semiconductors, i like it. >> veritiv, i like, nothing wrong with the company. >> way too agreeable today. >> this does not bode well for your next appearance. >> i have to be very intro speculative. >> abbvie, nice parkinson's drug today. 3:00 eastern, "the exchange" is now. thank you very much, scott, and welcome to "the exchange, i'm kelly evans, and here's what's coming up. a massive increase in crypto values, should the fed take note to gauge how hot the economy is? our guest says, no, the fed shouldn't worry about this. they've got bigger problems and he's here to talk about what they are. speaking of crypto, as the value goes up, so could generative ai. the names morgan stanley says are well positioned in the ai-powered build out.

our mystery charts are back, up 85% this year. tweet me, x me, if you think you know it. and a dramatic 48 hours in damascus, the 50-year-old assad dynasty collapsing over the weekend. we have the latest and how it's changing the geopolitical landscape. interesting moves with oil as well. some saying it's taking out the risk premium. crude is up to around 68. let's start with dom chu and get the full layout. >> we've got fractional losses so far today. we're near the record high levels. actually, one of the three major indices, did hit a record high earlier in the session before retreating, and that is the nasdaq composite index. though it's in the red. i'll put the star next to it. we did hit a record this morning. that composite index at 19,760. off about 100 points, good for a 1/2% loss. the s&p 500, remember, 6,099 is the record intraday level. we were at 6,059 right now, a 30 point drop, again, 1/2 of 1%. at the highs of the session,

down 2 points, down 37 points at the low. there's your trading range, tilting negative. the dow industrial is 44,000. good for a 1/4 of 1% decline. one place we are not seeing is any declines anywhere, is in one specific part of the global market, and that is those chinese stocks and hong kong traded stops. the u.s. listed shares of pdd holdings, the ecommerce site, up 12 1/2%. alibaba up 10%. the i shares, fxi up 9%. this is all after the government there, the poll it bureau pledged to do more to stimulate the economy and get things going economically. and the world's second biggest economy, and keep an eye on those shares, speaking of china, one of our u.s. companies, nvidia, a massive one is taking a hit of 2% after regulators in

china said they are looking into possible or alleged antimonopoly type issues here with nvidia. could they be the target of regulators there because of moe notary public -- monopolistic practices? maybe. a lot of stuff going on. interesting that it was a record high for the nasdaq composite earlier, and we pulled back. i'll send things back over to you. >> one record after another. bitcoin is lower today, we have seen a massive increase in crypto values, and it's having an impact on spemd nding. the gains from the broader wealth effect is a factor the fed should take into account. they have the decision coming in two weeks time. steve liesman has a look at that. we're joined by barry knapp who says the fed has bigger problems than bitcoin. welcome to both of you. steve, why don't you kick us off? >> for some americans, especially younger ones, it's shaping up to be a crypto

christmas. the surge has led to a holiday windfall expecting spending. bitcoin, they convert crypto to dollars for retailers. a 9% growth in transactions in november compared to a year ago. some of the category gains they have seen are philanthropy, up 1,200%, gold, precious medals up 125%. they're apparently buying sweaters, shirts and pants, up 67%. consumer goods up 62%. there's the gift cards, which is kind of interesting, and luxury goods and jewelry. 16% in gift cards. convert to dollars they can use later. according to the value of crypto, up worldwide, 1.9 trillion year to date. just 1.2 trillion has come in the past month. an unprecedented surge of value of any asset, impossible to know how much of that is in the u.s., and how much will be spent, but a recent fdic paper found the marginal propensity consumed from crypto, 9 cents on the

dollar, double from other wealth. 17% of americans own crypto, according to pew research center, but it's 29% for those 18 to 29. 25% for 30 to 49 year olds. 8% for those over 50. younger people have higher mpc, marginal propensity to consume than the older ones. the crypto gains are in the accounts and wallets of people likely to use it. should the fed be thinking about the impact of crypto and other wealth effects on growth and inflation right now. crypto not considered to be a financial asset. it's not counted in the fed's funds. there is no measure of crypto wealth in the united states from what i can tell. >> i love these stats. in all seriousness, it was $1.9 billion in wealth. $0.09 is the propensity spend of every dollar. >> according to the fdic paper, and they were able to look at

crypto wealth by county. there's an effect on real estate. >> i can imagine. i have heard stories of people using crypto to buy homes. >> people are finding a way to use crypto for real estate. >> interesting. barry, if we were to zoom out to 30,000 feet here, some would argue this should be a real data point that pushes the fed toward considering the easiness of financial conditions overall, and maybe holding off on rate cuts later this month. how would you contextualize this for us? >> i think there's a broader trend at play as well. through the 2010s, we had two factors pushing down on consumption particularly in the first half of the cycle. the first one was the deleveraging effect of the global financial crisis, the housing crash. the second was the boomers, the second biggest age cohort was in peak retirement savings mode.

