they were told a lead investor, mnuchin's firm put up $450 million. hudson bay capital, reference capital parents and citadel had decided to invest alongside him for a total infusion of that $1 billion. i'm told that putting former comptroller of the currency, joseph oting in the ceo roll and revamping the board fwas a boos of confidence for investors to join in here. the price per share of $2 was finalized intraday after the stock plummeted. it's a presume to the lows of toad, below any level that nycb has closed since the late 90. the stock is reacting positively. investors believe the equity stabilizes the bank the stock moves prior to the announcement were more reflective of a likelihood of failure. melissa. >> i think mnuchin stepping in an interesting twist given his track record during the great financial crisis. at the time that was the third biggest failure amongst banks in u.s. history. i guess there's a dance doing done in terms of when to step in, how far do you let them fall and whether or not you wait until it does. >> if you're a public

>> still ahead, new money, new management, steve mnuchin stepping in with a group of investors and aillion-dollar lifeline for new york community bank. see what he has to say about the company's future. closing bell will be right back. hey, is this thing hard to learn? nah, it's easy. huh. you know, i think i'm going to ride it home. good thing you chose u.s. bank to manage and grow your money. with our 24/7 support at least you're not taking chances with your finances. yeah, i think i'm gonna need a chair. oh, ohhhh. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. trading at schwab is now powered by ameritrade, giving trad

. >>> and former treasury secretary steven mnuchin telling cnbc just last hour that he is putting togethern investor group to try to buy tiktok or the u.s. business of tiktok. >>> let's begin with the market reaction to ppi and retail sales as well. last month's decline, a little bit tight. >> as you mentioned, the market trying to look past it, struggling to do so, maybe. cpi this week, you had these big treasury auctions that maybe we thought it would knock the market potentially off course. now, there was a hiccup lower in the indexes, and bonds definitely are registering this hotter-than-expected inflation number. ten-year up to 4.22%. if this were an acutely fed-dependent stock market, it might matter more on a day-to-day basis to equities. it's not been the case. if you dial back to december, when we first got that fed pivot and everybody got excited about how soon the fed might cut because inflation was going to be friendlier and all the rest, to me, the argument was, at the time, good news on the economy can now be good news. it kind of doesn't matter when the fed cuts if they kind

and there's no guarantee that mnuchin can come up with that much dough. brianna? >> so today, a spokesman for the chinese government, matt, says that the house bill is an act of bullying that will backfire on america. mnuchin, as many people do mount referred to the fact that china currently bands many us apps. of course, a lot of people will point out that, yes, but china his communist and the us, is democratic. so what do you make of all this >> briana mnuchin is definitely write that china does ban a lot of them was popular us apps. some of the ones that our viewers use every day might be scrolling through right now in concluding facebook instagram, youtube x, which is the app formerly known as twitter. so in some ways, yes, china might be getting a taste of its own medicine if tiktok was banned. but as you know, brianna, there's also some political issues here at stake. i mean, tiktok is wildly popular. it lists more than 170 million us users 63% of teens in the united states use tiktok. so brianna, the stakes here are massive and there could be political rami

mnuchin doesn't run a company and he has no stock to offer. course, continue to monitor this and any progress in the senate in adopting the house's tiktok ultimatum bill. back to you. >> thank you, scott. >> let's take a look outside this midday. we are tracking the midday forecast. the sun is out over san jose. windy, though, we've been having high winds. >> it was. i was listening to bob's live shot and you can just hear the wind going on out there and we are definitely in the thick of it now with the wind advisory that will be with us not only for today, but also the first half of our friday. so gusty north-northeast winds and those are coming offshore and that will be especially high for the north bay hills, east bay hills and along the peninsula. you could also lose power so make sure your devices are charged up. especially up there in mount st. helena it's 64 miles an hour and mt. umun hum and that will continue with us as we go through the day today. you can see behind me our camera from walnut creek and the trees are shaking for today.

