all with chase first banking. freedom for kids. ♪ ♪ control for parents. bank with tools for both. chase. make more of what's yours. >>> good evening. thank you for joining us. i'm trevor ault. with the oscars less than a week away, that notorious slap is back in the headlines. comedian chris rock delivered plenty of verbal punches to will smith and his wife in a film viewed by millions. >> i took that hit. >> almost a year after actor will smith slapped him on stage at the oscars, saturday night comedian chris rock hit back hard. >> y'all know what happened to me, getting smacked by shook smith. everybody knows i got summertime ringing in my ears. >> reporter: rock performing in baltimore at his sold-out show titled "selective outrage" for the first show ever streamed live on netflix. >> i'm going to try to do a show tonight without offending nobody. >> i'm excited to hear his perspective. >> reporter: fans anticipating for months whether he would forgive and forget about being assaulted by smith or go on the offensive and releash his revenge. in the closi

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all with chase first banking. freedom for kids. ♪ ♪ control for parents. bank with tools for both. chase. make more of what's yours. you didn't choose cat allergies. one bank with tools for both. your hairline. or that thing where your knee just gives out for no reason. but... you can choose your doctor who will care for all the things you didn't choose. kaiser permanente for all that is you. announcer: building a better bay area, moving forward, finding solutions, this is abc7 news. ama: a powerful storm is brewing pointing right at northern california with all the damage that has been delivered in the last three months, the bay area holding its collective breath for what tomorrow and the next few days will bring. dan: thanks for joining us. this time around people are taking no chances at all with the potential effects of the atmospheric river. this storm will flow in with intense windses and the potential for more flooding and we are going to give you everything you need tonight to be prepared. ama: first we want to get you to sandy pattal. sandhya: this

all with chase first banking. freedom for kids. ♪ ♪ control for parents.with tools for both. chase. make more of what's yours. >> building a better bay area, moving forward, finding solutions, this is abc 7 news. >> it might be the 23. another atmospheric river bearing down on the bay area tonight. you can clearly see it from live doppler 7 right now and it is after we have already seen widespread flooding. good evening. i am ama daetz. we have the full team coverage for you tonight and tomorrow. j.r. stone and laura martinez are in the field for us, but first let's get to meteorologist sandhya patel. sandhya: we are seeing light rain but do expect the storm to bring damage for tomorrow's commute, and it will be a nasty one. live doppler 7 right now, just seeing showers out of the system, light to moderate and d street on crow canyon road, moderate pockets of wet weather. as we head 10 napa, dry creek road, light steady rain. atmospheric river is still off the coast but it is now zoning in on california, which includes the bay area. as we time this out for

all with chase first banking. freedom for kids. ♪ ♪ control for parents. bank with tools for both. chase. make more of what's yours. karina: welcome back. the catholic diocese of santa rosa filed for bangor please today, citing new lawsuits from more than 200 survivors of child sexual abuse by catholic police. reporter dan investigated this 25 years ago and is back with more. dan: i spoke with survivors and attorneys that the church is trying to avoid responsibility of horrific abuse by police. this warning, the diocese of santa rosa estimate its assets between $10 million and $50 million and its liabilities to be the same because of a flood of new lawsuits from survivors of clergy sexual abuse. i spoke with santa rosa bishop robert. why is bankruptc bishop vasa: when it exceeds entity's ability to pay those claims, i don't see other options. dan: i first uncovered shall succeed abuse by priests in 1994. found father austin peter keegan working in a north an edge -- in an orphanage in mexico after working in the santa rosa diocese. have you the same physica

all with chase first banking. freedom for kids. ♪ ♪ control for parents.ls for both. chase. make more of what's yours. feel to have an entire theater of the brightest a-list celebrities sing you happy birthday one man found out in one of the most touching moments at tonight's oscars. that is james martin who celebrating his 31st birthday tonight? he was up on stage breaking ground as an actor with down syndrome martin won an oscar for his role in an irish. goodbye, which won best live-action short film film not a bad birthday present. all right. it is march and that means madness, you know basketball from the nba to college hoops basketball takes center stage. here's chris alvarez with the preview of sports. i'm coming up in sports find out which play from stephen curry had his teammates buzzing after the warriors win last night plus selection sunday in the basketball tournaments with the saint mary's men had to say about dancing for a second straight year sports is next. get ready for prime time. oh my goodness. i look like a baby dolphin! [dolphin noises