>> interesting, the accumulation. they're trying to accumulate there. >> the life cycle wealth thesis, you send most when you're in your 30s and 40s, and spend less as you get close to retirement, saving for retirement. that was putting downward pressure on consumption. i had this thesis, the consumption was going to be stronger this cycle than last cycle because the millennials, the biggest age cohort, are in peak spending mode. i also view this as there's some -- >> by the way, i even saw a post recently, the whole inequality thing was going to be proven incorrect because it didn't account for -- it didn't adjust by age. you do that study by the 2010s, you're not going to see the full spending that millennials contribute. >> the other point i was going to make is there's some justice in all of this, in as much as aggressive monetary policy created the origins of bitcoin

and excessively aggressive policy in '20 and '21 caused house prices to go up 50%, and make housing as unaffordable as any point in the 80s and the same factor drove up crypto prices to create wealth. market a way of figuring this out. the point you led off with thinking the fed's got bigger problems than worrying about consumption boosting inflation, there's a lot of factors going on with inflation. goods priced, deflation out of china, and whether we have something of an import price tax. you have tariffs, that sort of stuff, but for me, one of the issues we have been talking about a lot. steve and i talked about it, you and i talked about it is the disproportionate policy impact on small businesses and small banks, like a later guest you have. >> both of you have made this point. >> and steve has been talking about this a lot. what i would like to see happen

in to 2025 is a whole of government approach. powell and his q&a with andrew last week said, yeah, i'm going to sit down with the treasury secretary every week, like we have been doing -- it's been happening for decades. what i think they should do is bessent should agree to extend the degree of his issuance, that will allow qt to run longer. that tightens conditions for long-term, fixed rate borrowers, which includes housing. ultimately i think that will help housing, and i'll explain why. but then that will improve small bank profitability. the fed then cuts to say, 3 1/4, sustainably, banks for small banks is five right now. ten for big banks and higher for jpmorgan. you then reopen the small bank credit channel, you ease all the pressure on small businesses, nfib will get the number tomorrow. last month, it was 9.7%, the average financing rate for small

businesses. you can distribute the tightening across the curve more equitably and rebalance growth. >> you know what my guess is, all of this is going to happen, whether or not it's as coordinated, we're probably going to see more rate cuts, going to help uninvert the curve, change the issuance to lengthen it out a little bit. don't you think this is slowly the evolution that's going to take place, which would be bullish. >> all of that would create a normal set of financial conditions where you have financial conditions easing, which is interesting to me. if you look at the fci, from the fed, it is negative, which suggests there's a tail wind out there. it's not excessively easy right now, and i think part of it is the things barry was talking about. rates in the real economy are still relatively high, and wall street gets to benefit from this, not necessarily main street. i think it's worth thinking about the idea. i worry always about the kind of

coordination you're talking about unless we're in dire straits between the treasury and the fed. you want to be careful about that. i think this crypto thing together with other wealth issues is something that's on the table and worth thinking about, especially when you think about the idea that we have no measures of how much it is. >> the market is priced for basically almost 100% chance of a cut in a couple of week's time. do you think that based anecdo on here, base ond what d on wha says next week. >> i'm hearing a lot of that commentary. it's the pan plea ya of indicators, credit spreads being extremely tight. you know, the consumption, the idea that so much of the data we have had has been on the stronger side, and so people are saying, without a recession, you know in our face, the fed has

time to wait and why wouldn't it. i worry about the idea of the fed reacting to potential changes in fiscal policy, which i think is driving some of the anecdotal data now. businesses are fairly buoyant. they act like a boot has been taken off their neck and they're ready to pounce. that may be the kpas.case. i worry about a fed prospectively, changing their policy stance or vice president-elector -- vector in that. >> are you in the pause camp? >> i am not. i think they're going in december. >> you think they're going to. what should they do? >> they should continue to cut the policy rate in december and january, then they could take march off, let's see -- >> january, march. >> i think they should go in january again as well. and get to 4%. to get the curve at the point where it starts loosening

