Exclusive: Fmr. Treasury Secretary Mnuchin on NYCB Investment 3/7/24

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 7 March 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

David Faber, Jim Cramer and Carl Quintanilla spoke exclusively with former Treasury Secretary Steven Mnuchin. Embattled lender New York Community Bancorp secured a $1 billion cash injection from a consortium led by Mnuchin's firm Liberty Strategic Partners. He stated his case for investing in NYCB. Also in focus: Novo Nordisk surges to a record high on obesity pill trial results, day two for Fed Chair Powell on Capitol Hill, retail earnings winners, Exxon vs. the Chevron-Hess deal, can Apple shares snap a six-session losing streak? Squawk on the Street Disclaimer

Transcript

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0:00.0	Market moving insight and analysis.
0:02.0	Join Jim Kramer, David Faber, and me, Carl Kainteneah, on the opening bell hour of CNBC Squawk on the Street. Good Thursday morning, welcome to Squawk on the Street. I'm Carl Kintenea with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange. Pre-market's got a little pep, as some of the eco-data today is encouraging. Productivity revised higher, unit labor costs revised lower. Big jobs number
0:22.4	tomorrow, but for now 10-year 406 lowest in five weeks. A roadmap begins with regional bank
0:27.2	stocks mixed after embattled lender New York Community Bank Corp secures that billion-dollar cash
0:32.1	injection. Stephen Mnuchin, who led the raise, going to join us exclusively in a few minutes.
0:36.7	Plus shares of Novanortis, they are hitting a new high early trial data of an experimental
0:41.9	obesity drug, another one showing that it may be more effective than Wagovi.
0:48.1	And big tech struggles.
0:49.9	Apple, while those shares are looking for a bounce after a six-day sell-off, Tesla, similar story,
0:56.7	no longer one of the most valuable S&P 500 companies.
1:00.8	Let's begin with NYCB's a billion-dollar equity investment led by former Treasury Secretary
1:05.4	Mnuchin's firm Liberty Strategic Capital.
1:07.8	He's going to join us in a few moments, Jim.
1:10.1	Got some clarifications today, some more data on deposits, the percentage that are insured
1:16.2	and so forth.
1:17.3	Yeah, I think it's important to know that when the former Secretary of Treasury did a previous
1:22.6	deal, IndyMac, which was a deal involving a bank that was really one of the worst-front
1:27.0	banks in the country, came in, had the bid that was really one of the worst-run banks in the country.
1:28.3	He came in, had the bid that was best for the FDIC, the cover bid, the second bid was much lower.
1:34.9	It ended up making him a lot of money, and that's being dredged up again to somehow against him.
1:39.0	David, the reason I mention that is because the risks may even be bigger here, if only just because we're doing with so many
1:46.9	rent-controlled units. And the law changed in 2019 to make it so that those who think this is
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