first republic bank. today, 11 of the largest u.s. banks said they are depositing a collective $30 billion in two first republic rate among the banks coming to the rescue, chase, bank of america, and wells fargo. first republic has a similar client profile to silicon valley bank. stock rose on the news. >>> former theranos ceo, balwani was supposed to report to prison, but did not.'s lawyers have lodged another appeal, and balwani can stay free until the government response. it has 10 days to do so. if his appeal is denied, then he'll be expected to immediately report to a federal prison in southern california. >>> if you haven't already, say goodbye to google glass. remember that? was actually still around. it launched these smart glasses, in 2013. seems like eons ago. it called them a smart phone in the shape of eye glasses. the glasses never took off. did you have them? >> no. i won't. >> yesterday, google stopped all sales of the product, but it has a new idea, testing a new pair of smart glasses that could transcribe and translate speech in real-time. >> hopefully it will look better. >>> people working hard during this week's storm, cleanup, and support

all with chase first banking. freedom for kids. ♪ ♪ control for parents." one bank with tools for both. but do they really? do they see all that you are? at kaiser permanente all of us work together to care for all that is you. >>> back now with chris rock nearly a year after that slap from will smith at the oscars, rock spoke out about the confrontation for the first time in a live comedy special on netflix. janai norman here with the details. good morning, janai. >> reporter: good morning, guys. so many people talking about this. chris rock live from baltimore which happens to be where jada pinkett smith is from. he came out swinging with everything from yoga pants, politics, to the kardashians, but it was at the end for what we waited nearly a year for, his take on will smith slapping him. >> you know, anybody that says words hurt has never been punched in the face. >> reporter: comedian chris rock pulling no punches. >> will smith played muhammad ali in a movie. you think i auditioned for that part? he played muhammad ali. i played pookie in "new jack

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banks stepped in first. first republic stayed afloat. >> exactly. there were four of them. now we're up to 11 banks helping out san francisco-based first republic led by chase bank. these banks are realizing if they help out, they look that much more strong, and appearance is everything when it's everybody so anxious about the banks. so, lots of banks joining in and helping. meantime, the parent company of silicon valley bank has filed for bankruptcy. this is not something to worry about. silicon valley bank is now a separate company. svb, as you know, collapsed after a run on the bank, even though the fundamentals were healthy. i spoke to one depositor who had to decide whether to take his money out. >> it's fiscally responsible to protect your employees, your investors' money, all of that as an individual. but then again, as a group, it would have been better if everyone just left their money in. the bank was healthy. the bank was fine so long as everyone agreed the bank was healthy and the bank was fine. >> that's exactly right, scott. i fundamentally still believe they made some judgment errors in investing, yes, but is the bank completely toxic? absolu

banks say they are depositing $30 million into first republic essentially billing that bank out. among the banks coming to the rescue, chase, bank of america, and wells fargo. first republic saw its stocks plummet after the failure of silicon valley bank last week. many of the public are uninsured banks just like silicon bank rose. straka california plans to remake san quentin prison. the state will start by renaming the prison to san quentin rehabilitation center. officials have already started to move death row inmates to other prisons. governor knew some will be at the prison, at san quentin tomorrow. he said the new facility is based off of norwegian prisons that will offer vocational training. official details for the prison transformation have yet to be released. >>> two years since the shootings of several atlanta area spas. eight people killed including six asian women. san francisco tonight a call to remember victims and the other victims of asian hate and violence too. nbc bay area news's emma goss has more. high this event was held at disney hotel. speakers include the man who'd disarmed the monterey park a gun

a lot of them have multiple banking relationships, local or regional banks, first republic, chase bankas some diversity so it enabled to move funds thoughtfully and collaboratively during the process. we warned our founders, even though it was nice, and ending to a movie, when the gentlemen are playing the violin at the end of the ship in titanic, there was no reward to be that musician on that ship. so just be thoughtful and pragmatic. it's going to shift how companies manage money moving forward. caroline: what about managing business? you have to think who are our winners? who do we offer support to? kyle -- carl: we invest -- kyle: we think the bucket companies in different categories, you have your high flyers and stable growers, you have the ones that are struggling. but at this point, to be honest, it was the throes of war and you needed this to support everyone. on the backside, we were definitely focused on what to do now. the funding markets over the last couple of years, you have seen valuations constrain, later stage markets, the ipo market and public tech market come down.