conditions for small banks, and then we can start rebalancing policy, you know, as i suggested, if there's more issuance in the longer end, you take less liquidity out, you allow them to keep qt going, longer than they would otherwise. when you're talking about credit spreads and wealth effects, those are impacted by the fact that we have a barely positive term premium on the ten-year part of the curve. i'm talking about slightly tighter policy on the long end and easier on the pront front e rebalance it. i'm convinced that employment is decidedly weak. the analyzed numbers are zero. the unemployment rate has gone up a percent each of the last two months. >> before we go, can i explain what you're talking about so people understand this. one is the fed is continuing to cut lowering the short-term rate, and the treasury stops from issuing massive amounts of

bills which would also potentially lower rates, create a scarcity on that end, and more longer term bills. just a point of preference, it doesn't have to be coordinated necessarily, they can do these things separately, and that would create a normal situation for bank lending, which would hence lower rates for small businesses. >> correct, if powell and agreed we have disproportionate policies, we are hurting small businesses and helping large high quality borrowers or helping large banks and hurting small banks, agreeing on that point would you towards a more rational -- >> and if they knew, hey, we're trying to et you, we want you to do more. sometimes you have to be told, help is coming. gentlemen, thanks, barry knapp, steve liesman. bitcoin is on my next guest's raid for a different reason. the u.s. is facing a massive

power shortage, and converting crypto mining sites ento data centers would be a part of finding a solution. as the price of bitcoin keeps rising, that option is more costly and less likely. for more on bloom energy, which was our mystery chart earlier revealed today, steven byrd, head of morgan stanley. do you think we need to change these crypto mining sites into data centers so we don't have an electricity shortage? sg -- it would be a big part of the solution. it's a high class problem. the mining companies have two attractive decisions, use their power to mine bitcoin at record profits or get paid handsomely to convert those to data centers. it's frankly challenging to figure out which direction they will go. so far to date, the companies in the bitcoin world that have converted, like core scientific have been richly rewarded, you can take a look at their stock

price. core scientific is a good example of what could happen. the new price makes things more complicated. without the power from the bitcoin sites, we most certainly will have a shortage of power for data centers in the u.s. >> how much of a shortage do we actually face or a bottleneck are we looking at? >> power nerd, i'm going to turn the numbers into something relatable. the total shortage we see through 2028, absent some interesting solutions and there are some and the stocks ound that we like a lot. the greater philadelphia area would be 3 giga watts. we're talking about a huge amount of an issue. many companies in the space are aware of this, and they are looking for deep bottlenecking solutions, that will get power to the data centers more quickly than the standard power grid interconnection process. an example is blue energy, converted crypto sites. >> so i'm a company that needs a lot of power next year.

if what you're describing is going to take place, should prices already be surging for electricity for everybody? sfl >> the price of power is going to rise. the utilities are aware of the risk that the price of power might rise for everybody else. the utilities are careful about that in. in some ways, that does slow down the pace of the data centers getting added to the grid because you want to make absolutely sure when you do so, you're not hurting other customer classes. that's part of the slow down is making sure everybody is protected. for those data center companies or the hyper scalers, microsofts of the world, those companies will be willing to pay a large premium to get connected earlier. we have seen signs of that, some of those deals are at multi100% premium for the price of power. we'll see more of those. >> the day consumer bills start increasing because of data center demand is the day that there's a massive political

problem on our hands, and a problem that would need to be solved urgently. to your point, you can't bring some of these assets online that quickly. so what are some of the other options and let's say, they say, i'm going to turn to bloom energy, can they scale enough to meet that potential demand? >> they can. bloom is not enough to fully meet the need. going back to the greater than 30 gigawatt, bloom energy, 2 gigawatts a year fairly quickly. a big part of the solution. if you were not to use something like bloom, went to an average u.s. grid, it needs to be two years, three years to connect to the grid. now in many cases it's four, five, seven years, sometimes ten years to connect. you need something faster. if i tally up the bottlenecking solutions. bloom could be seven, eight gigawatts over the next several years. which would be tremendous for that stock. the crypto world, if we saw a lot of conversions could be

above ten gigawatts. the price of bitcoin is so high. we'll see nuclear deals where you build data centers at nuclear plants and agree to build no nuclears. nuclears going to be a big part of the solution, and we'll see natural gas solutions. for example, in west texas, you can see new gas turbines, and powering very large data centers. >> before you go, is it still the case that a lot of people have tried to get hands around how much electricity is going towards crypto mining. you think it could be upwards of 2%, as low as half a percent. are the numbers install small o to you? >> small from a national basis but in texas, the power has been noticed by the regulators. we think it's an elegant solution to instead of adding a new drain on to the grid, in other words just adding a data center in a random location, we'll ull a lot of power off the grid. if you can re-purpose power

