First Republic Bank gets lifeline from biggest U.S. banks

The 11th Hour with Stephanie Ruhle

MS NOW, Stephanie Ruhle

Politics, Washington, Congress, News, Ms Now, President, Versant Media, Policy, Msnbc, Versant, Government, Senate

4.4 • 3.6K Ratings

🗓️ 17 March 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Days after the collapse of Silicon Valley Bank, some of the nation’s top banks banded together, pledging $30 billion to rescue First Republic Bank. Meantime, a new report reveals former President Trump plans to wage a political war on the Manhattan D.A. as a potential indictment looms in the hush money case. Kyle Cheney, Neal Katyal, Guy Adami, Sen. Michael Bennet, Jonathan Capehart, Tim Miller, and Cynthia McFadden join.

Transcript

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0:00.0	Tonight, the rush to stabilize first for public bank after last week's Silicon Valley
0:06.0	bank collapse, a $30 billion rescue plan for another bank.
0:10.9	What happens now?
0:12.2	Then the latest developments in the many investigations surrounding the former president, the New York
0:17.3	AG attempts to combat Trump's delay tactics.
0:21.6	And an NBC News investigation, why are kids still going to school next to a plant emitting
0:27.6	toxic chemicals?
0:29.0	As the 11th hour gets underway on this Thursday night.
0:38.0	Good evening, once again, I'm Stephanie Rool.
0:40.2	The nation's biggest banks made a dramatic move today to rescue a smaller bank and head
0:45.3	off a potential crisis.
0:46.7	11 of the top financial institutions, including Bank of America, JP Morgan Chase and Citibank,
0:52.6	will pump $30 billion into first republic bank to keep it from collapsing.
0:58.0	His huge cash injection comes as first republic's struggles with the falling stock price and
1:03.0	fleeing depositors.
1:04.5	And it comes just days after the sudden collapse of Silicon Valley bank and of course, signature
1:08.7	bank.
1:09.7	The near times reporting, the plan to save first republic, are you ready for this, was
1:13.4	hatched by quite the trio.
1:15.5	Treasury Secretary Janet Yellen, Fed Chair Jay Powell, and JP Morgan CEO Jamie Diamond.
1:21.6	This morning, Yellen went before the Senate Finance Committee and she insisted that the
1:26.4	US banking system is sound and defended the emergency action to contain the fallout
	...

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