we have you covered with kelly o'grady with the crane threat. edward lawrence with the tik tok threat and lieutenant general jerry boykin on suddenly a china global threat. welcome, everybody. i'm neil cavuto. this is your busy world yet again. it's a pattern, isn't it? let's go to kelly o'grady in california on a different version of chinese spying. kelly? >> that's right, neil. this is the new possible chinese spy threat. i'm at the port of l.a. these cranes are hard to miss. hiding in plane sight. so for context, they're used to transport containers. the concern that are made by a chinese manufacturing company are being used to spy on. they're being used to call these cranes to a trojan horse that i have sophisticated sensors that can track con tapers prompting concerns that china could track information coming in and out of the country. for more on, the cranes are in ports all over the world. the companies says they control about 70% of the global crane market and sells their equipment in more than 100 countries. they're remote lidrad by chi

let's get the latest from kelly o'grady in los angeles outside first republic bank that yesterday at this time, its very future was in question. not so much today. kelly? >> that's right, neil. first republicly closed down 62% yesterday. i just checked and looks like it's up 28% today. that's a good sign for them. we're seeing more concern with scb. the fdic is looking to avoid a bailout and look for a buyer. we're learning that the fdic is looking to hold another auction to sell svb after attempts failed this weekend. my sources tell me a number of private equity firms are considering the acquisition but they're not sold on buying the bank in its entirety yet. this comes as a shareholder class action lawsuit has been filed against the bank and the former cfo and coo. there will be many suits to follow on this front. this comes as governmental scrutiny ramps up on what went don at svb. the doj is investigating the collapse. this is routine in a situation like this. but as the fed reviews svb, senator warren getting in on the action urging chairman powell to recuse himself alleging his

kelly o'grady, that sounds incredible. >> it does, right?ay. i'm at a rocket lab. we're learning how they make the 3-d printed rockets. more coming up. (vo) the subaru crosstrek. dog tested. dog approved. love. it's what makes subaru, subaru. no, no, no, no, no, no, no. there's a problem with my paycheck. it's short. someone messed it up? i'm in the middle of nowhere. ♪ unnecessary action hero ♪ was that necessary? nope. neither are paycheck problems. with paycom, employees do their own payroll. no problems, no surprises. [narrator] schedule a demo at paycom.com and make the unnecessary, unnecessary. >> neil: 3-d, 2, 1, blast off! see what i did there? okay. i guess you did. anyway, it's the world's first 3-d printed rocket days after the more conventional one took off from the cape, this is getting ready for space. kelly o'grady is getting ready for this. this is a 3-d-printed rocket. how did they do that? >> i know it's really hard to wrap your mind around, right, neil? i want to draw your that tension to this hunk of mental behind me. thi

kelly o'grady covering it all. codely? >> reporter: good to see you, neil.two of a planned three-day strike. you can feel the passion here. they're out in the rain. i want to show you, these are some of the 30,000 service workers of the service employees international union behind the strike. roughly 35,000 teachers striking in solidarity as well. we're talking bus drivers, cafeteria workers, custodians. the for context the average worker is earning $25,000. the goal is to secure a 30% pay time, more time off work opportunities, increase staffing levels, respectful treatment after accusations of harrassment. i want to introduce you to james. special education assistant. what is the one thing you want to get out of this. >> one thing we want to get out of this is financial respect for the district. far too long we've been disrespecterred. the amount of help and welfare we've given to all of children of la the the usd. >> reporter: what is the message parents at home affected about this. >> i want to thank you for your sport support. we want to being mere for

>> dana: kelly o'grady in los angeles.know that alex murdaugh sentenced to life in prison for the murders of his wife and son. the community still demanding answers in three other deaths that are believed to be tied to the family, among them mallory beach in a boat crash in 2019. her father finding peace in one conviction at a time. >> i want to see justice served. it's been a long last four years. it's an outcome we were hoping for. >> bill: want to bring in mark tinsley. the attorney for the beach family whose testimony helped convict alex murdaugh. good morning, mark. thank you for being here. a clip from the judge on the stand last week when we sat and watched. he mentioned your name and called you a tiger, watch. >> i can just imagine on that day june 7th when a lawyer is confronted and confesses to having stolen over half a million dollars from a client and he has a tiger like mark tinsley on his tail, i know it had to have been quite a bit going through your mind on that day. >> bill: i know you are happy with the c