so, we have to watch it, and we also have to know, i think -- mnuchin, who we know to be a smart guy, what did she see in this bank that worked for him, that made him come in and take the equity? was it a benevolent bailout? or, was there a profit motivator that he sees? and that can help out, by the way, other small and medium banks in there. i will mention one other thing, scott, that i think is interesting. one thing i have been impressed with is the ability of the market to distinguish between office commercial real estate problems and the other commercial real estate sectors that are out there, from the data centers, to the shopping malls, to the apartments. it does not appear as if all cre is being treated by the market with the same kind of response that they are saying, okay, this is an office problem, not a cre wider problem. >> i think that is exactly right. one of the end jokes right now on wall street is, every firm has a rescue fund they are lodging for cre, specifically. >> right. >> like, goldman sachs has one, everyone is already talking about the rescue before the cri

liz: we know one thing, former treasury secretary steve mnuchin is a smart guy.der indy mac after after the financial isis. he talk abouted that around -- turned that around, and he put joseph otting in as ceo with, now the ceo of new york community bank, so they're back as a partnership here. i just find it interesting that it was the controller, you know, the controller of the currency this time around who, according to reuters, had actually pushed for new york community bank to pursue a deal that has contributed to these recent financial woes, and that deal was to buy flag star bank and take on too much onto its balance theme -- sheet. >> well, i would say a couple things. you know, new york community has diversified itself from if being a legacy thrift focused on multi-family lending, and flag star was definitely a piece of that puzzle. you fast forward about three, four months later, they acquire signature from the fdic. that enhanced their deposit base. i think the problem there is they had much greater hold on their own balance sheet than anyone appreciate

also note that i'm steve mnuchin. he has been pretty busy. it was just a week ago that he launched a one billion-dollar rescue of an embattled regional bank, new york community bancorp, that deal move the market that was an actual deal. this one seems to be more hypothetical at this point, but it would be big if it came to fruition. >> you bring great points up here. number one, it is a break from donald trump, who says that this ban should not be signed into law. mnuchin said it should now it made me because he's got a self-interest because it means they the company would happen they go up for sale and he wants to buy it. he says it should pass. we should also note that no one says it's up for sale right now. >> exactly. right. he can say he's putting together a group of investors. it does not mean that bytedance, the parent company or china is going to allow it to be sold so we should just note why former president trump has come out against that bill. he says because he thinks that if tiktok went away that would he

mnuchin also said that he does not yet have -- he didn't lay out at least any parties that could assess how much it is worth, nor did he offer specifics on who other potential investors could be or what the valuation would be. but his private investment firm liberty street capital, it has been active on the deal front, most recently, jose, it rushed in with a $1 billion investment into embattled regional bank new york community bancorp. we'll keep an eye on whether or not there are more investors that step up as part of this group, jose. >> and julie, you have new reporting about senator bob menendez? >> reporter: i do, jose. the embattled senator who faced many charges in his multiple court battles is now apparent eyeing an independent run for senate, according to two sources. this is for several reasons. first being he would only have until march 25th and he would need a thousand signatures to get on the ballot as a democrat in new jersey, a field that is already pretty crowded with congressman andy kim running and the first lady of new jersey, tammy murphy. instead running as indepen

steven mnuchin. lisa: 100%.meet it is who is coming in, why are they coming in, is this an indication of a policy shift that could create more value in some of these rent-controlled buildings? is it because steven mnuchin wants to reprise his reputation after issues before the financial crisis? it is now a personal intrigue story. jonathan: an amazing story we will talk about through this morning. we have an ecb rate decision later this morning. simon french expecting the ecb to be the first to cut rates in june and the fed to go later, writing "we have moved from being one of the hawkish on the street to now being comparatively dovish as the scenario comes into view. jay powell's testimony alongside yesterday's jolts data suggests ally remains the most likely for the first federal funds rate cuts." let's start with the fed and go to the ecb. why july for you? simon: july in terms of the testimony we got from jay powell in terms of loosening monetary policy in the second half of the year. you do not want to leav

and steven mnuchin is here with us at 8:00 a.m. eastern time. we will talk about that and so much more. "squawk box" is coming right back. >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart! this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo encore energy, america's clean energy company, now in production in south texas. energizing america with reliable and affordable uranium for nuclear energy fuel from our envir

steve mnuchin certainly says it is.bout what this means for the broader sector, much of the problems were determined to be pretty idiosyncratic. they are subject to tough new york rent laws and they had limited the revenue it can generate from its units and it financed offices in places where work from home has continued. it had a pair of particularly problematic loans at the heart of this issue so one of that argues against the case that worrying that this might be a more nationwide, systemic risk year. nonetheless, it did alarm people who have the sort of recent history of the original turmoil a year ago. it's not unfair to look at concerns surrounding your community banks weaker controls. -- may have fallen into that sort of similar issue. >> we have seen a lot of different leadership changes coming through at nyc be to try to -- nycb to try to tackle this. do we know about his capabilities in this sort of area? sally: the interesting thing is he and steve mnuchin has been in this situation before. steve mnuchin, he

