisement> Time for the <Speech_Music_Female> <Advertisement> final trade. Let's go around <Speech_Music_Female> <Advertisement> the horn, Timothy. <Speech_Music_Female> <SpeakerChange> <Speech_Music_Male> <Speech_Music_Male> GM is not <Speech_Music_Male> a regional bank. And <Speech_Music_Male> I realized that <Speech_Music_Male> the chart has been difficult, <Speech_Music_Male> but this is actually at the bottom <Speech_Music_Male> of a small <Speech_Music_Male> up tray and from back <Speech_Music_Male> last summer, GM <Speech_Music_Male> for the trade. <SpeakerChange> <Speech_Music_Male> Carter Braxton <Speech_Music_Male> worked. <Speech_Music_Male> Bald and oil, oil <Speech_Music_Male> is especially interesting <Speech_Music_Male> here way <Speech_Music_Male> overdone to the <SpeakerChange> downside. <Speech_Music_Male> Chairwoman. Yes, <Speech_Music_Female> on the heels of <Speech_Music_Female> FedEx, I think some of <Speech_Music_Female> the things we'll apply to UPS <Speech_Music_Female> <Advertisement> also <SpeakerChange> to UPS. <Speech_Music_Female> <Advertisement> <Speech_Music_Male> <Advertisement> Bye. We're getting ranger <Speech_Music_Male> hockey down the street <Speech_Music_Male> tonight. I know. The <Speech_Music_Male> penguins are in town <Speech_Music_Male> and you <Speech_Music_Male> were talking about this earlier <Speech_Music_Male> to the rangers <Speech_Music_Male> basically build <Speech_Music_Male> upon the win the other night <Speech_Music_Male> and just <Speech_Music_Male> thrash the penguins <Speech_Music_Male> tonight. Definitely. <Speech_Music_Male> Yeah, you know what? <Speech_Music_Male> I'm with you on that. I'm <Speech_Music_Male> also with this DHI <Speech_Music_Male> train, which is <Speech_Music_Male> just unstoppable here, <Speech_Music_Male> Tim. <SpeakerChange> <Speech_Music_Female> Thanks for watching <Speech_Music_Female> <Advertisement> fast one. You see back here <Speech_Music_Female> tomorrow at 5 more <Speech_Music_Female> fast, meantime, don't go <Speech_Female> anywhere. Mad money <Speech_Music_Female> with Jim Cramer <Speech_Music_Female> starts <SpeakerChange> right now.
Bloomberg Radio New York
"first republic" Discussed on Bloomberg Radio New York
"Lender is agreeing to deposit some $30 billion in first republic bank. First republic is the latest bank to see its equity slammed as deposits exited, even with a 10% rise in today's session. During the regular session, the stock is down 74% in the past month and most of that, occurring this week. And if you think about it this week has been a week marked by almost every day a new bank in the spotlight yesterday, Credit Suisse was the big story today. First republic, the big story, it did say late in the day that it is suspending its dividend payments and that it will focus on reducing its borrowing. That sank the stock as much as 29% for a time in after hour isn't at the moment is trading down 18%. It was just another example of every day there's something new and it doesn't seem like we are at least at this point anywhere near the end of this saga. Let's take a closer look at what we see in the Asian markets. Nikkei futures are suggesting a very modest game, the ASX 200 is up about three tenths of 1%. Dalyan won 33 43 here. The yield on the ten year US Treasury 3.57%. And a quick line on TikTok, the New York Post says it's in talks with potential buyers as the U.S. presses for a ban that conversations are heating up. And that's a look at markets. Let's get over to Dan schwarzman in New York with the latest headline news, and a Brian French president Emmanuel Macron is rammed through a bill that raises the country's retirement age from 62 to 64
CNBC's Fast Money
"first republic" Discussed on CNBC's Fast Money
"After its latest results are bringing the details from the quarter next. Plus David Rosenberg joins us in just a few to lay out what he is seeing for the markets and the fed and why the fed's next moves could be futile. They'll go anywhere fast money's back in two. Welcome back to fast money. Earnings alert on FedEx the stock taking off after delivering a strong bottom line beat 68 cents above estimates FedEx also hiking its full year EPS guidance as a company moves ahead with a massive cost cutting effort. Let's bring Frank Colin for more on this, Frank. Melissa strong for guidance for EPS. It seems to be what's moving this stock higher big raise here. 1460 to 1520 a share well overestimates of 1356 a share. This of course, as you mentioned, FedEx undergoes a cost cutting and business transformation effort called drive. FedEx also demonstrating strong pricing power, express per package revenue rising, 3%, ground per package revenue rising 11% freight revenue per shipment rising 21%. The Memphis shipping giant raised its prices back in January. This stock often trades on margin express margin actually came up short at 1.2% that's FedEx's core business where it gets just about half of its revenue, but strong beats for ground and freight margin. The one thing you could say that was missing here is details on the progress of the drive initiative, FedEx will have a briefing here in New York City on April 5th, Melissa. All right, Frank, thanks. Frank Holland. What a change. What do you see in the charts? It's pretty darn good, meaning if prospective weakness comes from exceeding previous strength comes from excessive weakness. This is a perfect example of that. This stock was down almost 60%. It peaked before the market peaked, and it bottomed before the market bottomed. And we have all the things we want. Bullish price volume correlation, good relative strength to the market. And you have a circumstance where an estimate has come in and the beat is so beyond what a many smart people thought it would be. They're caught off sides you'll get follow through. Tim, I think you're in both. So