kelly o'grady is live at one of those mansions in bel air. on but, kelly, that wasn't the original price. >> reporter: no, it wasn't, lauren. it was actually $30 million. so already you're seeing a $2 million haircut. but like you said, it's a stunning property many bel air. it's actually owned by dr. paul of the tv show botched. but this home has a million collar bonus if a buyer's agent can come in and close before the tax takes effect tomorrow. anything above $5 million is going to incur a $4% tax to be paid by the seller. $10 million plus, you're looking at 5.5%. this applies to both residential and commercial properties, so office buildings as well. it only impacts the city so places like beverly hills and malibu are exempt. but it wl affect this property. one bathroom, by way, i think the i could live in and be happy. but $20 million, that means the seller is going to the lose out on $is 1.5 million of the sale proceeds. this is really going to squeeze the folks on the lower end of that tax. i know it's hard to believe, but $5 million do

kelly o'grady in california on that. ybe because what kelly has been reporting on. look at this, banks, 10-year 3 1/2%. gotten as low as 3.42%. remember when this was over 4% a week ago. commensurate drop in mortgage rates, you would think would get mortgage applications stirring. we don't have any real evidence of that just yet. maybe people are holding off. maybe banks could be holding off, lending get the latest from daniel kotsi, key player royal palm company based in florida. good to see you, daniel. how would you describe people and their reaction to this sudden drop in interest rates, not the rates that the federal reserve controls and are expected to go higher next week but market rates? >> look, i mean people in general are worried. as we were talking about the regional banks, that is a major issue. that is where for instance, we're developers. a lot of our construction financing come from regional banks. so the impact of, you know fallout here of something like this happening with, with the regional banks is def

kelly o'grady. chatgpt, another u.s.ade innovation may be the most disruptive technology since the smart song but to be truly disruptive, it has to push an existing technology off the clip. so think blackberry killing the palm pilot or the iphone killing the blackberry phone. crack ventures founder and member of the paypal maffia, david sachs is here live to tell us which silicon valley giants need to fear the rise of ai the most. it's a fox business exclusive and yes, we will get his reaction to the breaking news that reed hoffman, one of the board members of open ai has just stepped down. it's a fox business exclusive stay tuned closing bell ringing in 25 minutes the dow is up 355 points. if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee, even if it received ppp, and all it takes is eight minutes to get started. then we'll work with you to fill out your forms and submit the application; that easy. and if your business

. >> gillian: kelly o'grady has more from the l.a.sroom, what is the word on how the state plans to pay for the program which protectively will cost billions of dollars? >> right now there is no indication yet on how this would be funded and that's where the outreach is coming from, and let's remember the $22 billion budget deficit that would put an even bigger burden on taxpayers, some whom critics argue had no hand in the past 400 years. now this new reparations proposal could cost the state over half a trillion dollars each descendant of would get a check up from the original 20,000. roughly with 1.8 million african americans in california come the state would look at roughly $650 billion. and many would allocate land as well as programs and services, the tax wars has until july 1st for their final recommendations, but it with hundreds voicing their support. >> i think that we should be receiving land cash, economic resources, we need to dismantle the oppressive practices of the people that we share these community us with, i.e. mo

kelly o'grady on that.angelis has what is coming up on "the big money show" a mere 12 minutes away. jackie: neil we're looking at sbf back in court pleading not guilty to a alleged bribery charge in china. new bail rules may take away his beloved videogames. we'll break all of that down. the dark side of a.i. should we be scaling back in this country when china and russia are ramping up? it is a big question. we have that at the top of the hour but more "coast to coast" after this ...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. life's kinda unpredictable. like when your groceries arrive the moment y

kelly o'grady joins us with the latest. >> that's right. a third indictment dropping yesterday.ths away from the planned october trial. we could still see more. if you are counting he faces 13 counts that could land him a maximum of 160 years behind bars. the latest charge accusing him of violating the anti-bribery division. it alleges the former ceo directed a $40 million bribe to one or more chinese government officials to unfreeze a billion in crypto trading accounts held by alameda research. china had frozen the accounts at two of the largest crypto establishments in its own investigation. it was a bribe that likely would have been made with stolen customer funds. we reached out to chinese authorities but haven't received a response. the legal team declined to comment. the bribe is said to have occurred in november 2021. china banned exchanges in 2017 and banned crypto outright in 2021. this all comes as new bail conditions are in place after a tense fight over the defendant's use of technology. sbf will be precluded from using all electronic devices except for a computer an