bigger banks moved to rescue first republic. that bank rescued by j.p. morgan chaseibank america wells fargo and others yesterday. that followed janet yellen testimony on capital hill. here is what she told lawmakers. [video clip] >> with the depos in every community bank in oklahoma, regardless of their size be lly insured now? are they fully recovered, every mentee bank in a oklahoma get the same treatment that svb just got or siature bank? >> theank only gets out eatment if the majority of the fbseaboard, -- fdic board, super majority of th fed, and i in consultation with the president determines the failure torotect uninsured deposors would create systemic risk and significant economic and financial consequences. >> what is your plan to keep large depositors from moving their funds out of community banks into the big banks? we have seen the emergence of banks over the past decade. i'm concerned you're about to celebrate that by encouraging anyone who is a large depositing counity bank to say were not going to make you whole, but if you go to our preferred banks,

bank at risk of failure. this is to shore up san francisco based first republic bank. this is third rescue of the regional bank in less than a week. jpmoan chase, welfargo, contribute to show confidence in the country's banking system. for some first republic customers this move comes too late. others are saying they're sticking with first republic. >> all together i decided to close this account. >> i love this bank. i don't intend to take my money out. >> janet yellen negotiated first repress cue plan with the ceo of jpmorgan chase and other banking executives. testifying yesterday, yellen pushed message of confidence in the nation's banks. >> this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong and that depositors' savings remain safe. >> it's not clear yet if the recent bank rescues are enough to restore confidence. that's what experts tell us. as of yesterday federal reserve said it has loaned out $12 billion this week to the cash strapped banks though through the new emergency lending facility. joycelyn. >>> governor newsgo reng homessness by 15% by 2025. in un plans to install 1200 t

first republic bank. u.s. banks, including bank of america and jpmorgan chase agreed to pool $30 million to rescue first republic bank shares popped 10% yesterday. but shares are down 4.6% this morning in early trade looking at u.s. banks broadly, they sought record amounts of liquidity. they they are taking nearly $12 billion in short-term loans this week the facility offers one-year loans in exchange for collateral we continue to watch credit suisse this is the epicenter of the selloff. we saw shares close yesterday 20% higher after the bank would borrow up to 50 billion francs from the swiss national bank today, credit suisse is under pressure shares down 3.4% we crossed below the two swiss francs per share level worth noting the stock is not continuing higher after the floor was put in, but the stock pulling back frank. >> julianna, something to note there. what about the stocks this week? seeing any relief? >> frank, yesterday, we did see a sigh of relief breathed by investors in the financial sector, but broadly in markets we saw european markets rally yesterday into the close and european banks also perfo

a lot of movement in the early moments of trade and banks agreed to pull $30 billion to help rescue first republic bank. wells fargo and jpmorgan chase and bank of america in the calls to help. what a lifeline those banks provided to first republic you have the frankfurt listing up 2%. >>> on to credit suisse. shares closed higher after it will borrow $50 billion francs it sank into deeper territory as worries continue officials met with regulators and authorities to discuss what's next for the bank to help answer that question, geoff is joining us now from zurich geoff. >> reporter: thanks for that interesting to see the shares pop again here as we have seen some stabilization, i think, around banking concerns globally with the first republic deal overnight. it is interesting to see how they close out the session rather than where they open and whether investors are still interested in holding on to the risk through the weekend as you rightly point out, julianna, i think in the short-term, the shares are telling the story about the restoration of short-term confidence, but it is the bond market that will have its say in terms of how

banks are down a lot. first republic is down a lot. first republic, it's interesting, because it actually got some fed banking this weekend and also backing from jpmorgan chase. and i bank at first republic and i got an email yesterday from the ceo who said, by the way, we have plenty of capitol, everything is fine here, but people get nervous. the technocontagion is hard to e in the banking sector. and i think that's why the white house was so careful to go with a muscular approach here this weekend, to try to prevent any contagion. >> before we let you go, can i ask you about the potential acquisition of svb, because they were asking people -- they were taking bids. do we know where we are with that? >> there was an auction yesterday, they did not get a match. the terms were not attractive enough for a bank to take it, but they did sell hbc is buying the uk component of this company. and so there is a deal that is on the table for that. we'll watch and see. the cleanest thing would be for another bank to buy this bank. but right now, the government is -- the government is running it, people, if you bank at svb, your money will be available when it opens th

bank, first republic, which had been seen as at risk of failure. shares in first republic rose more than 20%. reports that j.p. morgan chasek of america, amongst others, were working on a rescue plan for the california bank. our business correspondent joins me now from new york. why are other lenders coming to first republic's aid? what's in it for them? >> they are trying to shore up confidence in the american banking system. the collapse of those two u.s. banks have really spooked investors and consumers that are left wondering if those banks collapse, which ones could possibly be next. a lot of investors were thinking it could be a regional bank like first republic. in the recent days we saw that the shares for first republic was cut in half and you saw the depositors took out early in's dollars from the bank. and that had everyone very spooked about that contagion idea, that ripple effect. so, a consortium of 11 banks have stepped in and said, here's $30 billion of uninsured loans going to the first republic. david: given the assurances officials have been giving about the states, the banking situations around the worl