at this point, after this print, would you rather if you had to choose? I think with this kind of momentum and certainly these upgrades and a lot of, I'd say structural things, at least still ahead of them, but on repair. And also an inventory bottom, it's FedEx. It's a long way of saying, I just think the multiple is a little more attractive when you consider where we are with markets right now. And again, I think that inventory kind of bottoming process is in their favor. Current levels of trade is less than 14 times next year's numbers finally seemingly getting their act together. Carter's right. I mean, the trendline that he speaks to goes back to, I think, the spring of 21. And in terms of operating margins, I think this is important. Frank mentioned express, yes, it was disappointing. That's half the business. Overall, though, if you add them all together, operating margins came in about a percent better than expected. 5.3 versus 4.3, I think the market is finally realizing that maybe they have they being FedEx has figured it out and it should no longer trade at a trough multiple. Well, the multiples as it should rising because they have delivered good for them. Surprising to me, why give big guidance, right? They've never been great at knowing their guidance with, you know, no clarity beyond one quarter. Maybe because they are so confident. We've heard how confident they've been in the past. But good for them. They do seem to be definitely making headway. So good for them. I'm in UPS instead. UPS, the narrowed. So we're looking at maybe 15 times versus 16 and a half times or so for UPS. But so they deserve to make some of that up. And also one thing if FedEx has a little more international exposure, which probably is a good thing to the extent that China opens. They have more exposure than UPS outside of the United States. There's a lot more fast money to come.
CNBC's Fast Money
"first republic" Discussed on CNBC's Fast Money
"But it is a solvable problem. I think equity and some issuance to the banks or participated is, again, very unlikely. I think they're more giving deposits and returning what fled from first republic to their banks in the past several days. Chris, it's Karen. Let me ask you, even if you don't think they're going to give, they're going to do an equity deal with some of these depositing banks. Do you think they do an equity deal in the markets to try to shore up the balance sheet while they continue to maybe approach the new special window and get their duration back closer to where it should be? So the need for capital really is a question Karen and how big the balance sheet is. If they shrunk in the past week and I suspect they have, then the need for capital could be actually less than we think. I do believe that many investors who pulled deposits from first republic were doing it just out of an abundance of caution to see if the bank would fail. And to some extent, that has made the situation worse the past few days and now we have to see some of that come back. So if we give them another couple of weeks and months, this can stabilize and then the bank sees where their new pro forma balance sheet is. Capital most likely will happen because I think they're going to want to record the unrealized loss in some form or fashion or at least have a road map for how those securities are going to transition and then do some type of restructuring. Again, I don't think it has to be the entire book. It could be a portion. And I think having better information about what was going to amortize and the cash flows that were coming from the portfolio is going to be useful to investors. And I think we'll get more of those details in the weeks ahead. There are a number of super regionals cursed who contributed to this deposit transfer to first republic. Does that make you feel better about their state of affairs? Sure, I think it's the right thing to do for these banks. They're helping out their brethren. They're able to help out their brethren. Instead of saying, you know what? I'm going to pass on this because I might have to my own. I think a lot of them view that this was a very unique circumstance and that letting first republic fail was not good for the system, which therefore is not good for them. And so it's better to keep their competitor alive. And let them fight for another day. And I think to some extent, they would like to get reciprocity if they were in the same situation down the road. So I believe that's part of the mission here. And I wouldn't be surprised if that was started on phone calls, the past 24, 48 hours of what can we do to help. And I think that's why you had so many banks step up in this regard. Chris, thanks for your time again. Of course, Marina. My pleasure. Tim, what do you make of all this? A lot of what's happened over the past 24 hours. Yeah, well, it's interesting because if you think about some of the things that Chris was talking about in terms of also capping on dividend payouts and whatnot, it brings into question right away as an analyst or what's the analyst community due to banks in terms of discount factor of where we are today versus two weeks ago. The other interesting thing about first republic and he just mentioned, are they going to try to realize that unrealized loss? Because so much pain's already been endured. It's almost as if the market is priced that in and do other banks do that because at a time and I'm guessing not at a time when the confidence factor is so difficult. But when you consider all the reinforcements that at least the banks have explicitly or implicitly and I think that's the fascinating thing. But I go back to where I was three or four days ago even before the good news and the cavalry wrote in. I just think that banks who had struggled for years to earn a better multiple from the investment community