being used by bitcoin miners and use by data centers, that's an elegant solution. of course you have to pay a high price to get access to the bitcoin power sources. >> bloom is one sort of take away idea here. i doubt any crypto mining sites are going to give it up soon. the way it's going, you never know. georgia is a big area for the mining. thanks for joining us. always good to have a power nerd on the program. check back in soon. steve kovach, is this another 12 days of whatever? >> a 12 days of-ship-mas. they just released sora, the video generation tool that open ai teased a number of months ago, and it's been really curious about when the thing was actually going to launch. it was only for beta testers. what it lets you do, kelly, we're so used to image generation with artificial

intelligence. this could do a short video clip. 3d animation, like a ar movie. this is a pirate ship around coffee cups. this is a longer tale of what open ai is going through. they call it the 12 days of ship-mas, they're going to have a new product to show off. another open ai product i want to talk about that we were expect to go launch today, chatgpt on the iphone. it was supposed to come out or expected to come out as soon as today. they just put out another beta release so it's unclear if it's going to happen today or tomorrow, but it's still going to be a very big week for open ai, and just opening it up to tens of millions of users on the iphone and this really buzzy product for video. >> one more time, what did you say that we thought we were going to get this update from apple? >> this would have been the ios update that brings chatgpt to the iphone, which was announced

in june. we expected it to come today around 1:00. they put out another version of the beta software that has been tested. that gives my an indication it's probably not happening today, maybe tomorrow or the next day. i'll reach out to apple and ask for clarification. >> i'm going to check on the shares as well see if they're moving. we have an update on the investigation into the fatal shooting of the unitedhealthcare ceo, bertha coombs is outside new york police headquarters with the latest. >> kelly, it appears that police may have found a break in this case. they are questioning a man in connection with the murder of brian thompson. they found the man in altoona, pennsylvania, at a mcdonald's. some patrons there said they saw a man acting suspiciously. they called the police. when the police arrived, they began speaking to the man. when he showed them his i.d., they found that suspicious, and so they took him into custody. police say the man had several i.d.s, and that he had an i.d.

with him that was a fake new jersey i.d. you'll recall the suspect in this case, according to police, had a fik new ake new jersey i.. the name on the i.d. was mark rosario. they also found a gun and a silencer on him as well. according to several reports, this individual also had a written, handwritten manifesto decrying the health care industry, putting profits over patients. again, police are questioning a man in connection with that fatal shooting they say had a fake i.d., the same fake i.d. used by the person of interest here in new york. kelly, this all comes as brian thompson's family lays him to rest today in a private funeral service. back over to you. >> bertha, thank you very much.

bertha coombs, take a quick break. coming up, the second trump administration could kick off a wave of consolidation according to the ceo of one regional bank. he'll tell us where he expects to see the most deal making and how he plans to navigate the next four years. the toppling of the syrian regime could have consequences for that region and the rest of the world. we'll get a live look at what's next for the middle eastnd a the exchange of oil. >> this is "the exchange" on sneesh. -- cnbc. (intercom) t minus 10... (janet) so much space! that open kitchen! (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy on your timeline. (janet) nice! (intercom) flightdeck, see you at the house warming.

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welcome back to "the exchange" rebels in syria captured damascus in just under two weeks. ousted president bashar al ashad freeing the country and has arrived in moscow. matt bradley brings us the latest from beirut. thank you, matt, and welcome. >> reporter: yeah, kelly, what we're seeing now is an ecstatic scenes on the streets of damascus and throughout syria. people who are so happy to see the back of this brutal dictator after a 13-yearlong civil war, nearly 14 years, and a two week or less than two weeks blitz that went from the upper northwestern syrian city of idlib to aleppo. it went faster than most observers could imagine, and was exploiting a lot of the weakness

of the regime, when it looked as though this war was a stall mate, frozen. this lightning advance by the rebels defrosted it and put the bashar al assad regime in its place. after several years of elative peace, the regime hadn't been able to reconstitute its military forces and it was still relying on two main foreign backers, iran and russia, neither of whom were present or really active in the ultimate demise of the 50 year regime of the assad family, staunch allies of iran and russia. for syrians and the entire region, what comes next. we saw some important indicators today. it looks as though we have a new prime minister, mohammed el-bashir in syria. taking his post in damascus from a prime minister appointed by bashar al assad a few months ago. he led the civilian government

