nycb is the last one to report. the others did not have similar issues. i want to ask about nycb.raded by fitch and moody's. there was a delay in filing the 10k. the colleagues had mixed opinions about this delayed 10k. is this delay a big deal or little deal or good they are delaying because they have a plan to fix the problems? >> i think they putting a plan in place. t there are many things they can do. fixing internal controls is important. they announced a new chief risk officer and accounting officer. among many things is they can certainly cut the size of the balance sheet. there are assets they could sell if they choose. they can cut expenses. lots of things they can do. i'm not coming out and telling everybody to buy this thing. i believe this company survives. >> i want to be clear that you believe sandro dinello is the right person for the job? >> he is at this point. he has internal knowledge. he sold flagstar bank to nycb. i think you will see a name change here. i think it becomes flagstar bank. this company is doing something different. i think you will see moves ha

you have, and have been bullish on this name, nycb, for a while.or a lot of regional bank investors out there. can you give us your thoughts give tp headlines? >> thsure. the company mentioned this that all ideas were on the table back on february 7th. they said that they had $37 billion of liquidity on top of the $23 billion of uninsured deposits. so if all of the uninsured deposits land at the bank, they have plenty of coverage. some of the deposit outflows occurred, which i think would take time, but say they happened today, they have excess liquidity to cover those, too. so it's not a good situation to have that much deposit outflow if it occurred. i don't think it's occurred at all. the company really is prepared to do what it takes to run the business in a better fashion. i think what it needs right now is time. time to get the 10-k out, time to explain what has or has not happened. and then foresee what the best alternatives. i look at capital as comfort capital. not something they have to do. under a stress test this year, they would have t

that deal catapulted nycb by assets and then nycb scooped up many of the assets and assumed the liability from signature after it failed. so in doing those two deals nycb surpassed the regulatory threshold of $100 billion in assets subjecting nycb to more rigorous stress testing and oversight. those plans are typically submitted in april, meaning banks need to set aside the appropriate amount of reserves ahead of time in preparation for stress tests. the fed just released its scenarios for 2024 testing noting a severely adverse scenario that features a much higher starting level of interest rates compared to previous years, not too surprising given the trajectory of interest rates, and those interest rates declined more precipitously in the test. the way one analyst explained it to me this morning is nycb opted to bolster its reserves and criticize much of its loans and office loans essentially address the potential risk in the portfolio now versus a more phased in approach by ripping that band-aid off nycb revealed higher than expected losses and had to slash its dividend. still signific

there are people that have nycb in their retirement accounts you feel awful for them. there's a lot of blame to go around right now the fdic, should they ever have allowed this bank to buy the assets of signature bank obviously, clearly, they should not have there's a ton of blame i blame the management of new york community bank, the way they've handled this, even the fact of allowing the potential need to raise capital through an equity sale to get out and break in the media and, jenny, it's a free market. this is what will happen in th free market. the free market will find that predatory behavior i think this is a classic example of we are going through in this country a much-needed consolidation in the regional banks. >> so, to your point, mike mayo of wells fargo securities, has been making the point, goliath wins as a result of these types of stories and sort of what joe was directly suggesting, too, the biggest financial institutions in this country are the ones who either get bigger because they take up some of these troubled assets, and they're the ones who c

it's new york community bank corps, ticker nycb, down about 25% again.s is the embattled new york based lender that replaced its ceo at this point. that's where we begin. leslie picker is here with the latest ohhen this saga. there are multiple headlines involving them today. >> multiple headlines, you're right. still losing about a quarter of its valuation. all of these just the latest salt in the wound of investors who have held onto new york bank community corps shares. the stock plunging at a filing revealed that management found material weaknesses in internal controls related to internal loan review. that review is not complete, meaning more problems would aice. they attribute the weakness to ineffective oversight, risk assessment, and monitoring activities. as a result, nycb needs to delay its annual report and will formulate a remediation plan. piper sander analyst downgrading that stock, because there is concern there could be more issues coming down the pike for that company. that is now the responsibility of a new management team. the executiv