partially because they were giving capital back, partially because they could give capital back. And that included regionals and maybe they shouldn't have been. I think we're in a very different place for the banking system and I think that discount remains for foreseeable. You were out of your first republic trade, right? Mostly. It happened to work. I mean, the preferreds traded up, the options traded down as there seems to be somewhat of a cap here. It's fascinating to me though, if you assume the discount on all the less than great stuff delivered to the window was 25%, which would be a decent sized haircut. They've only really helped out $3 billion worth. Which is kind of amazing. Amazingly small. Yes. Amazingly small. So talk about the broader market quickly because I know Carter is using it. So what we call this is the S&P is effectively the 200 day moving average. I mean, all this stuff gets us back to where we were the day that Mike Wilson, if you remember, put that tactical bolt call on. But I asked Steve that question for a very specific reason. If we're through this and effectively QT is still on the table and the fed is saved air quotes the banks, then we're right back to where we were with the problems we've all been pointing out for the entire time. Inflation is still a problem. The fed is still hiking rates. And there's still a lot of this lag effect. And on top of that now, banks earnings power, regardless of where rates are going to go are going to be diminished given all this stuff. So I get why it's bullish in the short term, but nothing's changed in the long term. You know what was really bullish in terms of moves today. Tech, the big tech comeback. Let's talk about that. The flight to fang picking up even more steam today with mega caps, like Nvidia, alphabet, Microsoft, all posting outsized gains. The so called fang plus names up more than 3% today, nearly 10% this week, crushing the S&P and other indices. So is this the ultimate, there is no alternative trade. Carter, I know you're going to have some sort of pithy remark that knocks down this whole tech trade. I'm going to go first to you.
CNBC's Fast Money
"first republic" Discussed on CNBC's Fast Money
"Right now in the bank rescue by the banks. First republic getting billions from the nation's blue chip banks ashore up its balance sheet. This on the 15th anniversary of JPMorgan's fire sale purchase of bear Stearns. Plus, a new shot across the bow for TikTok, the Biden administration threatening to ban the social media app if the Chinese do not sell their state could Beijing, bite back and retaliate against our tech Titans. And later inside the mind of the individual investor, we'll hear why the anxiety index tracking the group is screaming like a toddler dropped their ice cream. I'm Melissa Lee. This is fast money. We're live at the NASDAQ market site on the desk tonight. Karen feinerman, Carter worth, gay dami, and Tim Seymour. We start off with the latest news out of the fed, the Central Bank just releasing details on its latest balance sheet showing just how much banks tapped its lending window this past week. Steve leishman joins us now with some new details here, Steve. Yeah, Melissa, we have some new numbers, some big numbers, but we don't necessarily have answers about what all these numbers mean. Let me walk you through it and I'll tell you what we know and what we don't know. Okay, so the Federal Reserve balance sheet increases by 297 billion. That's the most we've had since the pandemic began the fed started liquifying the economy again. The barring of the discount window was a record. It was up by a 148.2 billion to a 154 $52 billion. That's a big number for them to take from the emergency discount window. The new fed facility we have, barring of 11.9 billion. Now, half of that increase in the two 97 remember that number at the top, that was from a bridge loan to the failed banks. Okay, what we don't know, Melissa, and I'm preempting a question you're going to ask me because they asked me this in the last half hour is all this inflation, it was all that's going the other way. Well, we don't know, because a couple things. What we don't know is, was this one bank two banks, three banks or a whole bunch of banks borrowing from the window, trying to liquefy themselves. Also, at the window at the new fed facility, it was only open since Sunday. So we don't have a feel for how much liquidity is needed there, for example, over the course of a week. The other question is, are these going to be held as reserve balances as in not really something that's going to be the source of additional ending? Or is it going to be something that will be the source of additional ending? So it's hard to say that just because the balance sheet went up, Melissa, that necessarily, this is the font of new lending and potentially inflationary. We have to understand more about where this money went and whether or not banks are going to husband that liquidity or they can potentially lend it out. So Steve, in terms of who has access to the window, I assume that we don't know who went to the special window, will we ever know that? And will that mean public and could that be a reason why banks are a reluctance to use that window? And for how long will this window be open and who is the window opened for? Is that everybody? So would you write in your calendar Melissa to call me in March of 2025? Because that's when we're going to learn who the actual borrowers were at the window. It's a two year delay. I don't know if you want to, if you're going to want to come back two years from now and figure that out. But it might be interesting story back then. It could just be, by the way, it could have been the couple of the banks that have been having trouble, they could have taken down substantial parts of the lending at the window. It