former secretary steven mnuchin says he is putting together a group to buy tiktok. he said it will cost a lot but he thinks he can make it happen. >> it is worth a lot of money, let me just say. i think the number one issue that needs to be solved is a technology transfer. and if we can figure out a way to solve that, which i think we can, then i think the price is some large amount of money up front and probably a big turnout because you are right. the business, in my understanding, does not make money today. >> does that include the rollover the current investing group into your group? >> i have spoken to some of the investing investors. and my guess is that you one. >> all right. let's get to emily wilkins in washington now for more. high, emily. >> reporter: hey, tyler. they want someone to buy tiktok. ideally an american group. minutia laid out some of the realities of this potential sale. he does think that china will be willing to sell as long as there is not this transfer of technology, and that means the app would basically need to be rebuilt in the u.s. al

staying with the us, former treasury secretary steven mnuchin says he is building an investor group totok. mnuchin told a tv channel that he had spoken "to a bunch of people" about buying the popular social media company. he however did not offer details about who may be in the group. tiktok faces an uncertain future in america. the house of representatives passed a bill earlier this week that could ban the app in the us, unless chinese owner bytedance sells its stake. a usjudge has ruled that chinese ride—hailing giant didi must face a lawsuit claiming that it had defrauded investors. the case is centred on the $4.4 billion that didi raised during its initial public offering in america in 2021. investors allege that didi concealed a chinese government order to postpone its us listing, until it resolved cybersecurity and privacy concerns. shares of the company tumbled after china's cyberspace regulator took action against didi, including banning it from registering new customers. didi announced plans to delist in the us months later. in the next few hours we'll hear how china's propert

staying with the us, a former treasury secretary steven mnuchin says he is building an investor groupbuy tiktok. steven mnuchin told a tv channel that he had spoken to a bunch of people about buying the popular social media company. he however, did not offer details about who may be in the group. tiktok faces an uncertain future in america, the house of�*s passed a bill earlier this week that could ban the app in the us unless chinese owner bytedance sells its stake in the platform. a usjudge has ruled that chinese writer hailing giant dd must face a lawsuit claiming that it had defrauded investors. the cases centred on the $4.4 billion that dd raised during its initial public offering in america in investors allege that it concealed the chinese order to postpone its us listing. until it resolved security and privacy and concerns. shares of the company tumbled after china's cyberspace regulator acted against didi including banning it from registering new customers. diddy announced plans to delist in the us soon after. we've got some news just in an and new home prices in china have fa

explained to me about how really hits mnuchin is not buying tiktok, right? it is all of these american companies that have a lot of capital that would be putting it together, that did ilan buying it's not like il-1 bind twitter. we are at the whims of one guy who material mercurial is a great work. thank you for me. >> all right. thank you, guys. it's been a great conversation and i'm going to leave all of you with this. caitlin clark fever has hit indianapolis as the iowa hawkeyes superstar. it's ready for her final ncw a tournament. a massive mural away bates her in what is likely her new hometown. an artist recently completed this mural of the sharp shooter, right next to one of pacers star tyrese haliburton. i love seeing women's sports like this. last month, clark announced she plans to enter the wnba draft. and because the indiana fever hold the number one pick clark is basically a lock to be first off the board and to land an indie clark's hawkeyes are expected to be a top seed heading into march, madness can imagine why brackets election for the wome

mnuchin could join the club. it all comes down to how beijing will sell this.a ban actually happens.— ban actually happens. we've discussed — ban actually happens. we've discussed the _ ban actually happens. we've discussed the issues - ban actually happens. we've discussed the issues widely l discussed the issues widely here on bbc news. let'sjust look very quickly at the economic model that tiktok offers its users. they will not be happy if it disappears from the united states. there is a lot of money generated using this app? lot of money generated using this a- -7 �* �* , lot of money generated using thisau?�* :: this app? and there's 170 million this app? and there's170 million consumers - - this app? and there's170 million consumers - and| million consumers — and growing. we're talking one of the most popular social media apps out there. but that's the problem here. i mean, this is a third issue that the house ultimately up leashed. the words "retaliatory" — it's a slippery slope. what happens to other social media? do you start to investigate meta, googl

mnuchin and co. were coming in doing what they did and what that might suggest about the fundamentals of this business moving forward? the stock obviously got a huge lift the moment that news broke, and it was a handful of days ago. we were all sort of transfixed by what was happening there. how would you address that? >> of course this is something that somebody has to be uncomfortable if you're buying this stock, scott. again, that's why it's not for clients. what gives me comfort, it looks like the tangible book value is in the mid--6s. something 55% of tangible book value. and, look, remember, before the mnuchin deal hit it was below $2 a share. i'm going to have a tight stop -- well, not that tight. >> $1.85, $1.86, something like that. >> it popped up to the high $3s and now is back down a little bit. the warrants they struck, struck at $2.50. the shares they got are struck at $2. you know, look, it's not without risk. that's why i'm heavily qualifying this. i'm going to give myself to $2.70 as