of the group i was describing, starting in idlib, he had just been appointed to the prime ministership of the small regional government, the rebel government that the rebels had said was a civilian administrative government, even though it was islamist in character, and essentially authoritarian or totalitarian. this man is going to be leading the entire country. it looks as though we have heard from the parliament of syria saying they're going to do everything they can to help with the transition. and it looks as though other groups are essentially either throwing their support behind these rebels or not interfering. that is all within the past couple of days. all of this could change at any time. we saw positive signals in places like libya, in places like yemen and other places where it looked as though afghanistan, where we had the taliban who were signaling for years they were going to be softer, gentler, especially when it came to issues like women's right. they have gone back on all of that. despite the fact that the head

of the military group who was the one that really really took damascus and ended the bashar al assad regime, he had been making signals that he was a more liberal, friendly face to this islamist group, but we don't know whether or not he's going to actually fulfill those promises, and that's a moment of uncertainty for all syrians. >> matt bradley, we appreciate it. let's dive deeper into the stunning moves this weekend. my next guest says the fall will have implications for the middle east. michael o han lin, maybe some big implications for russia. should we start there? >> yes, we can start there, although for russia, of course, this is in many ways a side show compared to their core interest of trying to consolidate control of this much of ukraine as they can cease. i think what you have seen is the outcome in syria is partly a consequence of russia prioritizing its crucial,

existential fight at least in vladimir putin's minds with middle east interests, always up there with russia but not the sake leak. it's not really going to constitute a major turning point in russia's fight with ukraine, i don't think. what it does is demonstrates it is that fight, rather than its middle eastern ambitions that motivates vladimir putin. >> and the ony that meant iran was distracted and couldn't support or prop things up. now israel is in the buffer zone, and potentially trying to strike some chemical weapons strikes and so forth. if we look at the list of who's emboldened by this, is it turkey, israel to some extent, negative for russia, negative for iran? >> yes, and some people think negative for the united arab emirates as well. others that we're thinking about normalizing relations with president assad after a decade or a dozen years of civil war, and don't look so smart with

that calculation, and were thought to be especially in the uae's case, somewhat friendly to assad, anyone smacking of islamism. i think that would be potentially another relative loser. but in the grand scheme of things, you know, what i would like to also say is i hope very much the people of syria can be a winner in this, a beneficiary, and i also think there's a chance with assad's departure, it will be harder for iran to rearm hezbollah, and that is a key element, the so called axis of resistance that iran has organized and funded for many years, including shia militias in iraq, and the assad regime in syria. hezbollah, hamas, that has been interrupted. it's going to be harder physically, as well as more strategically for a future syrian government to want to help hezbollah the way that assad did. >> finally, we look at the price of oil up about 2% today. i have heard analysts suggest that these developments should make the middle east more

stable, maybe take the kind of geopolitical premium out of the oil price and the medium to longer term, would you view this as moving things in a direction that's more or less volatile? >> i was just talking with middle east experts this morning, and on balance, they are slightly more hopeful than anxious. that's on balance, netted across the hole group, so i guess it gets to more to your tolerance for risk and your sort of test for whether you tend to be a nervous investor or see opportunity. i think this is probably a 55/45 proposition as to whether it makes things better or worse. i'm somewhat encouraged or somewhat hopeful but i'm not optimistic. that would be too strong. >> do you think as president-elect trump has indicated that the u.s. is not really going to take much of a position in this, and maybe i'm overstating that. do you think that's appropriate? >> there's not much we can do. i think with e need to stay ope

minded. the united states has done something, as you know, we have attacked some isis targets in syria in the last couple of days with air power as israel has done similar things with regard to chemical sites. i think the united states under the final days of president biden is already trying to make sure isis doesn't benefit from this. and going forward, if there's any way for us to help encourage, facilitate or strengthen the more moderate elements in an hts-led government, i think we should be open minded about that. as your reporter so ably said a minute ago, matt, there are reasons why hts may go in an extreme direction, and indicators it may govern inclusively and with a greater moderate voice. we should care a lot about which direction it goes. >> we'll leave it there. thank you very much. appreciate it. michael o hanlon of brookings. palantir, the top stock in the s&p this year, emerging as

one of the biggest beneficiaries ahead of the incoming administration. what that's telling us about the future of silicon valley and more after this, the shares are up 326% since january. ♪ ♪ ♪ ♪ ♪ (vo) whether your phone's broken or old, we've got you. with verizon, trade in any phone, any condition. and for a limited time, get iphone 16 pro with apple intelligence. get four, on us. on any unlimited plan. only on verizon.