could have been other banks that went to the new facility, which is a little bit of a better deal, I think, because you can take your paper, which is trading or discounted, and you can borrow against it at par value. So there may be just a few banks who did that. There may be more on the way. And so we'll see, Melissa, whether or not this is a sign of additional stress, was it prudent on the part of banks or was it a sign of stress? We're going to have to watch this over time. See what happens to window borrowing. So Steve, it's Karen. Thanks for being on. The window the special new borrow at par, that number looks actually tiny to me, right? We've had it doesn't just apply to signature Silicon Valley and first republic. And if so, I mean, and if it applies to everybody, then that number is minute. And so I'm wondering what first is just plotted them. Even if it does, it's still a really small number, and the rest of that held maturity portfolio actually went up. Since Monday morning. And when does this close? Would you get this data as of today or what it does of? Okay, so it's as of close of business Wednesday. So there were only three days for it to be open. Karen, you may still be right that it's small for having only been open three days. What may have happened is the stresses in the banking system manifested themselves Thursday and Friday of last week, and that's where the substantial takedown of the existing window happened, then the new facility opens up and they borrow what ended up being about $12 billion from that new facility. And it may have been the idea that it was relatively new and there wasn't big take down there. So we'll have to see you're raising a good point. Does that mean that there weren't stresses in the system? Because they only took the 11.9 billion, or does it mean that it was just too new for them to actually use it? Steve, I asked us knowing you will know the answer and you one of the few people equipped to answer. At its max, what was the fed's balance sheet? I think it was approaching 9 and a half trillion at its trough recently what was it? What's it now and does this mean it's the end of QT? Yeah, okay, hang on. I think the max was, I'm going to give you that in just a second here. The computer is a little bit slow, my friend. I think it was 8.9, but I could be wrong about that.
The Trish Regan Show
"first republic" Discussed on The Trish Regan Show
"I want to get to the disturbing things that Janet Yellen said because it really calls into question whether or not they are in fact helping the system or trying to save the system. But first, according to a report in The Wall Street Journal, there may have been more corruption than we ever thought at some of these banks, including first republic, because we have learned and I do not believe this was some kind of auto sale, like what we saw over at SVB. We have learned that some of the top executives there sold their shares around March 6th, this would have been just days ahead of the crisis, and they pocketed millions of dollars in these transactions. Think about that. I mean, it kind of brings front and center, what everybody's worried about, which is that this is a rigged system where certain insiders have certain information and they're acting on that information. I'll tell you, someone needs to investigate this because if they did, there should be will be, I certainly hope AT double L to pay. Not good, not good. A lot of questions about that because by the way, normally you would file with the SEC this Securities and Exchange Commission whenever you have one of these stock sales and yet these guys over first republic according to The Wall Street Journal, they didn't. They didn't file the forms at the SEC. They only did it with the FDIC and I don't even understand how that happens, given that you're a publicly traded company. So this is weird. Really, really weird. And so now they're getting a bailout. I am sure there's a bunch of government pressure right now on some of the bigger banks to say, hey guys, we need your help here. Step in, do the right thing.
The Trish Regan Show
Executives at First Republic Sold Shares of Stock Prior to Crisis
"I want to get to the disturbing things that Janet Yellen said because it really calls into question whether or not they are in fact helping the system or trying to save the system. But first, according to a report in The Wall Street Journal, there may have been more corruption than we ever thought at some of these banks, including first republic, because we have learned and I do not believe this was some kind of auto sale, like what we saw over at SVB. We have learned that some of the top executives there sold their shares around March 6th, this would have been just days ahead of the crisis, and they pocketed millions of dollars in these transactions. Think about that. I mean, it kind of brings front and center, what everybody's worried about, which is that this is a rigged system where certain insiders have certain information and they're acting on that information. I'll tell you, someone needs to investigate this because if they did, there should be will be, I certainly hope AT double L to pay. Not good, not good. A lot of questions about that because by the way, normally you would file with the SEC this Securities and Exchange Commission whenever you have one of these stock sales and yet these guys over first republic according to The Wall Street Journal, they didn't. They didn't file the forms at the SEC. They only did it with the FDIC and I don't even understand how that happens, given that you're a publicly traded company. So this is weird. Really, really weird. And so now they're getting a bailout. I am sure there's a bunch of government pressure right now on some of the bigger banks to say, hey guys, we need your help here. Step in, do the right thing.