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kelly o'grady live in los angeles with the story. r: well, it's great to see you, liz. the irs' own web site shares while house visits happen, most contact is through the mail, but on on top of that, it's really the timing that's raising yea brows here. the alleged visit happened the same day taibbi testified on alleged government censorship. the journalist claims the irs agent left a note requesting he call four days later, he was then informed his tax returns had been rejected over identity theft returns. one filing was accepted over four years ago. and the 2021 return has been rejected twice despite following protocol using an irs pin number. critics question the irs' motives. >> they could have sent a letter, had someone make a phone call, they could have reached out to matt tie taibbi's cpa to deal with. to send an agent to his home on the very day he's to testify? this reeks of intimidation, and i'm going to continue to put pressure on the treasury to get to the bottom of this this even if it requires withholding funding. >> rep

kelly o'grady meanwhile in los angeles what this whole investor day is bringing. ter: neil, yeah, elon musk has a lot on his plate of course but all eyes will be focused on tesla today and a lot of shareholders have questions whether their ceo is all in. so of course the stock took a massive hit in 2022 but this year has been doing very well, up nearly 90% on the year, down on the market today. investors will look for asions the company can continue that growth. i'm looking for three things out of today's investor presentation. he will unveil the tesla's third master plan a path quote to fully sustainable energy future for earth. this may be linked the company's foray in solar but could touch on portfolio of companies. a few months ago tesla few subjects will be scaled to extreme size to shift humanity from fossil fuels. will include sections about spacex, tesla and the boring company. second look for musk to address expansion plans. last year the billionaire predicted the company would sell 20 million cars by 2030 but flagged they would need 12 gigafactories to do

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kelly o'grady joins us now with those details. what are we expecting, kelly?tock momentum, has momentum after a rough 22. we saw musk sell over 23 billion in stock, missed the twitter takeover a host of other challenges including increasing competition and recalls. so investor ares looking for a growth story today. here is what we can expect. first musk needs to address expansion plans. last year the billionaire predicted the company would sell 20 million cars by 2030. he needed 12 giga factories to do so. we could see a cheaper model he is teasing. something in the 25, 30,000-dollar price range would go a long way to reach the mass ev customer. supply chain conditions changed since he anchored on the price point. the surprising thing, elon promised he will share tesla's third master plan he calls the fully sustainable energy future for earth. many predict this may be linked to the company's foray in solar. it featured prominently in master plan number two. earnings from the home energy business is stuck around 5%. they are bullish helping the transition away

let's go to los angeles and find kelly o'grady. >> reporter: yes, the bank haven for start-ups is noore, the second biggest bank collapse in u.s. history. let's recap what started it all. svb's spiral began wednesday, its start-up clients had been withdrawing more cash than usual amidst the fed raising rates and a chilly fund raising environment. the tech community got jumpy, the stock was in freefall, and investor warned it might be in real trouble. that caused a bank run. in other words, a ton of clients simultaneously tried to withdraw funds. by thursday's end, customers had pulled out $42 billion of deposits leaving a negative cash balance of $958 million. california regulators deemed svb incapable of operating and shut it down. the fkic -- fdic assured goes depositors they will redeem access on monday, but 94% of depositses were uninsured as of december, so there's major uncertainty as to how much folks get -- [audio difficulty] >> complete shock. svb is a really great bank. did not expect this to happen at all. i'm hoping that the deposits are returned. neil: all right. she was

now, kelly o'grady is live in los angeles with more. kelly, good to see you.to see you too, liz. well that call for reparation is growing across the country despite handouts driving this inflation crisis. there's a number of different options on the table in california. so the leading state proposal would give $360,000. san francisco though was proposing a whopping 5 million, along with near 100,000 in guaranteed income and home selling for just a dollar. imagine that in san francisco. one big criticism though is slavery was never legal in california once it became a state. another issue is how to pay for all this. as of now california has no solution and missed a $22 billion budget deficit that's already driven by runaway social spending, for context the 360,000 award would add another 640 billion on top of that, so we asked californians how they feel about reparations and cost was a big concern. >> can we afford it? is it possible? you know? but i definitely think that i would lean for it if way to pay. >> it's hard enough to get money out for flood control,

let's go live to kelly o'grady. ort in wilmington, california with more on the growing chinese crane concerns. is this , i guess, kelly, are we supposed to call this the new huawei now? reporter: yeah, cheryl. i mean, i think that's the fear, right? this is the next chinese spy threat that's hiding in plain sight, so i want to give you a sense of what these look like. i mean, they are pretty big. they are hard to miss, so these cranes are used to transport the containers that you see there from the ship to the shore and the concern is that those that are made by a chinese manufacturing company called zpm c are being used to spy on us, so reportedly some national security and pentagon officials have gone so far as you said to compare those cranes to a trojan horse. while inexpensive they contain sophisticated sensors that can register and track containers prompting concerns china could capture information about material being shipped in or out of the country to support u.s. military operations, so the market share con

fox business correspondent kelly o'grady does is live with more on this. just never heard of housecalls from irs agents. >> reporter: can you imagine an irs agent showing up to your house? it is tax season. right? it is kind of scary. that is exactly what to do was received. while in prison business they can happen most contact is initiated via mail. it is the timing here that is causing particular consent. on march 9th, that same day he testified on elected government censorship claiming an agent left a note requesting that he call four days later and that is an automatic time. he says he was informed his 2018 and 231 tax returns had been rejected over identity theft concerns. taibbi asserts it was an accepted and the return has been projected twice despite following protocol using an iris pin number given the timing, some lawmakers question the rsos motive. >> they are going to send a letter. they could have had someone sent a phone call. they could have reached out to -- to send an agent on his home on the day he is to testify? this reeks of intimidatio