. >>> beijing is not giving up without a fight after former treasury secretary steven mnuchin is looking to buy tiktok from bytedance. >>> a rare showing of confidence for boeing from one major airline's ceo. his comments coming up in a cnbc exclusive. >>> later on, the stock that could replace tesla in the magnificent seven and why today may be the opportunity to get in at a discount price. >>> it is friday, march 15th, 2024. you are watching "worldwide exchange" here on cnbc. >>> good morning. welcome to "worldwide exchange." thank you for being with us on this friday morning. let's kickoff the hour with the check of the u.s. equity futures after the first down day for the dow on the last four on the back of the ppi. the dow implied higher by four points. s&p by three points. the nasdaq down by eight. very, very steady for the time being. >>> heading into the final trading day of the week, the major averages are holding on to thinner gains. .50% gain for the dow. s&p is in a similar move and the slight discounted gain for the nasdaq. you have to not so far for the nasdaq 100 overall on

. >>> and a $1 billion lifeline as steven mnuchin steps in for new york bancorp. >>> and boeing having issues are regulators over the door plug blowout. it's thursday, march 7th, 2024. you're watching "worldwide exchange" right here on cnbc. >>> good morning and welcome to "worldwide exchange." thank you for being with us. we get you ready for the trading day ahead. the major averaging snapped a three-day leez losing streak. this action in the pre-market after we heard from jay powell saying he continues to expect interest rates to come down this year, but not ready to say when yet. >> it will depend on the path of the economy. our focus is on maximum employment and price stability and the incoming data as you look at the outlook. >> we checkfor treasuries. we continue to watch yields throughout the hour. we are watching the energy market and oil with wti hovering close to $80 a barrel. tensions in the middle east continue to rise after the houthi missile attack yesterday that killed three on the cargo ship in the gulf of aden. take a look at the oil market. oil is moving lower down .7

now, can steve mnuchin rally enough american investment dollars? >> that is to >> be seen >> yeah. >> never mind the fact that >> what makes tiktok tiktok is the algorithms? yes, which are in china, owned by china. there the black box in china. and they won't leave china, which is part of the reason we have to take a break but that's part of the reason why national security experts are so worried about it because they don't know what is actually in those hours would also change tiktok dramatically without those, we could talk all day. a good platform that i've never been on up next, a secret life revealed the story behind jim magris v, the former new jersey governor and first openly gay governor in the us >> if you work in spaceflight, this is the worst possible thing i can ever help my dad died doing what he loved. >> space shuttle columbia, her final flight from your sunday, april 7 at nine the best advice i ever got was to invest with vanguard from my retirement. the second-best stay healthy enough to enjoy it it started preparing physically and

the comments come as steve mnuchin made a surprise announcement this morning that he is looking to buytok. would a deal like this would be allowed to go through? are we on the precipice of a real blow to u.s./china relations, that the market isn't pricing in at this point? tim, what do you think? >> i think there's no question we've had different points in the last couple years where it felt like tensions were escalating to, almost like, how could you not? huawei, i thought, was the spot. and again, all the different ways in which we pushed back on essentially the national champion mobile phone company in china, i think the dynamic here, the fact that -- i think tiktok felt like they were out on the woods and -- "the journal" has an interesting article where officials by tiktok were blindsided, because when president biden re-election team signed up for a tiktok account, they were like, i guess we're good. we talk all the time about the companies, and it's not just apple, nike, and starbucks, that have listed china for the last decade as their key growth engine. karen will talk about u

