who knows what ike perlmutter told nelson peltz as nelson peltz was preparing his pruxzfá■ attack ondisney f more than afá dec$ irasable and unrelenting whether it's the ceou■■■position or oths within the c suite if notñr■the board. but he was thereÑ■ for a long time. >> well, yeah.l■ it's very interesting this was characterized as a layoff. i mean, essentially he was fired. they didn'tqç■euj■ give him the option of, quote, unquote, resigning as far as we know, which would have been a morex■ graceful and, you know, lesse■ humiliating way for him to i mean, there's a lot of ill will here running both directions yes, people have been complaining about him for years, and ajf lot of it has come -- i mean, he clashed with kevin foggy. he is the aggenius behind marvel it's vastly more profitable and more successful enterprise before ikeç■ perlmutter sold ito disney ine1 2009 but it was his company. as iger mentioned, he did give him some kind of assurances. i mean, we may see litigation about this depending on what exactly what it was iger5■■■had promised t(■erlmutter. he sent hime@,hat an

nelson peltz from trian joins us by phone thanks for calling in.to solve this problem which, i don't know, financials are up today, but first republic is still making new lows what do you think needs to happen >> well, let me tell you, sara, i don't claim to be a banking expert, but i think there are common sense solutions here, which i'm sure some regulators will find out why they don't work, but simplestically, all the money as we know is leaving all the small community banks and regional banks and going to the three or four largest banks in america that's a very dangerous situation, and it's got to be resolved what i would do is this, i would put together a plan that applies only to the u.s. banks and that the fed gets an insurance premium for any money you leave in a u.s. accredited bank over $250,000, so you're creating income now for the fed, and in exchange for that, they guarantee the overage. they limit certain banks to how much deposits they can take. for example, if the cd rate is 3%, whatever it may be, you're paying a traction of that

. >> it's a great conversation, given what you just said with nelson peltz this past hour. >> lots of ideas these days. markets, as you can see, heading towards session high level dow up over 1% the s&p 500 up 0.75% 3947 sara, still below that 4,000 level. the nasdaq is trailing, lagging, if you want to call it that, up 0.25%. if you look at the overall picture, it is stability, which the bulls could try to latch onto in some way, shape or form at this point. >> the nasdaq has gone positive in the last few minutes. topping the tape, the massive overseas bank deal with ubs agreeing to rescue, not sure they had a choice, credit suisse in what many call a shotgun wedding. ubs stepping in late sunday night with the help of the swiss national bank to acquire credit suisse for just a fraction of that, a total of $3.2 billion in an all-stock deal. just one ubs share for every 22 shares of credit suisse. in the process, $17 billion of at1 or bonds wiped out in that takeover with both bank stocks falling earlier but ubs has recovered and is now higher. i think the regulators and everyone else

are driving some of the change they're seeing where they're getting in the way iger did what he did peltzwe put the pressure salesforce did what they do as benioff did. elliott said, hey, we put the pressure on them to do that. >> i would say it's case by case in my view the disney situation, there was only one thing iger could do set the priorities, talk about cost cutting, getting streaming to break even more quickly, all the things that are kind of obvious out there. peltz coming in and saying, by the way, you overpaid for fox four years ago didn't exactly set the course from here on out. for salesforce, i would say the activists were an accelerant, maybe a catalyst maybe let's focus in our attention on things we can handle and maximize the margin benefit as opposed to taking a longer period of time. in general, i feel like the activist toolkit is a little bit unclear. it used to be lever up and buy back the stock this doesn't seem like the moment you want. >> hard to lever up the cost of capital is more expensive. >> trade a stronger balance sheet for buyback. i think it's a lot on th