. >> john: let's go to fox business' kelly o'grady she has more on this, how is china responding to this idea it is spying on us with those cranes behind you? >> well on surprising me, john, it is deny, deny, deny, right? i want to give you a look at these cranes you could see them behind me they are used to transport containers from the ship to the shore. and the concern is that some of these made by a chinese manufacturer called z pmc are actually being used to spy on us very reportedly some natural stomach national security has gone so far as to compare these cranes to a trojan horse while inexpensive they contain sophisticated sensors that can register and track containers. for some contest cranes are imported all over the world come the company says it controls around 70% of the globalmore thy assembled. you can see in this video there is actually one being brought into the port of l.a. they are operated remotely through chinese software and that is a design the industry does executives they could make it possible for beijing to siphon intelligence or worse, disrupt our supply chain

kelly o'grady following all of those developments out in california. kelly? >> reporter: great to see you, neil. yes i actually just want to give you an update. we are hearing, we spoke about yesterday the fdic is trying to relaunch that auction that failed over the week for silicon valley bank. we hear they tapped piper sandler to relaunch the action. looks like they're going forward with it. for reference piper sandler is midlevel investment bank. getting back to the investigation two key themes are emerging. focus on number of management stock trades. ceo greg becker sold 3.6 million in scheduled trade days before the bank's collapse t could be routine but federal authorities are investigating the possibility of wrongdoing. the second thread focuses on mismanagement. all eyes on the svb board. for context the company's board provides oversight n a recent filing svb touted its board risk management practices the risk committee has primary oversight of the risk management across major risk categories, liquidity, credit, market. moreover the risk committee ov

kelly o'grady live in wilmington , california with the details. hi, kelly. reporter: hi, jackie. yes, that's an unsurprising response from china, right? i want to give you a sense of what these cranes look like so i'm at the port of l.a. and you can see them out there. they are pretty hard to miss. they are used to transport containers from the ship to the shore and the concern is that those that are made by a chinese manufacturing company called zpm c could be used to spy on us so reportedly some national security and pentagon officials have gone so far as to compare these cranes to a trojan horse, and while expensive they contain sophisticated sensors that register and track containers prompting concerns china could capture information about material being shipped in or out of the country to support u.s. military operations so for some context, zpmc cranes are all over the world and the company says it controls around 70% of the global crane market and sells equipment in more than 100 countries and normally delivered fully assembled and operated remotely through chinese softwar

kelly o'grady has will reporting going on live in beverly hills. s always. just crossing we are learning that silicon valley bank creditors have formed a group in advance of possible bankruptcy to sell off and tried to get as much money as they can out of this. silicon valley bank story continues. i do want to update you yesterday we talked about the impact of startups. it especially concerning concerning for the tech industry. that was the star but payment and now these are not sure which banks won't take a chance on them. one told me this concept the innovation economy back decades and unprofitable start up may not look like the best client but they cannot get a loan that could be the difference wind shutting down and staying afloat. zooming out though on the rate hike we sought regional bank spiral yesterday with trading halted at over a dozen. today they have a nice rebound pre-first republic finish the day down 62% yesterday they were up 27% today. now, some animals are protecting the fed may pause rate hikes being the collapse bolsters the arg

elizabeth: let's get you updated with kelly o'grady live in los angeles on the tech world. con valley bank. kelly, good to see you. >> reporter: oh, it's great to see you too, liz. it's been a roller coaster of emotions on the ground. i kid get a couple of texts of relief last night, but there is still concern that chaos had folks lining up outside at different points during the morning despite the announcement that the fed would make depositors whole. roughly 50% of all venture capital start-ups kid business with svb. i spoke with over 30 founders and vc, one described svb as the fly wheel of the start-up world. so the problem now becomes where do these companies turn especially e when there's a lot of trepidation about which banks are credible. i spoke with one founder who was planning to go with signature of all places but now, of course, that's gone as well. and we're also looking at a domino effect. many start-ups are in the middle of raising rounds since they're strapped for cash, and there's a lot of uncertainty whether investors will have the appetite to provide more

kelly o'grady thank you very much for that.oing much more than talking provocatively, when coming to defense spending, spending provocatively, better than 7% moves in the latest military plans. a little more than a few years ago china was spending less than $100 billion a year on its military. at the rate it is going this year, close to 300 billion. why? ♪. for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and tr

kelly o'grady is in los angeles.t a day. >> reporter: well, liz,s it really was open warfare today very much depending on who was at the mic. the hearing lasted close to three hours and dug into what's being called the weaponization of government. the two journalists behind the twitter files shared some of key findings from the company's internal communications assert eking some governmental agencies played a heavy role in the censorship, even likening it to nazi germany. >> they aren't asking for a national debate over limits of the first amendment; rather, creating blacklists of disfavored people and demanding that social media platforms censor, deamplify and even ban the people on hose lists. >> they are aiming for what the narrative is, and they already know in advance what they're looking for. >> reporter: while house republicans dug into potential impacts to the first amendment, committee democrats accused taibbi and shellenberg of being motivated by monetary incentives and questioning the journalists' thicks.