joining us in a cnbc exclusive is steven mnuchin, the former u.s. treasury secretary, founder of the lead investor behind the capital infusion, liberty strategic. great to have you this morning. you decided to put as much as i think it's 15% of the capital in your fund into nycb. and i guess i have to wonder why, when only a week ago, management identified material weaknesses in internal controls related to internal loan review, and analysts will still point out that the business model is still very much overweight some of the least desirable parts of the commercial real estate market. so why is this a good investment? >> well, first of all, great to be with all of you here today. this is a business i have known well for a long period of time. so we looked at a long time ago potentially merging one west with new york community so i have been following it. more recently when they did the signature bank deal, i followed it as well, which i think was a very attractive deal for the company and particularly bringing the two franchises together. so at the

steven mnuchin addressed this on "squawk box" yesterday when he was asked about, when he will, what do you do if you don't actually get the technology? >> they've blocked because they were not happy about the technology transfer, and i would have to convince them and the u.s. government that there was a way to do this. >> and that continues to be a key question. you know, there's been some talk about bobby kotick, as well, the former ceo of activision being involved. the sense i'm hearing is, sure, if there was something to do. he was involved the last time along with oracle and microsoft and walmart when they were thinking about what they could do as a ban seemed potentially possible and we got that executive order from then president trump to ban it. not right now. there's nothing, seemingly, you know, mnuchin may be out there, may be able to raise some money around it, but you got to actually have a deal that you can do, and so we'll keep a close eye on the senate and how quickly this bill moves. >> for sure. and it's so interesting because i can't get away from the idea that this i

. >>> former treasury secretary steve mnuchin says he is putting together a group of investors to buyter the house passed a bill that would ban the social media app in the u.s. if it doesn't separate from its china-based owner. no details on what is part of mnuchin's group or how much tiktok is worth. >>> ride share apps lyft and uber are threatening to leave minneapolis. it's in response to a recent move by the city council forcing them to pay drivers the equivalent of a local minimum wage of $15.57 an hour. lyft says it supports a minimum earnings standard for drivers but not this one, arguing the requirement would make rides less affordable for customers. the law is expected to take effect on may 1st. >>> and starbucks is in hot water over what it charges for dairy-free options. a lawsuit now accuses the coffee giant of discriminating against people with lactose allergies by charging them an extra fee for plant-based milk alternatives. the surcharges range from 50 to 80 cents for options like soy, almond, or oat milk. >>> that's your "money watch" report for this friday morning. i'

. >> i want the minutia on mnuchin.mer treasury secretary is he really going to rally an investor to buy tiktok, give me a probability. >> i think the odds are pretty low. the valuation for the entire parent company by dance is somewhere in the range of 200 billion. obviously estimates vary a bit. i don't understand how that works it's good have to get carved up assuming someone ends up being a buyer and how this gets packaged will certainly impact evaluation of the price and so on and so forth. >> what about other potential buyers if it's not to be mnuchin who will it be 50 billion, 200 billion a hundred billion, this is a massive deal, the only companies pulling this off are the big tech companies may be walmart mixed in there because they seem to be interested but how does that work with the other big initiative is trying to get big tech smaller. i don't see how this works. >> walmart any others? who's big enough. >> microsoft, walmart. >> of any expressed interest is it too early to. the headline. >> at the graph to

oracle, microsoft, steve mnuchin, the former treasury secretary. we'll talk about him in a minute.and to sell the algorithm which is the spyware and the secret sauce of the platform which is, you know, getting people to -- getting your likes, and they know what you want to look at. so that's a very complicated thing. i don't think the chinese are going to go for that even if this thing does get signed. so this is kind of a mess. a likelihood is at some point thing is going to be banned. that's my view. wall street is looking differently. then again, wall street is all about, you know, they looked at this from a different lens. they probably look at this as, you know, a tech company that is, you know, vested heavily, has american wall street back even though it is owned by the chinese. susquehanna's in it, general atlantic is in it and many others. so they're looking at this thing as being low odds being spun if out, and if they do, there's going to be people lining up. one thing about my knew chin, the former treasury secretary -- mnuchin, he's known to raise money from middle east

people say steve mnuchins would bring americans to it.know where he was and who started his billion and a half dollar hedge fund. that was from the people in the gulf. once you try to track down where all the foreign money is in that world, it's not that easy. in any case, wouldn't it in affect be a ban? the chairman certainly got on tiktok last night and said it would be a ban. >> it would be a sale. it's not the first company that would have to sell its parent company. grinder is another social media company that had to sell, had chinese ownership. it's not unprecedented. most of us -- i'm a candidate, as you said, for senate. most want tiktok to be available. you don't think i have nieces and nephews and staff who are on it? i don't want to ban it. i don't want the chinese government controlling the data. i'm a former cia officer and pentagon official. i don't want them having facial recognition information on everyone who is going to be in our military or the intelligence community. i don't want them to send push messages of propagand

