let s go to kelly o grady on why this is so different. kelly? well, great to see you, neil. yeah, when i woke up this morning and i heard that j.p. morgan chase had taken over first republic, it reminded of 2008 when you saw them take over bear stearns, when you saw them take over washington mutual. one of the key take-aways, the big bank banks keep getting bigger. j.p. morgan won out on a competitive bidding process. they re taking over all deposits. the bank will also make a 10.6 million payment to the fdic as part of this takeover. they were operating as usual today. the one that i m at, folks were coming in and out, checking their accounts. the president said he feels like the banking system is going to be okay. listen to this. regulators have taken action to facilitate the sale of first republic bank and ensure that all depositors are protected and the taxpayers are not on the hook. these actions are going to make sure that the banking system is safe and sounds. ma
deposits in those banks. the common shareholders and the bond holders, that s another story. neil: i have to ask you, a lot of people say this had the same feel when bank of america had to scoop up merrill lynch. a great idea at the time, but it was done under great pressure and a strong arming move. it worked out. not to disparage that. this also was facilitated by the government to get j.p. morgan chase to buy republic. and jamie dimon, who is legendary, savvy at this stuff, he got a good deal. that bank got bigger. i m wondering what the prospect is for other smaller size banks that might run into this in the future? well, if the last four cases are any indication, they ll find and exit strategy for these banks if it comes to pass.