kelly o'grady in los angeles with how all of this is going down, particularly with silicon valley depositors and others worried about getting that money even now. what are you hearing, kelly? >> reporter: good to see you, neil. obviously all eyes on the fed meeting today. i will say it comes once every week, so it is a little bit more routine. we can expect them to be talking about sbv today. it comes on the heels of fed and treasury announcing depositors will be made whole. i want to give you a sense what is going on the ground right now. it is roller coaster of emotions this week. i step out of the shot. they let a few into the bank when they opened 9:00 a.m. on the west coast. they're letting folks come in at a short sometime. i got a few techs of relief. these companies were facing unable to make payroll. that relief is turning to concern. sbv was a flywheel in the tech ecosystem. the bank sharing 50% of u.s. venture back capital start-ups did business with them. that he is h equates to 65,000 companies. sbv provided a unique spot, provided loans catering to the ecotech system. i spoke t

critics argue more handouts could just mean more inflation, jackie. >> kelly o'grady thank you so muchovernor gavin newsom as he holds a 2024 presidential run. to up speech yesterday of a packed audience in california desantis at the welcome mind of viruses the demise of blue states across the nation, li listen. >> governors very concerned about what we are doing in florida. i figured i had to come by florida has led the nation and net in migration. i think three or four years in a row. california has either been number one or number two and net outmigration. this is a result of the better governance in states like florida. it is a result of poor governance and these left-wing states. let's let's welcome former senior counsel to president trump kellyanne conway. always wait to see you thank you so much for being here. >> thank you. i want to get your reaction to all the moving pieces on the chessboard, right? before we talk about desantis the big question is president biden went to run again? he has not been very formal about making an announcement at this point. what are your thoughts

kelly o'grady covered the hearing enjoins us live. kelly this got very heated. >> it

musk ripping the investigation as a "shameful case of weaponization," kelly o'grady is live. >> new reportkrut nee is following his twitter takeover. what the city calls harassment, ftc sent overa letter of requests and looking to depose the ceo. can the platform protect the data following sweeping layoffs? protecting safety is what the ftc is supposed to do and they are conducting rigorous investigation with a consent order that stems from $150 million settlement going back to may of 2022, that is long before musk took over. the demands are request for all of musk's internal communications and the identities of every journalist given access to the twitter files. we dug into past ftc cases, the scale reaches a different level. house judiciary subcommittee suggesting the ftc has partisan motivation saying this, there is no logical reason why the ftc needs identities of journalists, it is inappropriate in journalists disclosing. elon musk fireing back, it is a shameful case of weaponization of a government agency for political purposes and suppression of the truth. host of lawsuits and probe

kelly o'grady is life with more on this. kelly my good evening good. >> it's great to be with you. despite liberal state handouts, it is growing later louder and as we know in california, we ar leading the way here. the proposal would give $360,00 to eligible african-americans, san francisco eight fop whoppin $5 billion with close to $100,000 in guaranteed income and home selling for just $1. one pushback is that slavery wa never illegal in california onc they became a state. and other is cops, they have no plan to pay for a 20 to billion dollars budget deficit driven b increased social spending. that proposal could add $640 billion in spending on top of that. we asked californians how they feel about reparations, and unsurprisingly, cost was a big concern. >> is it taxable? i definitely think i would lean for it if they could figure out a way to pay for it. >> it's hard enough to get mone out for flood control, for something as way back as reparations for black people is not financially feasible. >> governor newsom can take executive action if the legislature doesn't approve the p

kelly o'grady covered the hearing enjoins us live. kelly this got very heated. >> it certainly did.e have another great day on capitol hill. i never felt like they harry's teachings to different narratives depending on who was at that. it lasted close to three hours honing in on what chairman jim jordan called the weaponization of government freight you heard from two direct just sharing ke findings from twitter twitters internal communications. and controls what we do and do not see an even likening the government to germany and they issued chillingworth. >> we aren't asking for a national debate over limits of the first element freight they are creating blacklist and then pressuring and controlling that social media platforms in the people on those lists. they are aiming for what narrative is and they already know in advance what they are looking for. >> white house republicans dug into potential impacts to the first amendment, democrats took up different attempt freight they tried to trap the two journalist into revealing their sources freight furthermore the repeatedly questione