and wells fargo is part of a group of banks that have all come together to create a rescue package for first republic bank jpmorgan chase. bank of america , citigroup and wells fargo and seven more of the biggest banks in the nation announced a $30 billion package for first republic bank. this comes as the san francisco based bank has been battered by investors and worries have grown that it might be the next bank to fail following the collapse of silicon valley and signature banks. the rescue package made for a strong day on wall street , the dow is up more than 370 points. the nasdaq was up 2.5% or 283 points. and the s and p was up 68 points during a senate hearing on capitol hill today, treasury secretary janet yellen declared the u. s banking system remains sound, she said the number of number one economic problems the country faces is inflation. yellen also answered questions about social security , the budget and the potential debt default. reporter chad program has the story. we. felt that there was a serious risk of contagion that could have brought down and triggered runs on many banks. treasury secretary jane

theline for banks to the bid on silicon valley bank and signature bank as 11 banks have rescued first republic yesterday. jpmorgan chasegroup, bank of america and wells fargo all contributing $5 billion to that rescue, and this action by america's largest banks reflect their confidence in first republic and in banks of all sizes. we're looking ahead to the march federal reserve meeting next week. that meeting tuesday and wednesday, expected to see a rate hike of 5 the basis points, dennis -- 25 basis points. but, of course, the conversations has changed with all of these bank failure conversations. your thoughts on what the fed does next week and how it affects markets. >> i think they have no choice but to the move it 25 basis points for consistency's sake. if they went to 0, the question would be what do they know that we don't know, same with 50. a 25 the basis point increase, i think it's incumbent upon them to go 25. i think they'll go 25 this week, 25 in six weeks from now and 25 the again before the middle -- before the summer. and then we probably will have reached the terminal rate of fed funds and probably we

first republic bank in the united states. the package is backed by major american banks, among them jpmorgan chase, citigroup, and morgan stanleyim of a wider scare over bank liquidity following the collapse of two us banks in recent days. our north america correspondent peter bowes has more. this is an attempt to shore up confidence in the banking industry, both the words of the treasury secretary who said that she is confident that the banking sector is secure, but also the actions of these 11 major private banks including jp morgan chase and citigroup injecting some $30 billion into first republic, this medium—sized bank that was in danger of also going under. this is a bank that is quite prominent here in california. and it also, like the silicon valley bank that went down last week, it also serves that community, the start—up community in northern california. it also serves the wine industry here in california. we have seen over the last few days, some people queueing outside their branches to take money out of that particular bank because they were so concerned that it, too, could go under. now, what we are seeing now is

first republic of san francisco withdrawn about $70 billion since the failures of silicon valley bank and signature bank first republic has a smaller customer base and svb paper also reports jpmorgan chaseirst republic on strategies to stay in business. last week, first republic received $30 billion from a coalition of banks. a new study shows 186 u. s banks are at risk of failing of half their depositors decided to withdraw their funds. the social science research network says the value of bank assets including mortgage backed securities has been damaged by inflation and attempts to control it. researchers say that are run on those banks poses a financial risk. even two people have less than a quarter million dollars in them. the f d i c guarantees accounts that are under that amount. the researchers say the problem can be solved if the banks were able to recapitalize or if the government steps in another storm moved through the bay area, causing more concerns on the road every day. it's a tough community. and having this problem on the roadway is going to make it even tougher along interstate 5 80 could affect

first republic. >> i love this bank. i haven't taken my money out. i don't intend to take my money out. >> reporter: treasury secretary janet yellen negotiated first republic rescue plan with jpmorgan chase ceo jamie dimon and other banking executives. testifying on capitol hill yesterday, yellen also pushed a message of confidence in the nation's banks. >> this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong and that depositors' savings remain safe. >> reporter: some experts say i restore that confidence. >> is that a long-term solution? i don't think so. are there other companies that have exposure to the bigger systemic problem? very possibly. >> reporter: as of thursday, the federal reserve said it is already loaned around $12 billion to cash-strapped banks this week, all of it through its new emergency lending facility. anne-marie, something else interesting out of that hearing community banks across the country should not expect the same type of rescue as we saw with the banks this week. she said uninsured deposits would only be covered if it failing to do so would create what she called systemic risk and significant financial c