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. welcome back to the exchange. i'm tyler mathisen. benjamin netanyahu is set to take the witness stand for the first time in his trial on corruption allegations. the leader faces charges of fraud, breach of trust, and accepting bribes in three separate cases. a verdict in the trial, which began way back in 2020, is not expected until 2028. netanyahu denies any wrong doing. the pentagon is temporarily pausing osprey flights again after an initial investigation found weakened metal inside one of the aircraft that broke apart and nearly crashed last month in new mexico. the air force said they will adhere to the voluntary pause which starts today and is indefinite while the military looks into that safety issue. and outlets reporting that juan soto has agreed to a record

$750.15- $750 million, 15-year contract with the new york mets. he was considered the top free agent and the deal is reportedly the largest in major league baseball history, topping shohei ohtani's $700 million deal last year with the los angeles dodgers. this is insult to injury, kel, as i know you know because he was on the yankees going to steve cohen's mets. >> maybe we'll take a little bit more about it next hour. a fun one. >> see you then. palantir's shares hitting an all time high as signs posted to an increased focus on ai-defense tech under trump 2.0. one of the end roads silicon valley is eyeing into the government, 2025. deirdre bosa breaks it down in today's tech check. >> so defense, energy, space, ai government contracts are, these are sectors previously thought of as untouchable or too slow to

invest in. thanks to the success of palantir, and silicon valley's increase in -- >> person of interest in the shooting that shook our city last week ceo brian thompson of unitedhealthcare was the victim of a senseless act of violence. our offices have been working around the clock. many of them did not go home to pursue this individual. it was crucial that we were able to remove him off the streets of america, and we were going to seek him out no matter where he was at the time. and so this is a strong person of interest. the police commissioner and chief of detectives will go over where we are right now in the investigation.

he matches the description of the identification we have been looking for. he's also in possession of several items that we believe will connect him to this incident. how did we do it? good old fashioned police work. the chief of detectives and the police commissioner made the decision to release as much of a photo as we had at the time. we sent it across the country, and someone, a mcdonald's employee did something we ask every american to do, if you see something, say something. but most importantly, do something. and they did. and because of that, we believe we have a strong person of interest to deal with this case. i want to now turn it over to the police commissioner of the city of new york, commissioner

tish. >> thank you, mayor. good afternoon, everyone. earlier this morning, altoona, pennsylvania, members of the altoona police department arrested luigi mangioni, a 26-year-old male on firearms charges. at this time, he is believed to be our person of interest in the brazen targeted murder of brian thompson, ceo of unitedhealthcare last wednesday in midtown manhattan. the suspect was in a mcdonald's and was recognized by an employee who then called local police. responding officers questioned the suspect who was acting suspiciously and was carrying multiple fraudulent i.d.s as well as a u.s. passport. upon further investigation, officers recovered a firearm on his person, as well as a suppressor, both consistent with the weapon used in the murder. they also recovered clothing,

including a mask, consistent with those worn by our wanted individual. also recovered was a fraudulent new jersey i.d. matching the i.d. our suspect used to check in to his new york city hostel before the shooting incident. additionally, officers recovered a handwritten document that speaks to both his motivation and mindset. nypd detectives are on route to pennsylvania as we seek to interview the subject further. this apprehension is thanks to the tireless work of the greatest detectives in the world, and of course the strong relationships we have with our local law enforcement partners on every level, local, state, and federal. we all serve the same public safety mission. and this case, which captured the attention of an entire nation, is another example of how connected we are and how important it is to work

together, share information, and pursue every lead. >> for just over five days, our nypd investigators combed through thousands of hours of video, followed up on hundreds of tips, and processed every bit of forensic evidence, dna, finger prints, ip addresses and so much more, to tighten the net, we deployed drones, k-9 units and scuba divers. we leveraged the domain awareness system. and conducted aviation canvass. and our detectives also went door to door, interviewing potential witnesses and doing the good old fashioned police work that our investigators are famous for. this combination of old school detective work and new age technology is what led to this result today. and we must also acknowledge the instrumental role the media and the public played in this case.