an nycb-specific issue?yeah. thanks for having me on, broad brian. good afternoon. i do think there are unique aspe aspects to the nycb story. they grew very rapidly over the last year and a half partly from another acquisition and they changed the regulator with the sec any with that comes different requirements and maybe a different way of looking at things. part of what you're seeing with nycb are growing pains as they've grown into this bigger size, but it's really not reflective of the broader market. you've brought up the one-year anniversary and you saw the strain that liquidity crisis put on a handful of banks last year and when you look at the group overall the banks have been resilient over the last year. they've continued to grow capital. they've implemented a very strong, robust, liquidating plan rms and i think when you look at the mid-cap banks overall they're in a strong position to go forward and nycb is dealing with idiosyncratic issues that you need from them. >> one of the key things is th

single man, nycb -- single name, nycb down 26%. jp morgan yesterday, record high.aking index is performing in line with the index on the s&p, up 4% over 5%. even the regional baking index down 3% and we have known about this issue all month. lisa: people have been trying to sniff out to the losers are in the small bank space about a year. if they have spent a year trying to sit it out and reprice where their holdings are, is this going to surprise them? the biggest surprise is given that, why are people not more alarmed with a kitchen sink and then another kitchen sink? jonathan: nycb is down by 26%. bramo's list of worries gets shorter. coming up, avery sheffield -- with opec+ likely to extend cuts. megan robson from bnp paribas. we begin with stocks at record highs of following a fourth month of gains. avery sheffield saying this, " the market is partying extremely hard. valuations are stretched and fundamentals are being overruled. we think that this creates underappreciated downside risk." you sound like a guest lisa booked. let's talk about downside risk. welc

by ripping off the band-aid, nycb revealed higher than expected losses.lt, had to slash its dividend. now, there are some significant unknowns here. why did the chief risk officer and chief on executive department months ago, as it nycb was transforming into a bigger? banknote, nyc be enough those roles are filled today. but also, why did nycb discover weakness into convertible controls for loan review, and are there any other issues that may pop up as that review continues? so, lots of questions, and that uncertainty is a big part of why you're seeing that stock down 25% right now. our next guest has been avoiding financials, with the exception of jpmorgan. he says any bank that exposure to commercial real estate assets is going to feel that pain. he's finding opportunities in energy and tech beyond the magnificent 7. let's welcome tom he will look, ceo of strategy asset managers and a new face to power lunch. tom, thank you. we are being here so, you don't think there's any financials to be had at these levels at least commercial writedown says get to p

on an earlier conference call nycb executives said yesterday's headlines that nycb was seeking a capitalsent the stock plummeting. those headlines had customers lining up to withdraw their money from the bank once the press release came out with all the details and all of the kind of nitty gritty of this transaction. the stock stabilized and things went back to normal at the branches of the banks. dom? >> leslie picker with the latest on nycb thank you very much for that. >>> let's get the trade on wholesale hardware and high priority documents. we're tackling today's earnings exchange and joining me victoria green g squared private wealth investment officer and cnbc contributor. we'll start off with costco on paste of its eighth positive week. baird expecting accelerating discretionary numbers thanks to tight inventory management. victoria, would you buy this one? >> i do. i know costco has been on a tear lately, but they're one of my favorite stocks in the sector and on the heels of the great kroger results this morning we feel they will have continued supply chain easing continuing to

secretary mnuchin had been involved here, with nycb for a while now. jeffries approached a select group of other investors with the prospect of a capital raise on sunday. 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

he said nycb now has a fortress balance sheet. >> similar to jpmorgan's? >> yeah, jpmorgan is the gold standard. i think this could work out for everybody. i'm just saying that unlike indy mac, this could be a little dicier. we don't know, now, they're saying the conference is going on underwriting standards, but david, in 2019 when the law changed,s youed to be able to renovate these apartments and be able to -- >> and then increase rents. and then new york state legislature moved in. and they think everybody should just be able to, yeah. never have a rent increase. >> i am not saying i'm defensive about mr. secretary. i think he did a great job, whatever, but their articles say he got in there. he got a great price, whatever, and the best price would have been if you let it go. if you let it go. i'm saying, he came in in the middle of the day. this thing could have gone to 1. >> by the way, middle of the day, carl, this thing was down 42% on reports of an equity raise and ended up, it had almost like a 70% reversal during the course of the day. >> kind o

more capital is an answer, but whether nycb raises at these levels is a debate.u. that is leslie picker. the fact of the matter, less than two minutes to go. and this -- these investors don't necessarily want to take risks. >> and i think that what you would take away from it, the regional banks as a whole are kind of flattish on the day. it's not as if people are extrapolating saying that this could gallop through the sector. it's not great, you don't want to see sub three dollar stocks in decent size community banks. in general, there's just no financial stress that is generally rising. unless that hits the credit market or something, is just not there. credit is one of the strong suits. they are happening in the markets right now. that's why it's not to me about the macro message of the market, as much as it is a little bit of the sort of internal dynamics that seem like they are just getting around a little bit tighter. they could change at all with the macro, the market index. the dow is in the middle at this price. theoretically, again i think of the right