trading before the collapse, it is revealing a lot about what red flags could have been caught, kelly o'gradyn front of a silicon valley bank in beverly hills with more. reporter: great to see you. yes, there is an investigation going on into leadership stock trading before the collapse. the ceo greg becker sold 3.6 million days before all of the collapse, this is raising eyebrows, but they are all looking into also what lead to this. and all eyes on the svb board we did some digging, for context, companies board provided oversight, these have extensive experience in the financial sector. one was former ceo of barclay's. others held executive positions in retail investment banks one chief responsible for a bank is to manage risk next a feeling svb touted the board's role in that saying risk committee has primary oversight of the company's risk management across all risk categories. they oversee our capital management that point on liquidity is important they made those ri risky bond investments that something that board should have been monitoring, svb spent 8 months last year without a chief

kelly o'grady has more from los angeles. kelly. >> good morning to you, neil. yes, it's the second biggest banking collapse in u.s. history. the first major one since 2008 and it all happened in the span of 48 hours, what started this is svb found its self short on cash. the stock was plummeting. invests warned they might not be able to raise money and a bank run and loss of clients and simultaneously tried to withdraw fund. and the regulators have taken over it and insured depositors will gain access by monday. fallout could be dire. roughly 50% of venture capital start u.s. used svb for their needs. there's uncertainly how much folks will get back or what comes next. >> we actually found out when the media found out. my chief operating officer frantically began calling me. so many people are in this. what are we going to do? what is svb going to do for us. they wouldn't talked to anyone. >> and i've talked to those after the collapse, where to go. it was the trusted bank for startups and they would. some are hoping that a white knight might swoop in. and elon

other banking and big money center banks take care of a lot of that other banking, the read from kelly o'gradyhat could mean. >> it has been a roller coaster of a week as these contagion fears spread, receiving cash lifelines of 54 billion, major bank stepping in to rescue the latter as all eyes turn to those regional banks. for some context the of the icy defines regional as having 10 to one hundred billion dollars in deposits, first republic is a good example, they are important because communities across america depend on them, the a more flexible it he than larger banks while lending to small businesses that might be ignored. you sense vulnerability in this number, it equates to 36% of all outstanding loans. there's a reason these banks are under pressure but a big one is uninsured deposits. 90% of these deposits were uninsured. it's not bad for big regionals but they hold upwards of 50% uninsured and that is why you see volatility in the stocks, they are taking their deposits out and putting money in the banks perceived as too big to fail, bank of america sharing 15 million the cayman sin

fox business correspondent kelly o'grady has details tonight from los angeles. good evening, bret. well, artificial intelligence program chatgpt is facing scrutiny as critics say it provides politically biased answers. users can ask the bot questions and leadership l. respond differently each time much like a human. some republicans say gatt g nt favors democrats. we challenged it ourselves. when asked to write a poem about former president trump. i'm sorry as ai language model i cannot generate content that promotes or glorifies any particular figure or ideology. when asked the same for president biden though the ai immediately spit out a few complimentary lines. the company claims it's addressing the bias through employee training and research. instances like this spirit elon musk to tweet the danger of training ai to be woke, in other words lie is deadly. musk is reportedly creating anti-woke competitor. the billionaire himself was a founder of khat gpt parent company open ai. since cutting tie-ins 2018 he repeatedly criticized the bot as woke. >> we need regu

kelly o'grady the implications of that, what we're learning about that, kelly. >> reporter: timing isht. it has us all service with tax season. unannounced house call already raises eyebrows. irs says most contact is initiate the through the mail but on top of that the timing has questioning real motive. visit would have taken place on march 9th, strangely in the middle of taibbi's testimony on alleged government censorship n a letter to house chairman jim jordan journalist says irs left a note called four days later. his 20178 and 2020 tax returns were rejected over identity concerns. taibbi says the filing was rejected for years ago. it was rejected twice despite his accountant using irs pin number. they claim the inquiry is not monetary. critics are demanding answers. chairman jim jordan sending a letter last night to irs commission whatever fell. calling instances incredible. that the irs's history as a tool of government abuse, the irs's action could be interpreted as an attempt to intimidate a witness before congress. taibbi tweeting this, i have don't want to comment on the irs

