Banking On Each Other
What A Day
What A Day
4.6 • 12.6K Ratings
🗓️ 17 March 2023
⏱️ 21 minutes
🧾️ Download transcript
Summary
Eleven of the largest U.S. lenders agreed to deposit $30 billion into First Republic Bank in an effort to rescue it. The move was also meant to stop the ongoing panic in the financial world, following the failure of three smaller banks this past week.
Starting next Tuesday, tens of thousands of Los Angeles Unified School District service workers plan to walk off the job for three days. Members of the district’s teacher’s union are also joining the strike in solidarity, shutting down schools across the country’s second-largest school district.
And in headlines: Poland will send four fighter jets to Ukraine, a new CDC report found that America’s maternal mortality rate spiked in 2021, and the Senate confirmed former Los Angeles Mayor Eric Garcetti as the next U.S. ambassador to India.
Show Notes:
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Transcript
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| 0:00.0 | It's Friday, March 17th. I'm Trevelle Anderson. |
| 0:09.4 | And I'm Priyanka Eribindi and this is What a Day. We are pinching anybody who pinches |
| 0:14.2 | someone else for not wearing green. |
| 0:16.3 | Yeah, who even came up with that rule in the first place? |
| 0:19.4 | I don't know. Green is not my color, so I mean, I can't do that. |
| 0:23.1 | Well, every color is my color, but that's not the point. |
| 0:25.9 | On today's show, Poland is sending fighter jets to Ukraine. Plus countless March madness |
| 0:36.6 | brackets are already busted. |
| 0:38.8 | But first, a group of leading US banks agreed yesterday to deposit $30 billion into First |
| 0:44.7 | Republic Bank in an effort to rescue it and stop the ongoing panic in the financial |
| 0:49.6 | world, less than a week after the failure of three smaller banks. |
| 0:54.1 | So San Francisco-based First Republic is the latest mid-size regional bank that has been |
| 0:58.2 | in the spotlight since the sudden collapse of both Silicon Valley Bank and signature bank |
| 1:02.5 | last weekend. |
| 1:03.7 | By Monday, First Republic's shares had dropped by over 60%. It was caught right in the middle |
| 1:08.3 | of all these people worrying about a full-fledged banking crisis. |
| 1:12.3 | But now this group of 11 banks has stepped in and reached a deal to keep First Republic |
| 1:16.8 | afloat. |
| 1:17.8 | Tell us what does this plan look like? Is this a bailout we've been floating that word |
| 1:22.8 | around the last week or so? |
| 1:24.7 | Right, we have. So this rescue money isn't coming from the federal government. This is |
| 1:29.0 | all coming from other banks, many of which actually had a big influx of deposits over |
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