that has hit nycb hard. we have seen write-downs, and a bank in germany has a lot of exposure to the office sector. we need to look at other real estate sectors because there is an occupancy issue. and a rental payment issue, that is also in commercial. some of the housing subsegments, what we would say is because of the percentage in commercial real estate being that much higher in the u.s. regional banks, we think it is more of a challenge for the regional banks than the banking system as a whole. we do not see it as a systemic risk yet but it creates an opportunity to express sectoral preferences on the long and short side in a small to mid cap space in the u.s. annabelle: marc franklin, managing director, manulife investment management. still ahead, we will speak exclusively as the international expansion plans gain traction and momentum. cheng siak kian joins us shortly. this is bloomberg. ♪ as the head of hr, i help lead a successful home security firm. our teams work hard to secure our customers' most

prior to the deal announcement, nycb stock was pricing in a high likelihood of failure. company is hosting a conference call in two and a half hours to discuss the equity raise and the change of leadership which is board seat for steven mnucin and a seat for joseph otting. we will tune in at 8:00 a.m. and we will bring you the high highlights. >> we heard fed chair jay powell say the real estate sector is mana manageable. we had a bank ceo yesterday on "worldwide exchange" say similar things. dehe poposits are strong and th commercial real estate risk is minimal and new york bank is an incident. what are you hearing? >> reporter: i think i would say the c-suite would agree with that. the risks for credit equality remain manageable. the key question if you talk to people focused on risk management is they are manageable now given the current state of the economy assuming we go into a soft landing. if things deteriorate and we get into a hard landing or true recession, that does tend to have a diminished effect on credit quality which creates challenges for commercial real

and this nycb thing, which really was a tempest in a teapot and there doesn't seem to be any consequences, nor there should have been. it seemed to be a very specific problem, so -- it does feel frothy, though, i got to say. you know, you just saw how nvidia just levitated, i didn't really see any particular catalyst. so -- it does feel frothy, but you know, i'll look at upside calls, but -- the fundamental pieces of a.i. being in the early innings, i think, is still there. >> can you admit that the market broadening is actually a good sign, dan? because for a long time, you said tech heavy, you know, mag seven, all bad news, it's -- we're in for a fall. here we are. >> yeah. >> and we have some major components not participating and we're okay. >> yeah, it doesn't -- >> better than okay. >> better than okay. >> karen is a bull and she's ridden a lot of these kind of trends over the last, you know, call it year or so, and you're starting to feel a little nervous about it. the broadening out, you know, to a lot of these other sectors is very good. i read a stat today, bloomberg intelligenc

>> yes, i'm staying short kre, which i put on against nycb. >> dan?e zoom. hanging in there okay. >> guy? >> i love caleb. i do. >> yes. >> he's great. and you guys are like, go back decades. >> he was a baby field producer and i was a baby reporter. >> and you are all grown up. >> nice. the nasdaq, on the secondary offering. you buy the weakness. >> all right, thank you for tching ing >>> my mission is simple, to make you money. i'm here to level the playing feel for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now. >> hey, i'm cramer. welcome to "mad money." welcome to the woodstock of a.i., nvidia's tech conference. i'm just trying to make you a little money. my job is to explain the stuff. call me at 1-800-743-cnbc or

nobody else grew as much as nycb. they added signature last year in the banking crisis. they added flagstar and doubled in size. they brought a lot of scrutiny they were not ready for, joe. >> janet yellen said everything is insured. hugh son, thank you. >>> target just reporting earnings for the quarter. it came in at $2.98a share. that is much better than the street had expected at $2.42. revenue also beat expectations at $31.9 billion over the $31.8 billion the street had been looking for. store sales down 4.4%. the ex-estimate was down 4.5%. the fourth quarter gross margins were strong. 25.6%. the company is giving guidance for the full year coming on this and says for the full year, they are looking for comp store sales to be flat to be up 2%. that is in line for what the street was expecting. they are looking for $8.60 to $9.10. the street is at $9.15. it will take a difficult current quarter to get them to that point. they are looking for first quarter earnings per share of $1.70 to $2.10. the street was at the high end of that at $2.09. comps down 3% to 5%. that