this is first republic bank, the san francisco bank has been teetering for a few weeks. but big banks came to the rescue, led by chase'simon. he and other banks joined together to deposit money in first republic. news accounts say other banks balked at first when he said let's do this, but then citigroup, wells fargo and bank of america all said yes. let me say that again, chase, wells fargo, bank of america, citigroup, they came to another bank's rescue and that makes them sound strong. so now all kinds of other banks want to join and sound strong, too. there are now 11 banks helping out first republic. >> treasury secretary janet yellin testified before a senate committee thursday to talk about the budget, but as you would imagine, she was asked about the health of banks and america's own credit in the form of the debt ceiling. we'll talk more about that come us up as we talk politics. >> different story and different planet. this is a volcano on venous. we knew they had volcanos but we didn't know they were still active. this week a scientist, a planetary geoscientist published the major scientific discovery, from t

first republic bank. the banks, which include jpmorgan chase bank of america, citigroup and wells fargo, have announced a billion rescue plan for first republic first republic serves a similar clientele as silicon valley bank and was facing similar issues with liquidity. it is the latest step to shore up small and medium sized banks. markets reacted favorably to the attempts from other banks to shore up first republic. the dow rose more than 370 points. nasdaq was that big today, 283 points and the s and p picked up 68. treasury secretary janet yellen says she believes the banking system remains sound and that inflation is still the number one economic issue facing the country hearing on capitol hill, the treasury secretary also took questions about social security, the budget and a potential default on the national debt foxes chat program. that's the story. we. felt that there was a serious risk of contagion that could have brought down and triggered runs on many banks. treasury secretary janet yellen defending the response from the biden ministrations in the federal reserve regarding the recent failures

banks. first republic, another san francisco bank saw its value drop nearly 50%, despite chase bank coming innd offering financial support to shore up its finances. some of those stocks had trading suspended throughout the day because they were dropping too quickly that scared regulators. at the end of the day, it was not as bad as some expected. some investors found opportunity and hope in the government's recent actions to shore up the banking situation, seeing that as a sign maybe interest rates will not be raising as quickly. others sought protection in stable government bonds. we saw a lot of investors putting money there and what is considered a safer investment -- in what is considered a safer investment. that could be assigned there is still a lot of concern about the state of the economy. >> authorities have been reassuring packed players they will not be liable for any of this either. hsbc stepped in to rescue the british division of silicon valley bank. >> the u.k. banking system is extremely secure. it is well-capitalized. i think we demonstrated that resilience by what was happen

first republic of san francisco have withdrawn about $70 billion since the failure of silicon valley bank and signature bank first republic has a similar customer base to svb. the paper also says jpmorgan chasepossible ways to keep first republic from failing. last week, first republic received $30 billion from a coalition of banks. a new study shows 186 u. s banks are at risk of failing the way silicon valley bank did if only half of theirce research network says the value of bank assets, including mortgage backed securities has been damaged by inflation and attempts to control it. the researchers say. a run on those banks poses a financial risk even to people who have less than a quarter million dollars. the guarantees accounts that are less than that amount, the researchers say. the problem can be solved if the banks are able to recapitalize or the government steps in more changes are on the way after videos of fights at a san francisco mall have been going viral online video after video circulating on social media of a series of fights at stones town galleria shopping center inside the mall yesterday, there was a visible police presence with uniformed sfpd officers walking throughout the

bank. we should mention jpmorgan chase and jamie dimon was the one responsible for bringing all of the deposits from all of the other banks to first republic bank bank as part of the rescue plan. the question, of course, is whether jpmorgan chase actually would be allowed to take over first republic if it wanted to clearly one of the things the government has been unwilling to do so far is let the biggest banks get bigger potentially that is something that could be on the table joe? >> a big difference between depositing $30 billion and actually buying something with $30 billion. i could see it all right. deposit money with you >> that's insured money sd >> it is still my money. $30 billion. pretty good. a $30 billion investment is a different thing. then you are on the hook you could not have that money down the road. did you think it wassing inter -- wa interesting, first republic was bleeding it is like any who still has a lot of angst about the banking sector, focused all of the anxiety on one name. >> there are so many uninsured deposits because there is anxiety and, of course, i don't want to cause more anxiety, but there is