Marketplace Minute
"first republic" Discussed on Marketplace Minute
"Hey guys, this is Kenan Thompson. I have a problem with you. Yes, you. None of y'all told me that auto trader has millions of new and used cars that I can shop from home. I thought we were friends. I put smiles on your face. But I'm not smiling. No one told me that with auto trader, a dealer can deliver cars to my home or that I could shop by price on auto trader. Number one, consider this friendship that you just learned we had officially over finally, it's easy. Auto trader. This is the marketplace minute. I'm Justin Ho. Stocks were in a much better mood on Thursday. The Dow gained almost one in two tens percent, the S&P rose one and three quarters percent, and the NASDAQ added two and a half percent. A group of big U.S. banks is pulling together $30 billion to deposit it first republic bank. Investors worry that the bank could fail after the collapse of Silicon Valley bank and signature bank. The move would help ensure first republic bank has enough cash on hand to pay its depositors. Home builders started more construction projects in February than the month before. That's according to the commerce department. Apartment construction projects rose over 24%. That's because demand for rental housing as stayed strong. And the number of people signing up for unemployment benefits fell last week to a 192,000. That's according to the Labor Department. The number of continuing claims fell too. I'm Justin Howe, with the marketplace minute.
The Trish Regan Show
Carol Roth Joins for an In-Depth Discussion on the Economy
"Exactly happened with Silicon Valley bank was signature bank, some of the other big regionals, first republic, what is this fear factor? And is it contained by way of what the fed did? Yeah, the way I like to break it down particularly for Silicon Valley bank is that I feel like the fed was the arsonist that burnt the house down and then they wanted to stand by with a bucket of water and throw it in the house and go, oh look, we're helping. We're helping to put out the fire. So this all goes back to the fact that we have had easy money policy basically for the last 15 years. We got a little bit of a move towards raising interest rates and a theoretical pause on QE and then COVID came about and we had quote unquote emergency policy. Stimulated the economy printed trillions of dollars and there was all of this money intentionally sloshing around the economy. So in Silicon Valley that meant a lot of funding for startups and they went and because of different deals that are made out in Silicon Valley, a lot of them put their deposits with Silicon Valley bank. Which normally for a bank is a great thing to do, but after 15 years of easy money, they didn't have enough people to lend to. So they had more deposits coming in, but they couldn't put that minded work the way that a bank usually does, you know, through making loans. So they said, okay, well, we have to do something with this money. We want to try and get some yield. And here's where the really weird boneheaded management thing happened is they decided to put that into quote unquote safe securities, treasury mortgage backed securities. But lock them up not for 6 months or a year, even 5 years. They locked them up for ten years. I know. Which makes no sense because the head of silicon valley bank sits on or used to sit on the San Francisco fed. So the idea that the fed was never going to have to raise rates again. It was insane. But
AP News Radio
FAA to investigate runway wrong turn at DC-area airport
"The federal aviation administration holds a safety summit today a day after it announced an investigation of another close call between two commercial planes, taxing on a runway at Reagan airport. The FAA safety summit is addressing a series of near misses and examining additional actions the aviation community needs to take to maintain its safety record. On March 7th, the republic airways plane taxing at Reagan Washington airport took a wrong turn and crossed a runway where a united plane was preparing to take off. In January an American Airlines flight taxing at JFK almost hit a Delta plane, I'm Julie Walker
Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"first republic" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"Benefit to.
Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"first republic" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"Think about succession planning you know. I think that one of the biggest drivers from my perspective of adviser movement these days is held. The big firms are working very hard to tie advisors up via their retire in plays programs succession programs and while those programs are really wonderful ways for a senior adviser to monetize in place. They put a tremendous burden on the next generation because it takes away their optionality and it absolutely can limit the team's value and that's not a good thing and so from my perspective one of the things that is really driving a lot of i don't want to save movement necessarily certainly curiosity about the industry landscape. That's bringing a lot of folks to the table especially multigenerational teams is the notion of succession. Planning so senior adviser. Says i am x. Number of years away from retirement. And do i sign onto my firms retiring Place program or is there something better. Is this the the legacy. I wanna leave and for the next gen advisors saying my senior adviser is thinking about signing onto their firms retiring advisor program. And i'm not sure that's best for me and the rest of our team. What else is out there. So do you see that as well as that being a driver of bringing people to the table people looking at first republic and how does first republic think about succession planning well. I'm going to start off on a tad a humorous. No no one wants to retire from our for. We have many advisors have been doing this for a long time and love it and continue to do it but on more serious. No i'm looking at maybe a little bit more. Broadly