. >> so if we spin this forward and there is nelson peltz saying, to some six tent, for instance, have federal reserve be that backstop and the guarantee and deposits as one way or another, does that then kind of answer that call that you're looking for which is to ultimately build a bank that maybe is a one for one kind of thing for people's deposits or does it make people who are bitcoin fans get more bullish about needing and in some ways private ownership of the assets to not have to put them into the banking system of some kind in the first place? >> i think it's a combination of both, kelly. i don't think that the u.s. dollar system is imploding overnight. there are some who think that it is and are cheering the bank runs i am not one of them because i am not interested in looking at a deflationary collapse of the banking system especially given that the digital asset ecosystem has a lot of infrastructure yet to build however, it is absolutely true that people really should be allowed to think about their bank deposits as theirs. what they haven't realized and are now waking up t

. >> would this be a peltz disney?e quarter >> it could be a situation where elliott sees language that they like tonight that accompanies this earnings report, and they say, okay, we've done what we needed to. by the way, there has been an ongoing dialogue between salesforce and starboard, salesforce and third point and dan loeb, salesforce and elliott. that's been going on for weeks and weeks at this point. >> marc has been very receptive. they like the product. marc was saying to you, listen, i'm excited to talk to these people maybe they have good ideas he's not in any way saying they have no good ideas >> no. the way it's been characterized by me is good faith conversations. >> yes >> but it did seem to me more recently that those good faith conversations were going to lead to peace that is clearly no longer the case >> yeah. >> where it leads is still unclear. and to your point, in the past, elliott has not gone to a proxy fight with paypal, but they ultimately got what they were after. they didn't go to a proxy

. >> that is what nelson peltz announced on "squawk on the street." the stock went up in both cases. >> joining us now is stephanie link at hightower. she is a cnbc contributor. less hybrid work force. we have a hybrid economy. signs of weakness, but signs of strength. i don't know how you navigate that. with higher rates, as you point out, roughly 500 basis points. you probably will see some effect to earnings in coming quarters. >> we definitely will. this is a challenging time. as you just mentioned, like we have good economic data, the first quarter gdp is running about 3.5% at this point in time. much stronger than what most people are expecting. again, the higher rates that you are talking about and we are seeing are going to take its toll eventually. it is a challenging time. that being said, i feel the silicon valley bank deal today is very good news. it provides confidence. that is something we lost in the banking system over the last two weeks. this speed, joe, has been incredible. so, to just see this deal get done, that's a good thing, num

we saw nelson peltz come on cnbc declare the proxy battle is off. did marc pull off the same thing?that is a good question you have to parse through the elliott statement. elliott applauded the changes. they were getting closer to the 30% margin elliott said they expect more changes. i think they went after in their statement with the leadership point. they have a few board members in mind benioff and salesforce have to come out with something else the march of 16th deadline is approaching. you will see it ramp up if they can't come to agreement. benioff scored a win, but not out of the woods >> you think the agreement is putting somebody on the board or promising additional changes >> good question you look at at&t in the past which is a good example. the company laid out a very specific plan. clearly did not want to have a member of elliott on the company's board. it was able to engage in a way that the investors seemed happy. it seemed to me if i read the statement from the other day, it seems they surely want a member on the board we will see if they get it >> okay. michael, tha

$10 billion to $20 billion we will talk to an analyst whose basic point is similar to what nelson peltz did after he saw what iger orchestrated at disney >> i think that is what benioff was hoping for proxy battle is off. here we go david faber reported yesterday that one of these activists has a slate of directors they are hoping to get nominated. this was yesterday before the results came out i don't know if they changed their mind or had a tougher time with shareholders to vote for that slate if you are looking at the rebound that the stock has done and about face in the business. >> people wanted and thought he was too freewheeling and too free spending. it is all reined in with job cuts coming. >> a change in the culture there was a story yesterday that laid out a lot of the changes he has made from talking about the employees being members of the family and how they have to deal with layoffs >> you know, tightening the belt saving money i don't know maybe it wasn't top shelf. maybe it was cuervo. i don't know i wasn't there i wouldn't go. >>> now to a theme among some of the other