joining us now it was wonderful perspective, we had david rubenstein earlier, lisa shalett joins us. it would be inappropriate for her to speak for mr. gorman and the executives of morgan stanley in the last four hours. i must ask, because you are with wealth management, how do you contain the phone calls? how do you contain deposit inflows of a certain flight four -- to quality? lisa s.: the most of more and think we are talking to clients about right now is getting folks to understand the difference between what happened in the great financial crisis and what is happening now. in 2007-2008, we had a massive credit problem. there was a quality of credit default risk issue.

jane fraser joins david rubenstein in a few minutes. few minutes, the market opens in seoul, korea, and tokyo. next, we are setting up for those markets to join in on the struggle as we see australian stocks and kiwi equities under pressure as asia wakes up to the fed decision to hike by 25 basis points. japan futures off by almost 1%. this is bloomberg. ♪ introducing the new sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. vonnie: this is "bloomberg daybreak: asia." a lot of the just indecision session with the fed increasing interest rates by 25 basis points today, 5.1 the median and basically saying that the banking industry is just fine. there is not going to be any more trouble, but we are investigating. haidi: it was that perhaps gap in messaging that certainly confuse confused, confounded markets. take a look at the treasury's market, t

tom: david rubenstein joining us.in as he joins us today from his duke university thank you for joining us this morning. so much of this is a distrust of these major banks how did jane frazier frame that you can trust us this time in this big crisis? >> for those who don't know, jane, it's hard to believe but after 250 years of our country's history she's the first woman to have a major money center bank. she's a native of scotland but educated here at harvard business school and worked her way up and for the last two years has been the ceo of the bank. the banking system is in pretty good shape. there are a few problems being dealt with and maybe you can argue first republic bank. was she is saying is the banking community is coming together to figure out how to solve some of these problems and not rely only on government assistance. tom: say there were three big swiss things in our childhood and now there's one, i guess. we will see how that works out. there is the turmoil of american banking. did you suggest in you

jonathan: david rubenstein there of the carlyle group. an watch david's interview with penny pritzker on the david rubenstein show, peer-to-peer conversations, tonight at 9:00 p.m. in new york on bloomberg tv. from new york city, with all eyes on credit suisse, it is a break of 1.80. 1.78 on that stock right now. lisa m.: keeping you up-to-date with news from around the world. i'm lisa mateo. the pentagon says a russian fighter jet collided with a u.s. surveillance drone in international airspace above the black sea, causing the aircraft -- the american aircraft to crash. the u.s. european command says the warplane struck the propeller of the reaper drawn. the state department is calling it a brazen violation of international law. about half a million british workers are striking today, as unions stage a mass walkout. teachers, doctors, civil servants, and workers on the underground are expected to join picket lines with rallies and marches planned near downing street and the house of parliament. capital subway is effectively shut down ove

the city ceo joins james rubenstein for the first comments -- joins david rubenstein.t start at 11:00 a.m. thursday sydney time. still ahead, china and russia take aim at the security partnership as leaders meet in moscow. concerns original instability next. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh the new chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the new ink business premier card from chase for business. make more of what's yours. >> the biden administration is set to unveil tight restrictions on the chinese operations of chipm

we spoke with -- he spoke with david rubenstein at economic club at washington event. >> the fed's jobghting inflation. we want the fed to be very dependable in fighting inflation. that should be. there most important priority. there are ramifications. but, there are certain banks, isolated few, that have been impacted negatively, that did not manage their balance sheets that well in retrospect. david: in 2007, the u.s. government passed hard legislation. under the tarp legislation, large amounts of capital were injected into banks including citi. everyone took it who was offered it. effectively, that meant that the shareholders, the creditors and the depositors were all protected. this time around, silicon valley bank, only the depositors were protected, over a made by the biden administration. do you think that was the right decision to protect only depositors and say goodbye to the shareholders and creditors? jane: it is very important to protect the depositors. right now the banking system, everywhere around the world depends on confidence. that confidence has to be in the safety a

you're just listening to jane frazier speaking last night with david rubenstein at the economic clubshington. joining us now is sonali basak. jane fraser is one of the few that have commented on the banking crisis. but that is a context for us. sonali: you had, when she is talking about the idea that this does not need to be a full-blown issue when you look at what is happening with regional banks. even if we saw pain were going to a few other banks. but it's also interesting is what she said about individual banks. she said svb could find a buyer pretty soon. when we look back the situation was looking tenuous and now we are finding more it resolutions to more banks that are facing hiccups as things go along the way. another important thing she said as far as first republic goes, citigroup is not a buyer when it comes to that. as you see from the stock price reaction, the situation looks relatively stable. for all things are not out of the was, there is a sense that there are solutions that can be found among the government and private sectors. kriti: what is also striking about her

