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we have hugh son joining us now. you have broken so many stories in the banking sector. agreement and the fears in the banking sector? >> good morning, frank. great to be with you. a couple of thoughts on the deal. it is a good sign to see the deal get done. it has been out there for two weeks. svb was the first domino to topple. it was a little strange it to this long to resolve the deal. two failed banks. seized banks. signature and svb get resolved. the good thing about that is as you know, as reported, first republic, one option to resolve the issues they had with the capital hole is seek capital infusion or purchaser. it is good this one is out and put attention on first republic that has to be resolved. at first blush, take a look at it. it seems they have in all likelihood cherry picked the best assets. $100 billion in deposits. they are not purchasing $90 billion in assets. i would be concerned about the quality of the assets and why first citizens did not choose to purchase those. there is a loss share agreement with the government that is opaque. what are the r

cnbc.com's hugh son wrote this story. break it down for me. given the fact we got that high-frequency fed data on friday that showed earlier in the month there was a rotation from smaller banks in terms of deposits to bigger banks. >> great to be with you. clearly the data out on friday, which is a delayed snapshot. essentially the deposit flows up until march 15th or so. my reporting exclusively over the weekend shows that at least when it comes to the regional banks losing deposits to the likes of wells fargo, jpmorgan and citigroup, that bleeding has stopped for the time being at least. so, my sources, you know, these firms have basically just said, you know, some time in the middle of the month, i want to say march 16th or so, and that was around a time, if you recall, 11 of the biggest banks got together to inject $30 billion into first republic. that really created, you know, a different sort of feel from the acute phase of this regional banking crisis earlier in the month. and a lot of movements of funds have really kind of slowed and s

lot of what's going to be unfolding, a lot of the questions and we're on lookout for regulations hugh sonrt on all things bank related thanks for being here. >>> the fallout still rippling through the regional bank sector one regional bank faring better than most of its peers down only 14% compared to a bank that dropped 13%. jeffrey schweitzer is the ceo of a commercial bank with locations in pennsylvania and maryland and he joins me now. jiff, good morning. >> good morning, flank. >> we were talking about the banking hearing yesterday. i'm sure you and a lot of your peers were watching it pretty closely. what's your sense in terms of regulation coming down the pipeline and how would it impact your business? >> based on the testimony when you have all three regulators talking about additional regulation, i guess we would all expect to have some coming down the pike we are well regulated as an institution. there's sensitivity to market risk, asset liability on all banks regardless of size we do a great job. i think we're unique situations. more failures of risk management than it was fail

. >> thank you so much hugh son, we appreciate it. >>> the dow down 400 points as we hand it over. >> "closing bell" starts right now. >> kelly, thanks so much welcome. i'm scott wapner from post 9 here at the new york stock exchange in the thick of it all. this make or break hour begins with stocks down sharply as we look ahead to the most important event of the week. tomorrow morning's jobs report, only hours left now to trade ahead of that and so much potentially riding on the release. take a look at our score card with 60 minutes to go in regulation the majors as you see are all in the red even as bond yields fall today dig a little deeper, though, in the market and take a look at the russell 2000 that is where the real damage

. >> thank you so much hugh son, we appreciate it. >>> the dow down 400 points as we hand it over. thanks for watching "power lunch. >> "closing bell" starts right now. >> kelly, thanks so much welcome. i'm scott wapner from post 9 here at the new york stock exchange in the thick of it all. this make or break hour begins with stocks down sharply as we look ahead to the most important event of the week. tomorrow morning's jobs report, only hours left now to trade ahead of that and so much potentially riding on the release. take a look at our score card with 60 minutes to go in regulation the majors as you see are all in the red even as bond yields fall today dig a little deeper, though, in the market and take a look at the russell 2000 that is where the real damage is today as small caps lead things lower. we're down by more than 2% now 40 points on the russell that takes us to our talk of the tape the banks, especially the smaller regional ones getting smashed again today. the etf that tracks that space sitting at its lowest level in more than two years, and one name in particular,

and key sd keycorp hit hard we will discuss this right now the potential for contagion risk with hugh son. good morning it is not clear if silicon valley bank would be a problem insofar as peter thiel telling founders to get money out. that can create a run. >> yes, andrew i spent yesterday afternoon into the evening talking to founders and vcs. the consensus is people are saying we don't know if silicon valley bank is under duress or going to have issues, but we don't want to wait around to find out if you are going to panic, it is best to panic early. you don't want to be last in line to get your money out portfolio company emails sent from the likes of founders funds and other prominent vcs saying if you got more than 250 k, it is best to move it around. i spoke to one founder who did so and said, you know, it took five clicks. it wasn't hard to do with the online banking platform. they were able to get their money out. there are other anecdotes with people who had issues with wire transfers not going in quickly and smoothly there could be breaks in the system also anecdotes of people