nycb shares higher premarket.uggling real estate lender rally yesterday after receiving equity investment of more than $1 billion from investors that include the former treasury secretary steven mnuchin. nycb fares have lost almost two thirds of their value since the bank/shares of its dividend. that is your bloomberg brief. jonathan:, a pivotal state of the union for president biden. pres. biden: we are better positioned than any country on earth. we have more to do. here at home inflation is coming down. jonathan: that conversation is up next with annmarie in washington, d.c. this is bloomberg. ♪ all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality. it's waiting for you. mere minutes away. the future is nothing but power and it's all yours. the all new godaddy airo. get your business online in minutes with the power of ai. hyah! sheriff! the adversaries are back! [gasps] not again. sheriff, i got this. protecting your business from cyber attacks can be unrelenting.

nycb is holding a conference call this morning at 8:00 a.m. to discuss the deal.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 happened? >> reporter: it is my understanding that secretary mnuchin has been looking at this one for some time now. weeks, if not months, he has been reviewing and looking at all of the various aspects and key questions with credit quality and what is going on with the econcommercial real es book. he invested $450 million. i'm told that jeffries, the banker placing the deal, reached out to other investors to join him on sunday. there was back and forth in the four days between sunday and ultimately when the deal was signed. i'm told that negotiated $2 per share price came as shares fell below that level on intraday basis yesterday. that came after the wall street journal and reuters had headlines out saying new york community bancorp was seeking a capital infusion. interesting how this all came together. i'm sure there will be lots of questions on the call tod

>> nycb, jim. new york community bank corp., down 29.5%.et me get to a few -- >> really good idea for them to get that signature last year. >> we've been talking about nycb for some time, but then there was new news. we thought they might be done, so to speak, out of the woods. but we get this release yesterday. >> well, it's too early to buy that stock. >> they have a new ceo. i'm told, by the way, danello is a very serious guy. he steps in as ceo effective immediately. they got rid of their old ceo. they have also made a number of other appointments, but you know, they had some control issues, let's leave it at that. >> we can't leave it at that. this is a multi -- the assets sh t , the apartments may be worth a great deal. the federal reserve, it was a gunshot marriage. >> bring people back here. this is not a large bank. that said, it acquired the portfolio of loans from signature bank, which almost a year ago at this point, if you recall, when we had that mini banking crisis with svb, signature bank and then first republic all going ou

nycb made announcement it made an amendment to fourth quarter financial results.te management found, quote, material weaknesses in the company's internal controls related to internal loan review resulting from ineffective loan oversight, risk assessment. they announced effective immediately current executive chairman will take on the president and ceo roles as well, replacing thomas kinjinmy. he those shares down 25%. on the analyst side of things, shares of apple are in focus. the now second most valuable company on the s&p is down roughly a percent or so, around 350,000 shares of volume. the volume maker and app services giant is getting cut from the conviction buy list at goldman sachs. they have found more attractive candidates for that list. goldman removed apple, merck and replaced themwith amgen, vulcan materials and monday.com. >>> hewlett-packard is down 5.5%, 90,000 shares of volume. reported profits on revenues that fell shy of the mark but also forecast weaker current quarter revenue amid customers pulling back on spending. hpe down 5.5%. back over to

. >> we have seen a lot of different leadership changes coming through at nyc be to try to -- nycb tothis. 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 bought it during the financial crisis. and at that time, he brought them on board so they have sort of been a pair. and another bank, they have been a do well in this kind of rescue situation. -- a duo in this kind of rescue situation. he is very familiar with banking regulation. and probably what is needed in terms of the max capital and the reaction to this investment seems to have been broadly positive so far. we will learn more tomorrow when the bank hosts will no doubt give more information and clarification on some of these measures. annabelle: bloomberg's sally in new york. bloomberg's big take. we have been speaking to people involved in apple's failed electric car project, trying to figure out what went wrong when one of its most ambitious and costly investments came to a halt. that's bring in mark gurman in san