lisa: coming up be sure to tune in wednesday for city ceo talking with david rubenstein. bloomberg. the u.s. will speed up delivery of tanks to ukraine. ukrainian forces will now get the tanks by autumn. the underscores the urgency the u.s. and allies see about getting more weapons to ukraine to hold off russia. on the second day of his visit to moscow, xi jinping touted his country's close ties with russia. he invited vladimir putin to come to china later this year. he called russia china's largest neighbor and copperheads a strategic partner. more than half of those surveyed in the u.k. believe the conservative government has not fixed the problems caused by this trust as many budget. the survey was conducted by delta pole for new work -- bloomberg news. global news powered by more than 2700 journalists and analysts in over 120 countries. alix: speculation over risk continues to dominate the conversation. the former morgan stanley ceo john mack spoke with david westin. >> i think that's universal. the big banks that had big trading positions have taken a lot of risk, th

tune in tonight for citigroup ceo jane frazier on a conversation with david rubenstein.. this is bloomberg. guy: earlier today the ecb president who has been prolific in terms of the speeches she has delivered recently, christine lagarde, topped about financial stability. this is what she said. pres. lagarde: while the european banking sector is resilient, in view of recent financial market volatility, we are ready to act and provide liquidity support to the financial system if needed and preserve the smooth transmission of our monetary policy. it should be clear there is no trade-off between price stability and financial stability. guy: joining us to discuss is the bank of portugal deputy governor. very nice to see you this afternoon. thank you for joining us at bloomberg. the president talked about there being no trade-off between financial and price stability. how the two interact. they are going to have an impact on one another? >> thank you for having me here. these are days of excitement because of the recent turmoil in the u.s. and in switzerland and is very natur

alix: that was jane fraser speaking with david rubenstein at the economic club of washington.t brings us to the question of the day, is your money safe? joining us now is nisha patel. nisha, part of this is deposit outflow, i will put everything in the money market fund and put it in a bank and put 5% in a money market fund and leave it there. are we seeing that happen? is the money in the bank safe or are they putting it somewhere else? nisha: we are seeing clients pull it out and sneak it to other vehicles. it is no surprise given where treasury yields are. there is this need to rebalance portfolios to get to safety and treasuries have been a great way to do that. we are seeing that. i take the 25 basis point hike as a vote of confidence by the fed. it goes back to the question of is my money safe. i think the fed has injected that vote of confidence. janet yellen saying we will not do blanket insurance. behind that is implied we will be there if it needs to be there. but why do this now if it is not necessarily needed? alix: going -- guy: going back to the issue of money in

-- speaking at the economic club of washington dc followed by an event for peer to peer with david rubenstein. i want to hear what she has to say about their role in supporting regional banks, of their role in terms of what they are doing with the deposits. how does that create the conundrum for them. jonathan: do you think that's a language she will use later? julie joins us now. -- julian joins us now. great to have you with us around the table. a man that you know came out this morning and told our colleagues in london we've not seen the lows in equities this cycle. why. >> history tells you and again this is dependent on your view of whether there is a recession. i think it's easy to make an argument the invents of the last couple of weeks have increased the probability of recession. at a minimum it's taken this idea of the no landing scenario off the table thankfully. i was tired of that talk anyway but there has never been a bear market that's bottomed before the recession has started. there of been recessions without the markets. jonathan: this assumes we are past the point of no retur

he spoke with david rubenstein at the economic club of washington event. >> there could be some smallerlar issues in terms of being caught without managing the balance sheets as a liaison they have done. it is quite right. there may be a few of them. we certainly hope they will be fewer of them. again, they should be manageable. lisa m.: you can watch that interview on march 29 other david rubenstein show, peer-to-peer conversations at 9:00 p.m. new york time. there's a late twist to the sale of world-famous football club manchester united. bloomberg has learned bidders have been granted extra time to come up with new offers. a qatari consortium has raised its offer above its initial $5.5 billion bid. jim radcliffe's first bid was below that but he's expected to increase his offer. global news powered by more than 2700 journalists and analysts in more than 120 countries. i am lisa mateo and this is bloomberg. ♪ personal advisors. hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth managemen

jane fraser joins david rubenstein at economic club in washington for the first conversation with a majorince the turmoil began, starting at 8:00 a.m. on thursday if you're in hong kong. david: that is exactly where i am. we've been tracking this. we don't normally --follow this closely day today but given the extreme move, to 20 one basis points yesterday, we are down 171. you can see some of the pressures are alleviating. we'll give you an update tomorrow. today, may be a long story. plenty more ahead. this is bloomberg. ♪ it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david! connect with an advisor to create your personalized plan. let's find the right investments for your goals. okay, great. j.p. morgan wealth management. introducing the new sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. it's easy to get lost in investment research. introducing

please welcome the chairman of the china kennedy center for the performing arts, david rubenstein.or over three decades on stage on saturday night, live in tv appearances and in the songs and his movies . adam sandler has used his humor, his jokes and his comedy is simply put bring us joy. he breaks down barriers between us and in so many ways in so many formats on so many stages, is invited us into his comedy world and made us feel part of his family. some of the greatest artist in the world came here for one reason and one reason alone to pay tribute to an artist. they respect they admire . they love and who does to them. what he does to us makes them laugh. and i'm so glad they joined us, as the kennedy center is proud to present adam sandler with the nation's highest comedic award that kenny center mark twain prize. thank you all. thank you. thank you. okay? well, thank you. that was this is a nice feeling, and thank you. i love you, and i appreciate it. so here we go. hello. my name is adam's handler. and i am 28 23. mark twain humor prayers award recipient for greatness in am