mindy number one. One of the things we wanna do is provide as as flexible and an entrepreneurial environment for advisors so for example we have an associate wealth management development program. Were teams can put their colleagues into a program who eventually succeed them in. The business helped groom them for that. We do a lot of training kind of best practices trained for teams how to manage your team. Some teams are large enough. They need sort of a chief operating officer. What steps can you take in that direction. I was working with one of the largest advisors really kind of planning long-term growth in succession plan but when it comes to people who want to retire or leave the business. We provide quite a bit of flexibility as to how that's done but being more specific we don't set up a structure where they're tied up for a long time. We like to have some reasonable notice. We make it attractive for them in terms of transitioning out of the business. But i think our approach is different than what we've heard from other firms in that regard and we work with teams to kind of get to the right place for the team again. I go back to the fact. It's only one hundred teams and therefore when we do advertisements it's going to be fuelling. We can afford to work those two in the right way. We don't have to be as rigid as big firms might be in this area. Yeah and one of the things. I think that really that a lot of especially multigenerational and highly productive teams are concerned about or creating or building enterprise value building a business that has real value at the end of the day that they are able to monetize and one of the draws toward independence is the ability to sell ones business on the open market and create competition for that business. Obviously if you are an employee of any firm first republic included. You don't necessarily have that same opportunity. What's your thinking especially wearing your old industrial bank or hat. What would you say to that adviser that says you know. I'm comparing joining first republic with building my own firm and creating real equity value. I think it really comes down to the growth opportunity. You're an adviser and you really wanna create your own firm. I often find that while driving equity values important. But i frankly find the most important thing. They value is just independence. They want complete independence. They want to name the company what they want to name them. They want to do exactly what they want. And i tell teams of. That's the most important thing to you than going. Independent might be what makes sense but overall the pitch we make to advisers. Is we pay people extremely well. We're very competitive deals. And if you look over ten years or fifteen years will look for the long not to come here for ten years and then sell themselves to someone else. That's not been our experience but second if someone's growing their business and they can grow their business thirty forty percent higher first republic then. We basically say the isn't that low bar attractive in terms of the value of your team and success and hiring people so that is really what wins the day versus the independence argument and the equity value case. Yeah and i think it all comes down to what is most important to the adviser if what's most important is building their own brand and long-term equity value then no matter how much you can connect dots on growth opportunity. They may still prefer to be independent but that to me is what's so exciting about the industry landscape is that there were so many different very valid options for top team. Great and again. The right fit for everybody but i think for teams. I mean you know. You're you're familiar. We've we've hired many of the most talented teams across the industry and they do their homework. And i think when they look at where will i be happy. Where can i grow. How can i best my client. We often emerge as the organization with whom they want. Associate yeah I don't disagree. Do expect that you will be and is the plan to continue the success. Momentum enjoyed to date. I do again. We generally higher about eight to ten teams a year. That's not a set number. It just turns out to be that when we teams they get the learn about us. We about them were the right fit. But they're very successful tepes. And when i look at our overall growth in our business from bank referrals to us or advisors own ability to grow and hiring teams i think will continue to be a very successful for in an attractive place to land having said that even though we're one hundred teams today. I can't imagine we'll be even two hundred teams in five or six years. We're going to remain a very boutique special environment. And i think that's one of the things that is important to a lot of the advisers. Join us and is the goal to continue to recruit to us. See a time where i republic will be less bullish on recruiting as much as it is now. No i mean look. We're were about talent. Acquisition and people who really believe in our culture and our mission to serve clients. I've been running our wealth management business for many years and there is not a time we have not been in the market actively looking to rate people. Do all the downturns yo a downturn downturn here last year. I mean when everyone went to working at home in march we continued with our recruiting efforts and we were lucky enough to have some very large team. Join us and they did it at home. They'd never been in office. And i think the fact that they were able to transition her books successfully spoke to not only our ability to serve them but the relationships they have with their clients. And so we'll continue to look to add. Great people and the other reason is adding that talent tour for particularly from different organizations. They bring new new abilities. New ideas new skills that we can add and make our business better. There's not a sort of a singleness of thought who wants the best thinking across the street and that's been a very significant.
Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"first republic" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"So let's talk a little bit about the referral mechanism. You know. I can remember fifteen or twenty years ago probably twenty years ago not long. After i started the business that the likes of bank of america and other large banks were looking to recruit into their bank brokerage programs and they lead with the referral mechanism. The notion that an advisor would sit in a bank branch and partner with bankers and get referrals. And i think people sort of imagine the you know the bakery ticket machine or something of the sort so. They've became rightly skeptical of that model. Yet i know just from the feedback. I've gotten from many of the advisors that i have represented with first republic. That referral mechanism is in fact. A very real so Why is that bob. How is the first republics referral mechanism. How does it work. How is it different than others etc. Well first let me talk about that. It does work. And then i'll talk about why so and lay two thousand nineteen just before we moved into this cove environment. We disclosed and an investor event that over the prior three years are bankers average more than five billion eight year in new assets under management to our advisor again. This is one hundred teams. So that is quite significant. Two hundred teams. And i don't think any firm can rival that from a referral opportunity particularly on a per team opportunity. Virtually every wealth manager is seeing the benefit of referrals year after year. So the question is why have we been able to do that. And here's a couple of reasons number one we compensate are bankers to make referrals. They're motivated to do that. And we actually have a team of about sixteen or seventeen business development people. We call wealth advisers who spend fulltime working with bankers to bring new clients existing client assets to our advisers. But i think more importantly from a cultural perspective you know. We don't have different divisions. I think one of the challenges is that many competitors have multiple divisions and they're often competing divisions have differing. Pnl's we're one firm one for one brand and in fact in our normal office times which will return to everyone sits together. We sit intermixed among floors. We get to know each other. It's not like one building. His advisors another building are bankers. And so it's this camaraderie of culture. The other reason. I guess one of the thing i don't want to forget is because of our banking opportunities and working with great relationship. Managers are advisers are very comfortable referring their banking to our wealth to our bankers and they're not always comfortable doing that existing firm so as they refer business to them of course. The banker often wants to reciprocate and refer business back which often happens. So it's for all those reasons that we've had such a successful and continued strength in and bank in referrals baker referral to our wealth managers. That allowed them to grow their books. Soup bob i talk to you a little bit about the growth that the wealth managers you've recruited experienced at first republic and i've got some personal connection to the question because i've been privileged to have represented number of the large teams. You've recruited recently three of them in particular have reached out to me in the last number of months. To share their successes. And how happy they are with. Having made the move was team that moved for years ago at talks about having doubled their business according to every metric and really talking about the referrals from first republicans. Driving a lot of that too is a team that move just about a year ago just before the pandemic he grown extraordinarily exponentially had to add an additional team member to keep up with the referrals from the bank and the third is a team that moved just probably about two years ago. Now maybe a little more that moved at two and a half billion and is now at fourbillion. And i'm wondering are those anomalies or is that just how it goes that's great feedback to hear. I don't view them as anomalies. It's actually a common experience of for public in while we've had good market to the last few years are grown has been very strong among our advisers even excluding market appreciation. Let me give you a couple of examples of teams that you are not involved in hiring. One team. Joined us about five years ago. Up three million revenue they have more than quadrupled their revenue in their business. And that's come from both their own growth at the firm but also referrals so they really leverage the opportunity for republic. Another billion dollar team is also doubled. And that's really come about again do referrals but also able to leverage our banking capabilities. Trust another services so this is an environment where people are successful. they serve their clients. And in most instances they cheat a lot of the incentive opportunities. We offer the results from so. I think it's a common experience and one that we would love to have other teams be able to share in still beyond referrals. And we've talked. You talked generally sort of about this culture and this ethos of yes and etcetera but what else beyond the referral mechanism do you think are the kinds of things at first republic that can be attributed for adviser growth. What kind of things really contribute to the growth of all of these practices. Well as i mentioned in the beginning my philosophy around maintaining premium fees and growing your businesses. You really need to be able to function as a true wealth manager to clients so that means you need to have outstanding capabilities complement this management. We have a great platform a lot of strategies ranging from best in class third party managers alternatives calm but beyond that we have an upstanding trust department that supports our clients and i know that a number of our competitors really don't have that excellent financial planning resources that help our teams very sophisticated insurance practices foreign exchange. We have family engagement in governance practice. So all the things that really allow the advisor to wrap themselves around the client and again. Most importantly is great banking today. Clients really want to work with a firm that can manage both sides of the balance sheet. There's a lot of quantity in the market today. People want to invest in properties by additional homes refinance and that again is something that i view as both an offense and the defense. We don't allow our clients to get picked off by other firms because we don't have great banking. And i also think the banking gives our advisers are real strategic advantage of building their existing relationships or gaining new clients. Sue if we're thinking specifically about ultra high net worth clients. What are the kinds of services family office services if you will that are important to them and how does first republic meet them. I'd say i we because of the breadth of our capabilities. We have many if not most of the needs of family office families need so that's everything from the breadth of the capabilities around investment. They wanna sit up an endowment they to set up trust whatever the case may be and as i mentioned we not only can do all the planning and we can do address. A lot of the family dynamics issues of practices. We do dot lending. We do both lending we can help by all sorts of property investments. It's really across the map now as with most firms are certain things we don't do but those are fairly limited to end. I think the value we provide alternate high net. Worth clients is the ability to have very sophisticated advisors meet their day-to-day needs in coordinate. That for the family sued bob with respect to to the ability to offer safe family office type services how does first republics capabilities. Compared to that of your major competitors morgan's merrill's ubs.
Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"first republic" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"Public so the bank is very positive. Second advisors very. Happy here while you are. I what i would call an uber recruiter. the majority of our hearts each year. Don't come from critters they come from our colleagues who say friends. You should really think about for public. If you're unhappy wanna move so. I think that word of mouth and referral network is very important. Third as i mentioned we have a great platform. We have every product and service. I don't think any other from matches in that regard particularly is too high touch banking and then fourth among many things we have significant referrals from our bankers tour wealth managers and that is a very significant growth opportunity. That attracts a lot of advisors. For so i wanna come back to that referral mechanism. Because that's not something anybody takes lately they hear it. It's a story they've heard before it doesn't really mean a lot to them simply because they heard it before and it never really panned out. But i know how significant and real is at first republic. So wanna come back to that. But how many wealth advisors wealth advisor teams are under your umbrella. Currently many people who manage money at our from we call wealth managers because we want to give them the tools to manage every aspect of the client relationship and we have just over a hundred teams team could be one person or two or more which count is about two hundred. Three toll advisors and so many teams were wealth. Managers were on board prior to the u u. Joining ten. Or so years ago. I would say probably thirty or forty will certainly extraordinary growth and kudos to you for sure unpack for listeners. A little bit about some examples of some of the top teams. you've recruited. I know that those teams have come from the likes of every major firm on the street including firms like goldman sachs and the like. What is it that you think were the things that made those teams that spoke to those teams specifically especially as they compared their options. Too many other options on st. Maybe the best way to answer that is let me talk about a couple of examples so one team. The joined us were attracted to the notion of this referral motley. He get referrals more bankers but they were as you mentioned initially sceptical that is learn more about the referrals and we shared information as to how widespread these were among our visors in the magnitude of the referrals. They joined us and they've been very successful in obtaining referrals another team that we spoke to was really unhappy with the product. Push the big fear of their firm and many of our competitors do push proprietary product and frankly additional profit for the firm and while we do have some internal strategies or will manage fixed income for clients. It's all on the basis of the adviser can austin as to whether the us internal external offerings and they're not pressure to push products and again once. We got this team comfortable that they loved everything about first republic to make sure that another example maybe one more example is one of the things we consistently hear from potential candidates in its. They're very frustrated about the bureaucracy. And we all know that there's a certain necessary amount of compliance that every from has to adhere to but when they met for republican the team and they were very flat organization. We don't even have an internal org charts and they really believe in our culture of yes instead of no that was what really got them to the finish line and when i had lunch with them two months after they joined the very first thing they told me was we move from a culture of notable culture of yes so those are just a few examples of what in particular is important to those teams. He knew it's interesting. I don't mean my next statement as an endorsement necessarily a first republic over and above anything else. But i will say that having represented some of the teams that you have recently recruited. I've gotten similar feedback where these teams are talking about one extraordinary growth and to a culture that was previously unfamiliar to them an entrepreneurial refreshing culture so that is absolutely true. I want to ask you a question though. One of the things. I think that is so interesting. Today as advisers look at the industry landscape and the waterfall of possibilities. There generally looking at options that fall at opposite of the spectrum. So if you're talking about a team that's managing a billion or more so a top team. They're looking at the likes of the other wire houses at morgan merrill ubs wells etc but. They also seem to be looking at options. The group fleet other end of the spectrum full on independence and you look at it and say that seems crazy. They're completely opposite options. But the truth matter is they're both valid options for a top team yet. First republic often becomes the winner in those situations because those advisers that see independence as a bridge too far and that don't wanna replicate where they are now. Another wirehouse firm see first republican sort of best of both worlds so talk us a little bit if you would from your perspective about that. Desktop of all worlds how first republic comparison independence and how compares to a traditional big brokerage. From where you put your finger on it. In terms of the vegetable world's most teams and look teams that have build substantial businesses have been successful of their firms and they know those organizations and yet there are aspects of the firm change is bureaucracy product. Push that they just decide. You know. I'm really not happy here and moving to another war house or big big bank. Does it really represent a meaningful change. On the other hand while teams enjoy autonomy and being entrepreneurial going independent is very challenging in certain respects. Because you don't get the breadth of other wealth management services. You don't get the brand benefit you don't get the banking which again i think is part of our secret sauce and so to be candid. Clients are not always entirely comfortable with a team on their own from a compliance oversight safety of assets and so what we represent is an opportunity to get the best of both worlds. We have the platform we have the size. The cloud nanteuil stability ability to invest in the business but yet our teams continue to manage money largely as they are would be impossible for us to recruit from all the firms. You mentioned if we didn't have a very flexible platform they get good banking. They can do trust. They can do insurance. They're great planning resources. And so it's really the ability to be an entrepreneurial more independent mode but part of a great brand and a great culture. I can tell you that we have never lost a team. Who once they've met with us. We've never lost the team to them. Going independent occasionally.