An Emergency Swiss Rescue, A Liquidity Crunch, & ‘We Love NYC’ 03/20/23

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 20 March 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Swiss government has helped broker a deal for UBS to acquire its embattled rival Credit Suisse in an “emergency rescue” to curb global contagion in the financial sector. Joe Kernen, Becky Quick, and Andrew Ross Sorkin unpack the details of the deal and whether it will work in stabilizing banks and investors. Steve Liesman explains, the Federal Reserve is coordinating with other central banks to improve global liquidity with enhanced swap lines. Sen. Bill Cassidy (R-LA), a member of the Senate Finance Committee, considers the banking regulations that could mitigate poor management in finance. Plus, New York City Mayor Eric Adams and President and CEO of the Partnership for New York Kathryn Wylde discuss the city’s road back from Covid-19, including their launch of a new “We Love NYC” campaign. In this episode: Sen. Bill Cassidy, @SenBillCassidy Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer,
0:07.0	today on Squawk Pod and Arranged Marriage.
0:10.0	Credits Suisse no more.
0:12.0	Rival Swiss Bank UBS taking over, and taking on the credit problems.
0:17.0	To not see that it could be coming was unbelievable.
0:20.0	A storied bank gone, we can write the obituary.
0:23.4	The value of the deal is dropping as the shares are trading this morning.
0:26.5	But global systems liquidity problem, how the Fed is planning to help,
0:31.0	we get some help from our economics reporter, Steve Leisman.
0:34.0	So what's a swap line you can be forgiven for not known?
0:38.0	How we got here?
0:39.0	New calls for banking regulation.
0:41.0	Senator Bill Cassidy joins us he's on the finance committee.
0:44.0	Can you allow a bank to mismanage its own assets so terribly and there be no consequence?
0:50.0	And we love NYC. The new campaign Mayor Eric Adams launches today.
0:56.0	The decrease in the major crimes, it decrease in our shootings, our homicides,
1:01.0	we're trending in the right direction and the city's coming back.
1:04.0	It's Monday, March 20th, Squawk Pod begins right now.
1:09.0	Stand Becky by in three, two, one, queue please. Good morning, everyone. three two one kill please good morning everyone welcome to squawk box here on
1:16.5	see NBC we are live from the NASDAQ market site in Times Square I'm
1:20.4	Becky quick along with Joe Kernan and Andrew Ross Sorkin and everyone's watching this morning
	...

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