the images that we shared with the public were spread far and wide. and the tips we received led to the recovery of crucial evidence. we should never underestimate the power of the public to be our eyes and our ears in these investigations. this is the third time in three weeks that a member of the public has seen something and said something and done something that led to a high profile arrest. the triple stabbing homicide in manhattan, the gunpoint robbery s, in queens, in which an nypd officer was shot, and now this. now the case will continue through the criminal justice process, and while we are proud of today's accomplishment, we must of course remember that a family is in mourning. i want to again extend my sympathies to brian's family, coworkers and all who knew him. finally, i want to thank the women and men of the nypd, especially our detective bureau

personnel, with a strong assist from our intelligence analysts. we also thank the sac of the fbi's criminal investigative division, leslie rodriguez beckshes, and i want to commend the staff of the manhattan d.a.'s office, and especially d.a. alvin bragg. he has been working with us 24/7 on this case, and i am incredibly grateful for his partnership. i'll now pass it along to our great chief of detectives, joe kenny, who will provide additional information, chief. >> thank you, commissioner. good afternoon, as the commissioner stated earlier, a man was taken into custody today in altoona, pennsylvania, this morning. he has been identified as louie knee nicholas mangioni, born and raised in maryland. we know has ties to san francisco, california, and his

last known address is hawaii. he has no prior arrest history in new york. members o. nypd detective bureau are currently traveling to pennsylvania with members of the manhattan district attorney's office to interview this subject. this case was brought to a successful conclusion based on the coordinated effort between numerous nypd units, including the intelligence and counter terrorism bureau, our federal partners at the fbi, the manhattan district attorney's office, and of course members of the altoona police department in pennsylvania. on thursday, one day after this crime was committed, the nypd released a photo of the shooter in this case. this picture was obtained by the nypd during one of their extensive video canvass. we took that photograph, and we asked for the public's help in identifying the subject and the public responded. hundreds of tips began to pour into our hot line. each tip was investigated thoroughly, and we began to release additional photos as they came into our possession. the nypd provided these photos to numerous media outlets,

local, international, and national outlets released the photo via television and social media content. a citizen recognized our subject and called local law enforcement. members of the altoona police department responded to the call and based on their investigation they notified the nypd. this investigation is still active and ongoing. thank you very much. >> questions on the shooting first. >> i had a couple of questions about a document that he was found in possession with. can you go a little bit more in depth about what those motivations that you mentioned? was that ceo specifically named in that document? was there anything more about him wanting to go after others? and also in that document, was there any indication that explains how the level of detail that he went into killing him? >> like i said, that document is

currently in the possession of the altoona police department as part of their investigation. from briefly speaking with them, we don't think there are threats to others in the document, but it sometimes he has ill will toward corporate america. >> over here, sir. >> was the suspect wearing a mask at the time he was spotted in mcdonald's? and often criminal cases often have a lynch pin, can you point to a single lynch pin that helped crack this case? >> there's numerous lynch pins, the fact that we have recovered an enormous at of forensic evidence, enormous amount of video, and once again, with your help and the public's help. i couldn't put it on one thing. if i had to, it would be the release of the photograph from the media. >> steve. >> reporter: do you believe he was trying to flee the country and are you looking for evidence in central park? >> we had diverse in the water yesterday, that came up negative

results. the passport, we don't believe he was planning on doing traveling. at this point we don't believe he was trying to leave the country. >> the person at mcdonald's, was he buying food? >> he was an employee. >> what was the suspect doing? >> sitting there eating. >> will the suspect be brought back to new york and charged and when? >> we're going to have work that out with the manhattan district attorney's office in altoona, pennsylvania. he's going to be facing gun charges there. at some point we will work out through extradition to come back to new york to face charges here, working with the manhattan district attorney's office. >> hi, from the "new york post," i was just hoping to get more details of the capture itself. did he put up a fight, say anything to cops? we have reported he published online antihealth care industry rantings. can you share some of the services he worked on? >> we're working through his

social media. preliminarily, he had ill will toward corporate america. that will come out as part of the investigation. we're not done here. we're going to be putting this together, working hard to bring this to a successful conclusion. >> and the capture itself, did he put up a fight, say anything to police? >> i don't have that information. >> sorry, can you elaborate on how he got there, the path he took from port authority in the george washington bridge to altoona, pa. >> this just happened this morning, we'll be working, backtracking his steps from new york to altoona, pennsylvania. >> if he took a bus to philadelphia, and somehow got to altoona. >> still working on that. still working through that. >> is there any indication that anybody else was helping him from the inside, you know, as far as tracking the ceo's movements? >> once again, we're still working this investigation very hard, it's not at its conclusion yet. that could come out during our investigation, but as of right now, we have no indication that

that took place. >> did he have any weapons or anything like that with him when he was arrested? >> he was in possession of a ghost gun that had the capability of firing a 9 millimeter round and a suppressor. >> can you get into a little bit about the technical aspects of the investigation? i know you deployed an unprecedented amount of technology. you also activated the century program through intel. can you talk about how that is going to play into actually building the case, as far as cell phone, and all of the other technical aspects of what you have done. >> it came down to technology, the use of drones in central park and the video cameras that we did. we used every source of video we could collect, hundreds and hundreds and hundreds of hours from hundreds of sources and that helped bring us to where we are right now. >> reporter: the gun is it