davidson found that nycb is the most as well as flushing financial and north bank.week said that the 2019 law has not led to an increase in vacancies or distress about rent-stabilized housing. the city says the number of rent-stabilized apartments unavailable to be rented actually declined 39% between 2021 and 2023. guys? >> leslie, thank you very much for joining us. we appreciate that. >>> the owner of the washington wizards is abandoning the city to move to northern virginia in order to build a sports and entertainment empire. the move, becoming a common one now among team owners as they try to monetize their businesses. and they turned to real estate adding luxury apartments and malls to try to add extra value to their franchise. joining us is elon. thank ou to be here. i think the move in los angeles with the self i stadium and the associated development in that area, multibillion-dollar deal where it is basically a real estate play with a football team or two of them thrown in. >> absolutely. when you are buying a rental like that is an experience. we are maki

nycb stock is down better than 68% just this year, year-to-date.us. thank you for being here. your firm is the leader in terms of this bank research. i want to get your take on the stability of these banks. we had the collapse of svb one year ago and now we're questioning the state of regional banks after what we're seeing happening with new york community. >> maria, good morning. it's two things. one is while three banks unfortunately spectacularly failed last spring, 4700 did not. the industry is resilient. that won't stop the challenges of commercial real estate. i heard you speak about new york community. commercial real estate losses are going up and it's going to go up for banks, it's going to go up for nonbanks involved in the industry. and like you said, the question is how resilient is the industry to handle it? so if you looked at new york community, you would see that it was probably one of the most concentrated banks in commercial real estate. so while it was unfortunate for the shareholders in new york community t i think it was rather

and nycb, you can see there, it's up as well on the day. now, there is one honorable and maybe even more so honorable mention is a mega cap bank, jpmorgan base, the biggest lender in america, up about 1%. it hit a record intraday high in trading today, so if i was at a telestrator, i would draw a star next to that name. and speaking of record highs, bitcoin just did it. surging past the $69,000 mark and setting a new record intraday high earliertoday, but we touched it, and it pulled back significantly, now at $65,366 for the largest krcrypt currency in our marketplace. our next guest bought this stock back in2022 when it was under $200 a share, sold it at $705 after that. he's now returning to his value investor roots, betting on that trade from here. let's bring in the chief investment officer at greenwich investment. i kind of know why you got into vi nvidia in the first place and why you got out of it and why you wouldn't get back into it right now. >> hi, dom. thanks for having me back. first of all, i look for stocks that i think are

i see an injection into nycb, i see powell worried about what else will come. 70 otter of -- 70% of the loans. but i had your same reaction to what happened in congress. i literally saw powell do that, and i just thought it was really or or really funny because he cannot commit to anything really. charles: right. right. i saw, for instance, apollo has a great chart, and it shows the break evens, one in two years. that's signaling a spike in inflation which some of the more recent cpi and pce do did as well. that's a whole conversation no one's really having. >> that's right. and what's really interesting about that, i was thinking about that today when i paid $6.25 for a slice of pizza and a water at just a little hole in the wall pizza place in new york. inflation for actual real people is really high. a can of soda, up 64%. potato chips, 16 ounces, we talk about the inflation, up 40%. rent's up 30%. the real, actual person doesn't live in core pce. the real, actual person lives in actual food prices and rent prices and utility increases and gas prices now bac

if you look at shares of nycb, they're up 7% today. that stock extremely volatile on exposure to rent stabilization. we're doing a deep dive tomorrow inside the rent stabilized market. >> that's a big story on a day a lot of sectors are working ex-tech. to post 9 and the judge. >>> carl, thanks so much. welcome to "the halftime report." i'm scott wapner. front and center this hour, the state of stocks with the s&p trying to extend its record high. more questions today about the fate of the so-called momentum trade. we debate that with the committee. joining me joe terranova, shannon saccocia, kari firestone. check the markets here. the russell's up. the dow is up. broadening continues as the s&p and nasdaq, materials among the strongest today. joe, the tale of this market is told in two stocks, but the narrative around both of them, nvidia, target raised to 1,100. top pick bank of america. tesla downgraded to underweight at wells. we're showing you the year-to-date returns from both of these stocks which, in a sense, tell a story of th

according to the terms of this agreement, nycb will be issuing an aggregate common stock at a price of two dollars per share. they are also giving investors 60% more in coverage to purchase nonvoting stock with an exercise price of $2.50 a share. so, those are the terms of the deal. again, subject to regulatory approval, and then there is a change in the c suite. you have joseph vaughn, who was formerly with the occ, former comptroller of the occ, sorry about that. he is taking the c suite row and becoming ceo. sandra demello, who was just named ceo a week or so ago, is going back to nonexecutive chairman, a role that he held for just a short while following that moody's downgrade, and before he became ceo last week, and they are adding four new directors to this board, and shrinking the size of the board to being nine members. we saw one defection from the board once dinello was named a ceo, so this has been a saga, to say the least. but of course, the announcement today at least clarifying what is happening with this capital raise. as one alias described it to me, comfort capital for