speaker, and one of the students that brought me in on that campus was none other than susan rice's son john hugheslooded conservative. that's why they want cancel culture, they don't want guys like john to hear the truth. >> because of that i would be remiss to ask you your thoughts on the trumpet possible indictment pretty think this will be the guest backfire in political history. there are people who love what donald trump did, many of them are with him, into 2024, others are willing to look at other candidates freight if this goes through, i think you are going to be seeing rallying far and above what you saw after the raid of mar-a-lago. >> governor walker, thank you for being on. >> i appreciate it. >> trace: tonight and found frowned right up. spring breakers jump on a car i a couple shootings left a coupl of people dead despite a midnight curfew and heavy polic presence, the miami beach mayor is over it. >> we don't want spring break, we interrupt. spring break is a different kin of vacation pay tens of thousands of young rambunctious partygoers who just want to hav a right of passage, it

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son. this is my one a child, and i don't want it. the day hugh was killed in this war. tanya meyer found herself in this role somewhat by accident, displayed an earlier career in investment banking. for years she'd been mostly a stay at home mom then russia invaded ukraine february 24th. i woke up burst into tears cried the whole morning and then like i just started following what was happening. someone wrote me, hey tanya, if you're in vienna, like you should go help at the transition go there. they need russia. ukrainian speakers fluent in russian meyer helped ukrainians arriving in vienna. many of whom had just a few belongings and plastic bags and a little if any cash. she started buying things for people out of her own pocket. but the level of need quickly became overwhelming. refugees were stuck in the arrival center for many weeks, instead of the envisioned 3 days. and as long as they were there, they could not start getting financial assistance. the state response was super slow and completely chaotic, and they were waiting months to get

the doctor, sir hugh martinez in san ignacio like new mexico together with his team where wales breed. he's been coming here for the last 15 years to monitor them as part of the laguna son ignacio echo system science program. i asked him why the drug phenomenal c m i and seems to me that i, in florida, when there's a phenomenon called skinny well in which you start seeing that their body condition is getting worse, getting thinner because they're not getting enough food. and from the middle of 2018, the phenomenon started happening. it peaked in 2020, when 30 percent of the whales were in that condition and all the whales feed in the arctic on shrimp like creatures could empty boats. they dig for in the mud. indications are that the supplies running low climate change could be involved. but there's also precedent to this in the late 19 eighties. and again in 1999, there was a big drop in way numbers. scientists believe that there's a natural top out point in the number of gray whales of air ecosystem can spool when they reach that point. the number goes down and then it starts climbing again back in the lab. so he says he's cautiously confident it will happen again. thi

she believes they failed her son and there are some other people as well. it's not the society. hughpeople as well. it's not the society. hugh grant. hugh grant is not here. but miss holly . so is not here. but miss holly. so it just shows you how long this has taken to come to court, because i'm a lot of our viewers weren't born when sadie frost it was worth bugging . yes. what was was worth bugging. yes. what was was worth bugging. yes. what was was there is always like a little bit of a danger, isn't there if have beens appear in court you just kind go you will do anything to get into the papers nowadays you liz hurley i don't know she would i don't want cast that aspersions. it want to cast that aspersions. it does have a slightly different aroma. got, paul, aroma. what have you got, paul, next door this? no, on next door on this? yes. no, on on next paper. yeah. on the on the next paper. yeah. so daily telegraph next so got the daily telegraph next and particularly focusing here on the hamza yousef and what's going on with the snp today and it says i'll resurrect sturgeon's tran

she believes they failed her son and there are some other people as well. it's not the society. hughople as well. it's not the society. hugh grant. hugh grant is not here. but miss holly . so is not here. but miss holly. so it just shows you how long this has taken to come to court, because i'm a lot of our viewers weren't born when sadie frost it was worth bugging . yes. what was was worth bugging. yes. what was was worth bugging. yes. what was was there is always like a little bit of a danger, isn't there if have beens appear in court you just kind go you will do anything to get into the papers nowadays you liz hurley i don't know she would don't don't know she would i don't want to cast that aspersions. it does a slightly different does have a slightly different aroma. got, paul, aroma. what have you got, paul, next on yes. on next door on this? yes. no, on on the the next paper. yeah. on the on the next paper. yeah. so daily telegraph next so got the daily telegraph next and particularly focusing here on the hamza yousef and what's going on with the snp today and it says i'll res