bank getting bailed out, but this time not from the government. first republic bank based in san francisco getting a $30 billion boost from other big banks, including wells fargo, citigroup, and chase. they're all giving between $1 billion and $5 billion apiece, in total, $30 billion. the banks said the money reflects their confidence in both first republic and the banking system in general. this comes after first republic's stock went into a free fall in recent days. the drop tied to the failure of silicon valley bank, which collapsed last friday. svb has since been taken over by the federal government. >>> also tonight, an ambitious proposal to reduce homelessness laid out by the governor. and one bay area city is a big part of it. governor newsom outlining his plan to provide $1 billion in grants while standing in front of an array of tiny homes in sacramento today. the grants will be used to send 1,200 of these tiny homes to several cities across the state. san jose is going to get 200 of these tiny homes. mayor matt mahan says the existing communities have flourished. >> the neighborhoods they're in see the same or fewer calls for service for both 911 and 311, so public safety

first republic, after the collapse of silicon valley bank. most deposits at first republic are uninsured, just like silicon valley bank. among big banks that came to the rescue, chase and wells fargo. >>> treasury secretary janet yellen says americans should be confident in the u.s. banking system. she was set to speak to lawmakers about the budget proposal, but many wanted to question her instead of the federal response of the collapse of silicon valley bank. they are questioning the protection of banks calling it a bailout. yellen said taxpayers will not bear the burden for that, saying it is important for people to feel confident about the money they are putting into banks. >> this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong amid depositor savings, that they remain safe. >> s.e.c. is now investigating the collapse of svb. >>> tensions between the u.s. and russia after a russian fighter downed a drone in international airspace. today, dramatic footage was released of that encounter. meanwhile naito allen nato ally poland said it will also send units to the area. the pentagon releasing dramatic new video to

chase banks. police say thieves get this first pour glue into the card reader. to glue it shut. and once customers can't get in there, they're forced to use the tap function instead. you just tap your card on it. but what many folks don't realize is when you tap your card, you then have to manually log out. some customers walk away like they normally do from the atm, with their bank info wide open, allowing scammers to run up there and drain their money. sneaky experts say that there are certain phone numbers you should avoid in order to dodge. >> potential scammers, according to identity verification service, social catfish. you should not answer phone calls from these 5 area codes to 6, 8, 8, 7, 6, 4, 7, 3, 6, 4, 9, 2, 8, 4. they don't sound familiar. well. many scammers are actually routing their calls to local area codes to make them seem legit. those area code actually originate from several caribbean islands. remember, if you see them, don't the phone. >> i don't know if i remember all that. >> still ahead, new legislation introduced to protect americans from threats posed

valley bank did last week, and this $30 billion from 11 major banks that includejp morgan chase, citigroup as well, crucially important to keep firstepublic alive, because first republic is a very prominent bank here in california, in los angeles. over the last few days, we have seen people queueing outside to take their money, their investments out of that bank and place them with other larger banks, such has been their concern that it could go under. there has been a ripple effect, if you like, throughout the banking communities, and a ripple effect that we have seen really now go right across the world. so we have heard from janet yellen, the treasury secretary, saying positive things about the us banking system, that it is secure, and we also now have the confidence reflected in the decision of these 11 banks to pump so much money into one single medium—sized bank. all eyes now will be on the markets to see how they respond, and of course, all eyes on individual investors, the individuals who have money in this and other banks, to see how they respond. well, earlier, i spoke to danny blanchflower, who's a professor of economics

first republic republic the latest u.s. bank teetering on the edge of collapse rescued by 11 u.s. banks including the big unfailible four, jp morgan chaseica, wells fargo and city group, first republic rebounded jumped more than 10% after the bank shares plunged so much earlier, it was halted to prevent from it completely crashing down more than 80% in the past week or so. the question is. whether this is the beginning of the end or just a step on the way to something really bad. is every bank about to fail getting a rescue or bail-out up front douglas diamond noble prize winner in economics for research on bank runs he predicted five months ago that the feds rapid interest rate hikes we've seen eight in the past year would trigger massive losses for banks. he's also a professional at the university of chicago booth school of business. and professor diamond i want to the get to the first republic news a moment but first to take a pause here. interest rates are going up. five months ago, you were loud and clear and that interest rates would wreak havoc on those banks. the question is what did you think would happen are you surprised by w

bank, first republic, which had been seen as at risk of failure. shares in first republic rose more than 20% at one point earlier, on reports thatjp morgan—chase and amongst others were working on a rescue plan for the california bank. our business correspondent samira hussainjoins me now from new york. similar, why are other lenders coming to first republics aid, what's in it for them?- coming to first republics aid, what's in it for them? they are basically trying _ what's in it for them? they are basically trying to _ what's in it for them? they are basically trying to shore - what's in it for them? they are basically trying to shore up - basically trying to shore up confidence in the american banking system. the collapse of those two us banks have really spooked investors and consumers that are left wondering, well, if those banks of collapse which ones could possibly be next? a lot of investors were thinking well, it could be a regional bank like first republic. in the recent days we saw that the share price for first republic was cut in half. you saw the depositors took out billions of dollars from the bank. that had everyone very spooked abo

