The Week That Was: A Bank Crisis, IRS Records, & The Next Fed Decision 03/17/23

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 17 March 2023

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joe Kernen and Andrew Ross Sorkin digest the chaotic week that was: banks in crisis, markets in tumult, and the Fed under pressure. Lazard’s Peter Orszag unpacks the instability in our financial ecosystem and the action it may prompt from the Federal Reserve in next week’s FOMC meeting. ProPublica’s Robert Faturechi discusses his latest investigation revealing never-before-seen IRS records that show CEOs are sometimes making multimillion-dollar stock bets—and doing so with some very lucky timing. Plus, Emmanuel Macron is making a big decision on retirement in France, much to the distress of his populace. In this episode: Peter Orszag, @porszag Robert Faturechi, @RobertFaturechi Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Klaire Odumody, @klairemarie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. M. C. producer Claire Odomodi, today on Squawk Pod.
0:10.0	Inside the Week that was Wall Street's busiest in years.
0:14.8	Joe Cannon and Andrew Rosokin reunited.
0:18.2	Oh, good news.
0:18.9	I've had people appealing for me to God get back there as soon as you can
0:22.6	it's off the rails.
0:24.8	The brewing banking crisis.
0:26.8	Preach some personal responsibility.
0:28.8	That's what we've been talking about all week.
0:30.6	The dramatic saves.
0:32.2	At least Wall Street is stepping up. They're heroes. Wall Street
0:35.5	to the rescue. And the critical choice facing America's Federal Reserve now.
0:39.9	I think the J-Powell's great conundrum next week is, do I go to, he's not goingundrum next week is do I go to he's not going
0:43.8	to go 50 do I go 25 or not if I'm going 25 am I going for the right reasons
0:48.2	of the wrong reasons.
0:49.2	Diagnosing the course for alarm with Lazard's Peter Ozack.
0:53.5	Here's the problem, writ large,
0:55.2	the regional banks have relied on a business model
0:58.0	that relied on uninsured deposits.
1:00.3	And what's changed after this stunning week.
1:03.0	Success has a thousand fathers and failures in orphan.
	...

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