former treasury secretary steve mnuchin.will get to leslie picker with more. >> reporter: good morning, andrew. that news stabilizing the stock for now after the roller coaster day yesterday. the inn fusion aimed at $2 a share, but lower than any price nycb closed since the mid '90s. perhaps better than the alternative that some investors had been pricing in which was failure. i'm told by sources close to this one, the price was decided intraday yesterday. mnuchin has been looking into nycb for a while now. a group was approached on sunday to join him. the deal comes with a refreshed board and c-suite installing joseph otting in that role. it is a rare playbook for mnuchin who bought indy mac and that was sold nine years ago. the nycb transaction is expected to close on march 11th subject to closing conditions. nycb is holding a conference call this morning at 8:00 a.m. to discuss the deal. we will see if there is a plan and update on deposit levels. andrew. >> leslie, can you take us behind the scenes of how this all happen

my friend steve mnuchin, former treasury secretary, wants to buy it.al security threat owned by bytedance, and he believes it should become an american business-owned company. what do you think? >> well, i think there's two things people are getting confused between the platform itself and the algorithm. temperature there's some folk, you know, now democrats want to ban the platform, they want to make it go away. i'm sure that's a because, you know, biden's poll numbers are dropping with the youth. and a lot of the youth are turning off on joe biden, and he knows that they're getting their news -- it's a news platform. so he wants to ban a news platform that's saying things that he doesn't like? if we want to start regulating social media companies, we should be regulating all of them and making sure that we're in, we've got free and fair speech going across all of them as opposed to picking the one that he doesn't like. as far as national security, president trump, you know, he helped take care of this when he was in office. no one's been tougher on c

whatever mnuchin's exit price is going to be.t to be sitting at this at $2.60 when i bought it at $3.40 i have a lot of things working i don't need to be worried about new york community bank and when it's full value will be realized >> and you sold greenbrier, which to my recollection, you had been in for a long period of time i remember you talking about it for a long time. >> in and out of this. if you look at the long-term chart, the stock cycles between $25 and $50. i'm trying to raise a little cash here. if apple goes down, i want to have some dry powder or add to some of the things like amazon that i just bought i hate that thing where the market goes down and then you're sell thing and buying something else that doesn't feel good so i wanted to raise some cash if the market goes down, greenbrier is likely to go down. it's a beautiful industrial, bending metal into rail cars but i do cycle in and out of this it's my inma cyclical play >> "final trades" after this quick break. meet ron. ron eats, sleeps and breathes hoops,

so have steven mnuchin understanding all of that is really important.ays it's really changed since bob rubin was treasury secretary compared to now you need to have a lot of national security and foreign policy interest. no one person can have all the expertise you need to be treasury secretary today from markets to budgets, to regulation, the national security. knowing what you don't know is powerful. being able to speak with gravitas is powerful. david: goldman sachs is a recurring theme through your book. hank paulson, steve mnuchin, will we continue to have goldman sachs represented in the treasury secretary? abigail: -- saleha: there is this theory about government sacs, they promote -- produce the most. you can look to mario draghi and malcolm turnbull in australia respectively. there is pushback and that's led from elizabeth warren and the liberal wing of the democratic party saying we need to watch this revolving door and what that does in terms of groupthink and making sure there are a wide variety of ideologies that are brought to the treasury

at a bank contagion that community bank got a sort of outlet from no less than treasury secretary mnuchin and the firm he represents, that seemed to dodged a bullet. after this. ♪ ♪ (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. an alternative to pills, voltaren is a clinically proven arthritis pain relief gel, which penetrates deep to target the source of pain with nonsteroidal anti-inflammatory medicine directly at the source. voltaren, the joy of movement. starting a business is never easy, but starting it eight months pregnant... that's a different story. with the chase ink card, we got up and running in no time. earn unlimited 1.5% cash back on every purchase with the chase ink business unlimited card. make more of what's yours. ♪ tourists tourists that turn into scientists. tourist taking photos that are analyzed by