banks including j. p. morgan chase and goldman sachs teamed up to rescue the san francisco based rival providing a $30000000000.00 cash deposit. first republic was hit by depositor withdrawals. after silicon valley bank collapsed shares, headphone 80 percent in the past week. i'm joined now by brad set, sir, from the council on foreign relations. mr. sets are some of the biggest us banks, teaming up to save a rival. what's in it for these banks? well, i think all banks now have a stake in the stability of the u. s financial system. i think all of the major banks that participated and the deposit that was placed with 1st republic are looking to allow a little bit more time for our 1st republic to either raise funds on his own to recapitalize itself, which seems a bit unlikely or more likely ridge to take over a 1st republic by one of the other major banks in the united states for public. so mid sized bank, so it would be it wouldn't be unreasonable to see it purchased by another stronger regional bank or by one of the us bankers you just mentioned to take over by other banks. and we've seen that despite the financial lifeline, shares

san francisco based first republic bank is in talks with some major banks about a rescue plan, reportedly in discussion with banks, including jpmorgan chase bank of america, wells fargo and citigroup. first republic could get up to $30 billion in deposits from those big banks. a decision could come this afternoon. the bank's problems were due to continued worries about the banking system in the aftermath of the collapse of silicon valley bank and signature bank. first republics credit rating was downgraded yesterday over concerns that depositors could pull their cash . let's run over to stocks. stocks rallied on reports that first republic is in talks with multiple larger banks on a takeover. we see the dow jones is exactly up by one full percentage point after spending the first part of the session in the red. that pattern is the same as whatsover happening over on the s and p, which is now up by a good one and two thirds of a percent. nasdaq is up by pretty close to 2.5. coming up with these dogs. what could be a clever disguise and targeting a home up in the oakland hills here from a homeowner who was targeted, plus the pentagon releas

bank of america, jpmorgan chase, wells fargo and others say they plan to contribute to show confidence in the country's banking system. for first republic customers, the move is too late. others say they're sticking with first republic. >> i decided to close this account. >> i love this bank. i haven't taken my money out. i don't intend to. >> reporter: the treasury secretary janet yellen negotiated first repress cue plan with ceo of jpmorgan chase and other executives. testifying yesterday, yellen pushed a message of confidence in the nation's banks. >> this week's actions demonstrate our resolute commitment to ensure that our financial system remains strong and the depositors' savings remain safe. >> it's not clear if the recent bank rescues are enough to restore confidence. that's what experts are telling us. yesterday the federal reserve said it has loaned out $12 billion this week alone to the cash strapped banks through its new emergency lending facility. amanda. >>> let's look at our top stories. elizabeth holmes will be in court today as she tries to delay start of an 11 year prison sentence. holmes was convicted of fra

volatility in the banking system and its impact on the bank, first republic faces and uncertain future and its stock price has plunged nearly 90% jpmorgan chase other banks are set to be working to advise first republic on some strategies to stay in business, including a possible sale. stocks ended the day higher on wall street after an up and down down the dow rose 75 points after seeing an initial gain of 480 points just disappear. nasdaq was up 117 points on strength by tech stocks. the s and p gained 11 financial shares, though, did take the biggest hit, including first republic, which saw its shares drop another 6% today. well despite the stress hitting the banking system, the federal reserve raised interest rates once again, but also hinted that the hikes may be nearing an end for more. let's bring in her shefrin, finance professor at santa clara university, professor. nice to see you this afternoon, the fed opting to continue its campaign against high inflation. do you believe that's the right approach, especially given the events in the banking system? i think it's the prudent approach. it's prudent because there are two issues and th

it appears the ceo of jpmorgan chase is leading a new effort to rescue first republic bank, the wall street journal says jamie dimond is in contact with leaders of other large institutions looking to stabilize first republic as it continues to lose value. stock in the regional bank dropped another 47% yesterday. its customers have recently withdrawn about $70 billion and amazon has announced more job cuts. it will lay off 9000 workers, the second largest round of layoffs in the company company's history. tech firms have slashed tens of thousands of jobs so far this year. we turn now to new details about the colorado dentist accused of murdering his wife and mother of their six kids. he allegedly did it by poisoning her. police near denver, say dentist james craig bought the arsenic and cyanide he used to kill his wife, angela, allegedly slipping the poison into her protein shakes, according to the arrest warrant after multiple recent hospital visits, angela again checked into a hospital last wednesday, complaining of a severe headache and dizziness. she later had a seizure condition