but first, kelly o'grady is live at a closed school in the l.a. area. good to see you, john. tensions are rising but i kind of want to point you a picture, it's not about what you do see, it's about what you don't see. we are at a school where kids would be running around. but it's closed as they kick off a three-day strike. you see the benches blocking the entrance. schools are shut down across the county today after a year of failed negotiations. i want to give you some context. 30,000 workers from the service employees international union are leading the way here today, joined in solidarity by 35,000 teachers that will take part in picketing lines and rallies over the next three days. the size of this is a big deal. i can't overemphasize that. l.a. represents the nation's second largest school district with roughly 600,000 kids staying home today across over 1,000 schools. the union service workers comprise everyone from bus drivers and cafeteria workers, to custodians and special education assisstants. average worker earning $25,000, they are seeking

kelly o'grady has the details on this. >> thus far this hearing has provided passion and fireworks toe two journalist have been on the stand for close to two hours. sell en berger arguing his findings show a number of government bodies worked together to censor certain americans. >> they aren't asking for a national debate over the limits of the first amendment but creating black lists of disfavored people and pressuring and demanding that social media platforms censor and ban the people on those lists. >> house republicans are digging into the first amendment. democrats have spent their time questioning the witnesses journalistic ethics. with the investigation they've 0ed in on elon musk saying he is working with republicans. >> the republicans have brought in two of elon musk's public scribes to release cherry picked out of context emails and screen shots designed to promote his chosen narrative. >> you are seeing two lines of questioning as is common with the contentious hearings. we can expect a lot more ping-pong with hours left to go today. >> julie: thank you so much. let's bri

kelly o'grady has the details on this. >> another hearing today kicks off on the twitter files.ouse select committee will dig into what members are deeming the weaponization of the federal government. those two journalists will take the stand today. both granted access by elon musk to internal twitter documents and that result in exposing how the platform censored certain people and viewpoints. what we can extent is a deep dive how twitter collaborated with the f.b.i. and how specific narratives around covid and hunter biden laptop story were suppressed and how other tech companies sought to censor these as well. the federal trade commission launched an investigation into elon musk demanding all communications and journalists that the info was provided. it is a unique request for an ftc investigation proclaimed to be focus on user data and privacy. one of today's witnesses accusing the ftc of hypocrisy saying this is particularly infuriating because while the twitter files reporters neither asked or received access to private user data the files are full of instances of governme

. >> martha: kelly o'grady, thank you very much. >> whether we got there, my mom approached me and she just looked at me and put her head down and shook her head. and i knew that he was gone. >> bill: all too familiar story. heartbroken families ripped apart and searching for answers as a staggering number of teenagers in america victims to fentanyl poisoning. it is everywhere. a new hour begins. our friend martha is back today. >> martha: good morning. it is a deadly epidemic. we have covered it extensively. it reaches all states, all walks of life, all kinds of families. the powerful opioid known as fentanyl is an indiscriminate killer took the lives of all these people whose faces you see on the screen right now and teens at a record pace. in 2021 fentanyl was identified in 77% of as lessent drug deaths. cartels have an enormous business. they will stop at nothing turning the drug into a weapons of mass destruction. lindsey graham says it is time to fight back. >> here is what i would say. america is under attack of the our nation is being attacked by foreign powers called drug cart

reports in california activists now demand that california pay much more money in reparations, kelly o'gradyles. reporter: seems that every few week price tag goes up, we're lewe're looking over 800 billion, economists earmarked 246 billion for years of over policing and housing discrimination that will go up further, it doesn't factor in a recommended one million per f person or undecided figure for the devaluation of black businesses or property taken. there is a separate task morse in san francisco suggested 5 million would be a more appropriate number, in a meeting yesterday, a call residents balked at that. >> san francisco already made a move, 5 million is nothing, i i'll you why, if they spread is over 50 years, that is 100 thousand a year. we need do this. we need to get the money. reporter: one big criticism legal in california, another big ush issue how to pay. the state faces a budget sev sit. that deficit keeps increasing that continue to go up, reparations price tag continues to do up and social spending that partially caused or inflation issues, more spending is unlikely to hel

as inflation remains high warnings all the hand-outs will make things worse of the kelly o'grady in loss that call for reparations gaining so much momentum as california. a number of different costly options are on the table. leading state proposal would give $360,000 to every eligible african-american in the state. san francisco, though is proposing a whopping $5 million. o one big criticism slavery was never legal in california. how to pay for it. california has no solution amidst a deficit. the $360,000 award would add another $640 billion. we ask californians how they feel about reparations and cost was a big concern. >> can we afford it? i definitely think i would lean for it if they could figure out a way to pay for it. >> it is hard enough to get money out for flood control. for something as way back as reparations for black people is not financially feasible. >> you can hear cost is a big concern. the fear is as you said it drove inflation crisis, would reparations make it worse? >> dana: thank you so much. >> john: overseas french president macron facing a vote of no confidence

