hello and welcome to inside politics. i m john king in washington. thank you for sharing your day with us. shaky or sound? first republic bank collapses, a weekend deal to buy it bales out uber wealthy depositors but stirs worries about the strength of the economy. plus the head of the republican national committee delivers a blunt warning to republican candidates coast to coast, ignore the abortion issue at your own expense. and entire lives packed into a single suitcase, cnn captures the desperation on the dock in port sudan. thousands hoping to leave a nation at war with itself. up first for us, first republic goes bust, the company s 84 branches are open but under a new banner, that after regulators seized it and then broke it in an emergency weekend deal to sell it off. jpmorgan chase takes over nearly all of first republic s assets. the government says all depositors are protected and that the 92 billion in first republic deposits are safe. their failure is the
viewers. i m max foster. bianca is off for the day. but just ahead this is the first time we re seeing this scare happening in washington. the white house and both sides of pennsylvania avenue going to grasp the consequence of what is happening right now. stop playing games, stop blaming somebody else. we got 30 daysys to do it. and a simple request that turned in to a violent situation. and we don t know where he is and we don t have any tips. writers in hollywood are underpaid. there is a tremendous amount of content, but they are not getting the compensation that they want. at some point they have to take a stand. live from london, this is cnn newsroom with max foster and bianca nobilo. and it is tuesday, may 2, 9:00 a.m. in london, 4:00 a.m. in washington where u.s. secretary janet yellen is asking congress to overt what could become a global catastrophe. and she warns that the u.s. could default by june 1. and she says that the impact could rob not
their loans. and the key is that jpmorgan is assuming all the $2 billion of first republic s deposits, including those above the $250,000 fdic insurance limit. so that means if you have money at first republic, you are good. your money is safe. just changing from one bank to another. the government did have to either swooen the pot to get the deal done. fdic is covering a big chunk of potential loan losses here. all of this is after another weekend scramble in washington and on wall street to come up with a solution to this first republic problem. a source says that janet yellen and other u.s. officials were in touch with regulators as first republic has been teetering the past week or so. jp more b pchlt p morgan says t participated in due diligence on
and this is very important. jpmorgan is acquiring all $92 billion in first republic deposits, that means if you have your money with first republic you re good, your money is safe, even above that $250,000 fdic insurance limit, the government did have to sweeten the deal a little bit, the fdic is sharing with jpmorgan on the bulk of the losses on potential loan losses. all this have comes together after another weekend scramble in washington and on wall street to try to come to a solution on this first republic situation, a source tells cnn treasury secretary janet yellen had been in touch with regulators all week as first republic was teetering. jpmorgan says more than 800 of its employees were doing homework and due diligence on first public trying to get this deal done. ultimately first republic becomes the second biggest bank failure in u.s. history, second only to 2008 failure of