banks lead by jpmorgan chase, citigroup, bank of america said they will step in and rescue first republic bank, for 30 billion in unensured deposits to avoid a fourth u.s. bank failure in a week, credit suisse shares are up after swiss central bank stepped in with a lifeline. treasury secretary yellen facing a backlash after her senate testimony today, edward lawrence is live at the white house with more. reporter: what a day, talk about the first republic bank, this is an industry bailout, 11 of largest banks in the nation got together, you mentioned some of them, they put in 5 billion each to deposit in first republic, other large financial institutions depositing making total of 30 billion to stabilize the bank, government making depositor's whole for silicon valley bank and signature bank, senator langford wanted to know if all community banks would have the deposits covered or just special for the small banks in california and new york. >> i can reassure members of the committee our bark -- banking system is sound and americans can feel confident their deposits will be there when the

banking crisis on top the inflation. >>> and shares of first republic on the move this morning as jpmorgan chase steps in to help the bankd new avenues for survival >>> and looking at the housing market and a top mortgage provide lays out the higher rates which is having on his business it is tuesday, march 21st. you are watching "worldwide exchange" here on cnbc >>> welcome back i'm frank holland. thanks for staying with "wex." let's pick up on u.s. markets. we are seeing the dow could open up 150 points higher if the markets open now the s&p and nasdaq more than .25 higher now this after the markets staged the relief rally in the hopes the turmoil may improve with the banking market the highly fed policy meeting expected this week the 10-year treasury is 3.25 important here to see the 2-year treasury move 80 points lower than it was at the start of march 10th that is important. the start of the svb crisis. let's look at oil. wti is below $70 a barrel. something to watch the april contract expires with may being the most active contract for wti below $70. something to watch brent crude up 1%. >>> we are watching shares

private banks, jp morgan chase, citigroub — private banks, jp morgan chase, citigroup is including injecting some huge amount of money, — injecting some huge amount of money, $30 billion, into firstto keep it alive. the one thing _ republic, to keep it alive. the one thing that _ republic, to keep it alive. the one thing that we _ republic, to keep it alive. tie: one thing that we are seeing republic, to keep it alive. ti9: one thing that we are seeing as you mentioned, janet yellen trying to reassure the markets. it's a bit like deja vu of the 2008 financial crisis, but do you think that she is going to succeed? it has been again a very volatile time. a lot of people are waiting for the other shoe to drop with some other shoe to drop with some other bank.— other bank. well, that's the bi . other bank. well, that's the big concern. _ other bank. well, that's the big concern. we _ other bank. well, that's the big concern. we have - other bank. well, that's the big concern. we have seenl other bank. well, that's the | big concern. we have seen a positive response certainly in this country. the banks have said that this illustrates their confidence. they want to try to get their mes

sector is secure but also the actions of the 11 major private banks including jp morgan chase and citigroup injecting some $30 million into first also go under. it�*s a bank thatis of also go under. it�*s a bank that is quite prominent here in california and it also likely silicon valley bank that went down last week, it also serves that community, the start—up community in northern california, also serves the wine industry here in california. 0verseen over the last few days some people queueing outside their branches to take money out of that particular bank because they were so concerned that it too could go under. what we are seeing now is perhaps a rallying and increasing confidence in not only this bank but the banking sector at large because there are being tremendous jitters, large because there are being tremendousjitters, a ripple effect not only here in the us but really across the world as to what was happening. it is a matter of holding our breath a few hours, maybe a few days see how investors respond to the actions of the 11 banks, two save first republic. janet yellen talked about a contagion effectively comparin

chase. alerts that help check. tools that help protect. one bank that puts you in control. chase. make more of what's yours. >>> all right, let's get to first alert weather and paul heggen. we are talking about the rain that's moving in. don't go to the mountains? >> another in the parade that has been weird, the winter overall with the barrage of systems in january and now we're back into the mix again. another atmospheric river headed our way. and especially late tomorrow. that's the same time frame as we'll get the gusty winds as you can see all the cloud cover associated with the atmospheric river. you can look at it in a different perspective. the amount of water vapor just adding a different spectrum of information to kind of paint where the moisture is in the atmospheric river as you can see how it is and all of this is headed right for the coast of california. so we're going to see the rain chances going up as we head through the rest of the evening. light to moderate rain at first and moving in right now zooming in with a closer look at a while ago and a sense of what's happening in the moment. you can see some thunderstorms that a