believed to be the gun he used in the shooting, and there's some talk that it was a veterinarian type cup. is that accurate? >> as of right now, the information we're getting from altoona is the gun appears to be a ghost gun. may have been made on a 3d printer, the capability of firing a 9 millimeter round. obviously that will come out during our ballistics testing. >> that was the new york city detective chief taking questions from reporters after informing everybody and we heard from nypd commission jessica tish there a moment ago that they have identified the suspect in the shooting of the unitedhealthcare ceo. all they could tell us about motivation is he seemed to have ill will towards corporate america. i'm sure we'll be finding outs more in the days to come. as we turn back to wall street news this afternoon. we have had quite a deal flow. omni omnicom, and mondelez reportedly eyeing a take over of hershey. my next guest is seeing more deal flow than he has seen in a

decade, and says that's the next sector ripe for consolidation is his own. banking. joining me is john steinmetz. >> good to be with you. >> quite a different landscape as we head into 2025. do you think the election is playing a role in that? >> absolutely. there's been a sense of renewed optimism within corporate america, not only in banking but the economy as a whole. we're seeing that in the markets. i'm excited about possibly a spark of m&a as policies begin to apply again. >> you're texas-based, that is right? >> dallas based. >> there could be quite -- people have said one of the areas overdue for consolidation is the banking industry. the starting gun is going off, and we could see a lot of major changes? >> absolutely. you know, if you look at texas in particular, there's 380 bank charters in texas. as an example, there's just over

100 in california, less than 100 in florida, and i think texas is ripe for consolidation. as you look at, you know, policies that have been in place that have kept consolidation from taking place, and with ageing ceos looking for an offer ramp. >> that's an interesting, the demographics would play into it. sounds like a private equity pitch, the ceos of the businesses are going to exit, and what's the plan afterwards. do you plan to be a catalyst? you're privately held right now. should we expect to see you active in this consolidation? >> absolutely. we believe texas is going to get rolled up. we serve florida. there's tremendous opportunities there as well. we're looking at an ipo, and we think that's going to be a tremendous a opportunity. we have some institutional investor that have put, you know, nine figures behind capital commitments, and so i think there's going to be a tremendous opportunity going forward for not only vista bank but community banks as a whole.

and i would say community banks serve those small businesses, and you often times talk about new jobs and jobs reporting. small businesses generate 2/3 of the new jobs out there. so they play a huge role and often, you know, too big to fail, we need to be talking about too small to be successful and that's what we're working towards. >> we have seen a huge share move towards the top banks in the country, which is interesting because they haven't offered the best terms in the last few years of this era of high rates, people have stuck with them. there's a lot of changes, rebalancing potentially could be going on. little factors that are kind of important to you but wonky to everybody else. things like the yield curve, is that going to support all of your goals here? you think that's going to work itself out? >> no question. we have been focused at vista maintaining and creating shareholder value, so, you know, we have been compounding, tangible book value at 17.2%. as we look at m&a and the yield curve and the things that are taking place in our market, we

believe there's going to be continued opportunities going forward, and we're looking forward to it. >> the big guys can't get bigger it's going to have to come from the media, in many ways, the smallest banks in the country. >> absolutely. and think about this, there were 14,000 banks a little over 20 years ago, 4,000 today. and i think that a lot of that has to do with the fact that we're constantly pushing this too big to fail conversation. we need to be discussing too small to be successful because these organizations, these community banks and i appreciate the opportunity to talk about community banks and regional banks and the impact they play in our regional economy. it's really important that we have a strong diverse economy, and i'm really excited about this administration coming in, recognizing the importance of small business because that is the reason we don't have five banks like canada and europe, and we have a strong, diverse, economy. >> consolidate, not to the extent that there's four or five players left standing. the ipo is interesting. we will be watching and

listening, john, as the calendar turns. keep us posted on your plans there. >> we will do it. >> thanks for giving us a front row seat into the changes that might be coming. the ceo of vista bank. that's ifot r "the exchange" and a busy hour. tyler is getting ready for "power lunch" and we'll see you on the other side of this break. [alarm beep] you make it through security so fast, ♪♪ the agents applaud. your travel itineraries are so well written, they're on the best seller list. and you have access to lounges that don't officially exist. that's why you rent with national, where you can skip the counter and choose any vehicle on the emerald aisle. because travel isn't a competition. except that it is. and you're winning.

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