kelly: well, it does always seem to come back to rates and, of course, we saw nycb, their exposure to so i do i think to your point, if rates do come down and you see these companies having to refinance, it'll be a lot better to do that at a lower rate. before i let you go though, i want to ask you about congestion pricing. so we're going to see this in new york city. it's going to go into effect. do you think this is going to impact people returning to the office? >> no. kelly: okay. [laughter] >> i think a solid no if. i think we need to separate the return to office. first, we know there's a hybrid workplace. we also know the hybrid workplace is shrinking, more people are returning. i just talked about peak days being back to 65%, that's against the bench mark of 75-80%. never was an office building 100% occupied. kelly: sure. >> so that return to work is going to continue. congestive pricing is something that new york is being, i think, not forced to, but new york has to experiment with. we have to reinvest in the mass transportation system, the public transportation system is whe

. >> and sara god ken's views on the regional banks and struggles with names like nycb, which announcedfusion deal. listen to that. >> the question with every investment is whether or not it's the right price. that's the fundamental of investing. a building where rents have come down may still be attractive at the right price. and the risks intrinsic in your community bank i think this is the right price. to be clear, steve has an incredible record investing in the banking space. he's very thoughtful on these issues. if you wanted to know blow-by-blow how he thinks the banks should best be run to address the issues at hand, ask him to join you live on tv. >> i did. >> there are very few people in the world who are as talented as he and his team are for opportunities in the banking sector of the economy. >> do you expect more ripple from the regional bank fallout? >> reporter: we'll see a continuation over the next couple of years as both commercial and real estate struggles and the broader economy encounters various different setbacks. we'll see more of these stories over the years to c

davidson find nycb is the most exposed as well as flushing financial, northfield and valley national.dy, though, from the city comptroller says that the 2019 law has not led to an increase in vacancies or distress among rent stabilized housing. the city says the number of vacant rent stabilized apartments unavailable to be rented actually declined 39% between 2021 and 2023. >> there's also big name investors who bought, you know, sizable shares of apartments some time back, leslie, in the private equity arena expecting they would be able to raise rents commensurate with putting in and investing in the properties and they're out of luck. >> exactly. prior to 2019, this was seen as a really safe investment from a credit standpoint if you were a bank. it was seen as a very viable option as well from a lending standpoint and that's because you were able to basically raise the rent over a certain period of time and once it got to a level maybe over $2,000 a month, you could deregulate that rent and allow for more market rates to apply, which made for a better return on your investment if y

"money movers" don't miss bill ruden breaking down the comm commercial real estate market and the nycbts. here's morikawa in a tough spot. off the comcast business van. look out! where did the ball go? oh, wait there it is. back in to play! and that's in! what an impossible shot! >>> welcome back. we continue to track the progress being made in the bill that would ban tiktok in the u.s. barring a sale of the business here. it's now in the senate's hands having passed the house earlier this week and it could move fairly quickly. we'll be getting updates on that as things move along, between schumer and mark warner and maria cantwell and lisa monenyco from the doj, seen as key here in terms of moving it along, whether an appropriations bill, they move faster than expected tiktok has woken up, so to speak, lobbying fiercely against that bill, but the likelihood of a ban of tiktok as hard as it may be to imagine could become a reality if that passes the senate, president biden said he will sign it. so then a question becomes, is there a potential for a sale of the u.s. tiktok? as we've rep

an exception when a bank goes back and then nycb this last month and again last week, they have $18 billionity multifamily. >> right. >> what's the mark on that i don't know >> scott, let me try to understand your perspective on this obviously you're involved in real estate and probably have exposure to some of these things, too. i know last month or i guess january you announced a deal, or a $500 million join venture to buy distressed offices in new york city. you could be somebody who many benefitting from the down side my guess, probably have a lot on the line, too, if interest rates don't come down? >> this is different than '08, where you were can a moment in time people can buy opportunistically and rates go back up. this is much more like the early '90s this will be a more broadly affected more nuanced. not just department has will change people that have conditions to understand where the opportunities are and capabilities to say, okay. these properties will be successful take new york where we're investing. if you look at the new york market some segments of the market now are reco