community bank closed a deal to raise $1 billion from capital from a group of investors led by steven mnuchinone was reverence capital which committed one -- $200 billion. joining us is milton berlinski, the cofounder of reverence capital and sonali basak. let us set the scene and start to talk -- and talked about how the deal came together. did stephen call you or what was the initials first steps? milton: so, we were approached by the banker helping arrange this. we knew that stephen and i had a long relationship going back to goldman sachs to see if we would have an interest. we obviously did, for several reasons. one is that we recently merged into us a real estate group called pembroke road by -- run by larry combe who had a deep relationship with part of the bank, and knew a lot of the assets. so, we felt comfortable that we could assess the risk very quickly. and secondly we had been having a dialogue on the asset side with institution and so that was very helpful. and so we got the call from the bank and of course we were very happy to do that. katie: this deal was immediately in the

former treasury secretary steve mnuchin says he's building an investor group to buy tiktok.s spoken to a bunch of people about buying the popular social media company. he didn't offer details about who may be in the group. tiktok faces an uncertain future in the us. the app uncertain future in the us. the app could be banned unless chinese owner bite —— bytedance says their stake. the case on didi is centred on the $4.4 billion they raised during their initial public offering in america. investors allege that didi concealed a chinese government order to postpone its listing until it resolved privacy concerns. shares tumbled after chinese�*s cyber security regulator banned them renewable energying new users. in the past hour, we have got a fresh snapshot of china's housing market. with new home prices falling by 1.4% in february, from the same period in 2023. that was the largest decline in more than a year. the real estate sector makes up a third of the chinese economy and has been in a severe state of crisis. but could there be some green shoots? 0ur of crisis. but could th

steve mnuchin shared he's evaluating a bid. and former active vision ceo's has looked at it.rino is reporting that oracle and microsoft has jumped in. they were in the mix the last time around. any player has to look at three criteria. can they afford it and will the u.s. government approve it. lawmakers have shared concerned around antitrust. >> i have too many concerns about concentration. i was glad to see donald trump's treasury secretary, steve mnuchin, put out word that he was trying to put together a group of investors. >> so sandra, lots of folks in the mix, this is all hypothetical. the senate has not passed it. back to you. >> sandra: thanks, kelly. we're going to take a quick break. we'll be right back. someone made it a thing, back in the day. but where did it come from? ancestry can help you find out. lucky you, it's on sale now. there's nothing better than a subway series footlong. except when you add a new footlong sidekick. like the ultimate bmt with the new footlong pretzel. nothing like a sidekick that steps up in crunch time. [laughing] not cool man. every

former treasury secretary steve mnuchin has come forward as a potential buyer for tiktok. here is what he told "squawk box" this morning. >> i think it should be solved. i understand the technology. it's a great business. i'm going to put together a group to buy tiktok. >> you're trying to buy tiktok? >> i am. it should be owned by a u.s. business, there's no way the chinese would let a u.s. company own something like this in china. >> tiktok is not the only technology company that poses a potential threat to the elections. a.i. generated images and audio continue to misinform voters. joining us to discuss tech's impact on politics and the intersection of the two is heidi heitkamp and a cnbc contributor and the ceo of a.i. art company. welcome to you both. senator, let me begin by asking you why the urgency all of a sudden to ban or force the divestiture of tiktok from its chinese parent bytedance? >> this is complete speculation on my part, but i think that the warning came through the intel committee saying, look, you now have a direct pipeline to over half of americans

steve mnuchin was trump's treasury secretary, became very wealthy by taking over a failed savings andand then enforcing the most trivial rules to force people out of their houses so he could get the value of their houses. as treasury secretary, he used government money so he could fly a jet -- these are people who have no regard, amy, for the public interest. they have no sense of sacrifice. they just look at government ago, wow, how rich can i get off of manipulating the government? juan: david, your take on the significance of the most likely first trial now, criminal trial being on the hush money case in new york? >> the judge has made it clear he is fed up with the game plan by trump's lawyers. they put themselves in the position of seven who murders their parents and then pleads for mercy because they are important. they caused -- they were the ones who chose to wait until the last minute to seek certain documents. not from the state prosecutors, but federal prosecutors. the case against donald trump in this matter is extraordinarily strong in large part because michael cohen, do

what i could do now is see what steen mnuchin is going to do. for this moment in time, it has to be out of the income equity strategy. >> brenda, you do own the etf, what is your view on small caps, continued broadening to the real laggards of this market. >> i think i'm going to disagree with jenny for a minute. i think don't we will have time when the time comes. the fourth quarter was an excellent example how fast the shifts can happen. so our strategy has not been to be overweight small cap but we still think there's higher quality. it has acted similarly to small cap. we think that part of the market should act better and it's encouraging to see it is starting already. >> you make a good point, and i'm glad you made it. why did small caps outperform in that period of time? the market was anticipating much fas faster rate cuts. if that has changed, i've had people suggest to me, and i said this to josh yesterday on "closing bell," can't buy small caps until you get rate cuts. there's no reliability in that trade. >> who said that. >> you hav