kelly o'grady live in l.a.es handing out problems. >> it's great to see you, martha. that's the concern. this would be another example of liberal stands handing out problems. despite handouts driving this inflation crisis, the call for reparations is growing louder, a number of different operations on the table. the leading state proposal would give $360,000 to every eligible african american. san francisco is proposing a whopping $5 million along with roughly $100,000 in guaranteed income. one big criticism with slavery never legal once california became a state. >> telling people the reason for their poverty is something that happened in other states 150 years ago rather than something that is being carried out and implemented today by progressives is a miscarriage of justice. >> another glaring issue, california has no plan to pay for this and missed a $22 billion budget deficit driven by social spending. we asked californians about how they feel about reparations and cost was a big concern. >> can we afford

officials about targeting conservative groups about ten years ago, first to fox business correspondent kelly o'gradyhe irs says that visits do happen, most contact is initiated through the mail. on top of that, it's the timing here. the alleged visit happened the same day that taibbi testified on the alleged government censorship. the journalist claims an irs agent left a note requesting he call four days later. he was informed his 2018 and 2021 tax returns had been rejected over identity theft concerns. taibbi has searched the 2018 filing was accented four years ago and the 2021 was rejected despite following protocol. critics are demanding answers. jim jordan sending a letter to the irs commissioner. now they're trying to determine if it was a thinly veiled event to intimidate a witness before congress. other lawmakers agreeing the in-person visit was suspect and action is necessary. >> they could have sent a letter. they could have had someone make a phone call. they could have reached out to his cpa to deal with this. instead to send an agent on the very day that he testifies? this wreaks of int

kelly o'grady, take us through it, good stuff. >> reporter: it was all out war at one point featuringing who was asking the questions. two journalists, matt taibbi and mark shellenberger talked about how the platform controls what we do and don't see, likening the role of the government to nazi germany. the censorship industrial complex, a group of state agencies and news media hold regular meetings, creating a disinformation manifesto that didn't stop at philosophy. matt taibbi elaborated on twitter these agencies took proactive steps, quote, e-mails from the fbi, dhs and other agencies came with spreadsheets of hundreds or thousands of account names for review, often would be deleted soon after. they dug into the impacts, democrats have a different approach. there were a number of colorful moments including multiple attempts to track the journalists into revealing their sources and questioned their ethics. >> you on musk spoonfed you his cherry picked information which you must of suspected promotes a slanted viewpoint or at the very least generates another right-wing conspiracy the

we're with kelly o'grady near the port of los angeles. what's up with this? >> that's right, bill.re is a possible new chinese threat. you can see some of these cranes behind me. they are used to transport the containers from the ship to the shore and the concern is that certain ones made by the chinese manufacturer zpmc are spying on us. a number of national security and pentagon officials they contain sophisticated sensors to register and track containers and china could capture information of materials shipped in and out of the country. these cranes are in ports everywhere. it controls around 70% of the global ship to shore market and sells equipment in more than 100 countries. normally they come fully assembled and controlled remotely through chinese software. a design that could make it possible for beijing to siphon intelligence. they said the claim is paranoia and meant to mislead the american public. the white house is punting the issue to the defense department. some members are talking about banning the purchase of chinese cranes. >> what and where it is being shipped aro

fox business correspondent kelly o'grady has the story from beverly hills tonight. good evening, kelly. >> good evening to you, bret. yes, today's cpi report revealing that inflation may be stickier than expected. while the pace slowed in february, it's still costing more for americans to purchase their basic needs. shelter drove that monthly increase coming in at 8.1%. that's particularly concerning as higher housing costs directly effect household budgets. on top of that food jumped 9.5% is. you are paying more for the roof over your head and food on the plate. seeing tamp down inflation trickles down to the tech world. meta announced it will lay off 10,000 workers and close 5,000. mark zuckerberg calling the year 2023 the year of efficiency. prepare ourselves for the possibility that this new economic reality will continue for many years. on top of these economic indicators, the fed finds itself in even trickier spot heading into next week's meeting. just days after two of the biggest bank collapses in u.s. history there is concern about the solvency of other bank

first to kelly o'grady. lays out the arguments here, rolling from l.a. hi, kelly. >> hi, martha.o it lasted close to three hours. doug into what is being called the weaponization of government. those two journalists that you mentioned shared some key findings from twitter's internal communications asserting some governmental agencies played a heavy role in that censorship even likening it to nazi germany. >> they aren't asking for a national debate over the limits of the first amendment. rather they're creating black lists of people and pressuring cajoling and demanding that social media platforms ban the people on the lists. they are aiming for what the narrative is and they already know in advance what they're looking for. >> house republicans doug in to impacts of the first amendment. committee democrats primarily spent their time questioning the witnesses journalistic efforts. elon musk wasn't in the hot seed, he factored in to the hearing. the billionaire may have given foreign backers access to information. >> elon musk is being parroted by the republicans because now they