why are kids still going t school next to a plant toxic chemicals? as the 11th hour gets underway on this thursday night good evening, once again, i am stephanie ruhle. the nation s biggest banks mad a dramatic move today to rescu a smaller bank and head off potential crisis 11 at the top financia institutions, including bank o america, jpmorgan and chase an city bank will pump 30 billion dollars and two first republic bank to keep it from collapsing this huge cash injection comes as first republic struggle with a falling stock price and fleeing depositors it comes days after the sudden collapse of silicon valley ban and signature bank the new york times reporting that the plan to say first republic, are you ready fo this was hashed by quite the trio treasury secretary janet yellen, ventured jay powell and that
chairman jim eat diamond yellen went before the senat finance committee, and she insisted that the u.s. banking system is sound and defended the emergency action to contai the fallout after the silico valley bank collapse we felt that there was serious risk of contagion that could have brought down an triggered runs on many banks we wanted to make sure that th problems at silicon valley ban and signature bank did not undermine confidence in th sadness of banks around th country. tonight, we are keeping a eye on the former presidents legal troubles that ar mounting and a strategy to fight possible charges from th manhattan district attorney. according to the new york times, the trump campaign, no surprise, plans to portray any charges from the a alvin bragg as part of a so-called coordinated
here, not necessarily informed by economics and finance but b politics we will see how far goes one thing you know you don t want to have is the b word bailout is a seven letter word in washington, and it s on word you won t hear biden us and you will hear republican pointing it at him all the tim saying - all right, but let s talk about that, david. because technically, this is not a bailout, right a bailout is like a hurricane comes in the government shows up and rebuil everybody s house. at the end of the day, the u.s government might end up in the black. when you actually look at th assets at silicon valley ban and know they ve already wiped out the equity, they ve wipe out the preference the bonds are severely impaired the government could very well come out ahead here. i m not sure that matters i the grand scheme of things i mean, i think the perception with banks often becomes the reality. and the reality, in this case, is that there is the governmen took under immense, an
by economics and finance but b politics we will see how far goes one thing you know you don t want to have is the b word bailout is a seven letter word but in washington, it s a four letter word, and it s one word you won t hear biden use and you will hear republican pointing it at him all the tim saying - all right, but let s talk about that, david. because technically, this is not a bailout, right a bailout is like a hurricane comes in the government shows up and rebuil rebuilds everybody s house at the end of the day, the u s. government might end up i the black. when you actually look at th assets at silicon valley ban and know they ve already wiped out the equity, they ve wipe out the preference the bonds are severely impaired the government could very well come out ahead here. i m not sure that matters i the grand scheme of things i mean, i think the perception with banks often becomes the reality. and the reality, in this case, is that there is the governmen took under imm
ahead. there are still a lot of goo assets inside this bank. we now know that the equit holders have been completely wiped out. the depositors, whose actual money it is, are going to ge their money back so as panicked as people are right now, it might not have a bad ending assuming, panic doesn t worsen just over a motion i think that s right. as long as panicked does not continue to spread, you re right. somebody might snap up thi bank and get a bargain in theory, it s foundational it s fundamentals really wer pretty strong. as bill says, this terribl bet. but you know, you saw the pani from this one episode. then spread over to signatur bank to the bank in new york whic had, of course, some crypt explosion. a lot of people have bee focusing on. that - cnbc today that it was specifically the contagion fro the silicon valley ban collapse we saw it move from one plac to another