mnuchin did not say who might be in the investor group. high court ruled that denying same-sex marriage is unconstitutional. the court has no power to overturn existing laws that restrict marriage. instead, it urged the government to do so. crowds in tokyo cheered and hailed the decision as a step toward equality. but, plaintiffs in the court case called the ruling only a partial victory. fujii: i still think that we are so far behind other countries, we can't really be compared to them. it feels like japan is the only country that's not changing. even though our society is really changing, japan alone has not changed at all. i am boiling with anger. stephanie: japan is the only member of the g-7 industrial democracies that does not have legal protections for same-sex unions. the elon musk company spacex reached a kind of milestone today with the third test of its giant starship rocket, but its luck didn't last. the unmanned spacecraft blasted off from south texas and had a flawless flight for about an hour. but the rocket was apparently d

former treasury secretary steven mnuchin leading that investment telling "squawk on the street" thisreached out to nycb after the company's fateful 4 q earnings that triggered what's been a five week long spiral. mnuchin said the perceived risks around the loan book, noting whatever issues are still in there, they will be able to work through them over the next few years. >> we like the multifamily business, so there's a time to work through this. i will just say, look, probably the biggest problem in the portfolio is the new york office. there's about $3.5 billion of office. with we'll looked at $2.5 billion of the $3.5 billion and taken into account what we think needs to be done. i would say the office portfolio is the one that, you know, we will work out of the quickest. >> on the other side of the balance sheet nycb said in a presentation its deposits dipped about 7% in the month through tuesday to $77 billion. on an earlier conference call nycb executives said yesterday's headlines that nycb was seeking a capital raise that sent the stock plummeting. those headlines had custome

lauren: former treasury secretary steven mnuchin, and i forgot all about him until yesterday with.nd two other investment firms are injecting a billion dollars into with new york community bank. what do they want to do? shore up confidence so depositors don't pull their money. they have. the bank said this morning it held total deposits of $77 billion. that's down 7% from a month earlier. the problem is that new york community bank corp. has huge exposure to commercial real estate like offices right here in new york city. in fact, steven mnuchin just said the biggest problem in their portfolio is their new york office loans. but what happened in 2019 here in the city in they capped rent increases. that killed -- stuart: there you go. >> good old democrat policy for you. lauren: you can't bring in more money, interest rates go up, all these office builds are sitting vacant because everybody's working from home, this is what happened. so the question is, is this idiosyncratic to maybe new york community bank and a few other, or there -- will there be contagion? stuart: we shall see.

by another social media company i was really glad to see donald trump's treasury secondary steven mnuchinher a group of investors. >> unveiling the right price will be a challenge of value lies entirely in the algorithm the last time by dance was resident to relinquish and were hearing the ccp may want to block the deal, tiktok does not turn a profit and bytedance once a pretty penny maybe even tens or hundreds of billions of dollars but it may make sense from asset or revenue multiple perspective. when i worked on the investment side i evaluated more companies like snapchat and twitter there is so much that is murky do you have the right management for a social platform, dear cultures mix into your creators leave because they don't like your brand and a higher rate you have to be darn sure that investment will work and that's tough with the ticking clock. maria: thank you very much, kelly o'grady on the tiktok threat, your reaction. >> it's very difficult to find out what the value of tiktok is in if the market is willing to pay for it in the financials as kelly said are murky so it's a

biden has already said that he will sign the ban if he... and former us treasury secretary steven mnuchine is already gathering a group of investors. i think the bill should be passed and i think tiktok should be sold, this great business and i'm putting together a group to buy tiktok because it should be owned by an american business because under no circumstances would the chinese allow an american company to own something like this. in china, with a price of 100-200 billion dollars, there are not many companies that are able to buy out tiktok, theoretically, it could be alfabet or microsoft, but there is a high chance for them to encounter obstacles from regulatory authorities. the canadian parliament is discussing a bill to combat harmful information on the internet. authors of the document they propose introducing large fines and prison sentences up to life imprisonment for inciting hatred and persecuting people. on social networks, human rights activists point out that due to vague wording, christians who quote the bible may become victims of the new law, with details by elizaveta k