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CNNW CNN July 6, 2024

hadn t seen. you re a student of the law. you know that lawyers are not supposed to disclose their conversation with their clients. even after they re dead. that s what stephen jones the attorney did. i think it was a questionable decision on his part. it was a tremendous boom to me as a journalist to get behind the scenes in many the investigation. plus, i got all the material that federal government turned over to the defense as part of their investigation. so i have the federal government as well. how nice to see you both. how nice to see you, jeffrey toobin. congratulations. thank you. book after book. not sure how you do it. well it s a phenomenal write. thank you. be sure to pick up his book. we ll speak to one of the authors of the clarence thomas report. that will be later this hour. right now, our coverage continues as cnn this morning continues right now. russia is accusing the united states of being behind that drone attack on the krem ....

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CNN CNN This Morning June 4, 2024 11:08:00

vladimir putin was not inside the kremlin at that time. major mike lions, thank you for all of that. in the next hour, we ll talk about the claims from the kremlin. how the u.s. might respond, what they re role in all of this is from the white house s john kirby. he ll be live in studio coming up. also this morning, another regional bank showing signs of real trouble. we re talking about pac west bank. confirming a report that they are weighing strategic options including maybe a sale. exploring strategic options that, is wall street lingo for please help. the news sent pac west stock tumbling yesterday. shares cut in half in after hours trading. first republic failed on monday. jp morgan case came in and bought up the assets. it was the third regional bank to collapse this year. this comes as the federal reserve psyched interest rates by a quarter basis point. the tenth hike since march. last march, i should say. fed chairman jerome powell did hint maybe a pause is around the co ....

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CNN CNN This Morning June 4, 2024 11:22:00

That is nonnegotiable. let s talk about that in the context of the budget. but not threatening the country s economy. is there any chance republicans, some, could be persuaded to vote with democrats in your view? any number of republicans including many in california and in new york who are in biden won districts that would love a chance to not bring catastrophe to the country. they know that so that s a yes? yeah. if given the chance. que the question is, will mccarthy allow a vote and allow the members to support it? but if you re waiting for kevin mccarthy to do the right thing, you ll be waiting a long time. let me ask you about california and banks. pac west, oanother big californa bank is on the brink this morning. it may get bought. shares cut in half overnight. this following silicon valley bank closing. there are real questions about the regulators and the fed report, particularly the san ....

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CNN CNN This Morning June 4, 2024 11:45:00

With the new york times reporter covering pac west extensively during this banking crisis. why pac west now? their numbers show 75% of the deposits are insured as of earlier this week. they haven t seen big outflows. it doesn t appear that there is a run on this bank. ri right. when i look at pac west, there was a huge conference for investors. this was the number one concern was short investors basically, investors that invest against the stock. they were all betting against first republic. that s what helped drive down the shares. now that first republic is gone, who is next? it looks like ththey attacked p who on paper look similar to first republic but the big difference is today they haven t lost a lot of deposits. so, while the fundamental business hasn t changed, investors attacking it create ....

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CNN CNN This Morning June 4, 2024 11:09:00

Business correspondent christine romans. good morning. we get to the fed and powell in a moment. but pac west? yeah. the company last night saying essentially the bank saying nothing really changed since the, you know, the fdic took over first republic. you look at the shares cut in half overnight. they were $22 earlier this year. they closed at $6. that s been a tough chart. you look at the deposits, i think it s interesting. the deposits actually rose from march 20 to march 31. they re not pulling money out. they re the no. so this is a case of wall street. i mean, maybe traders and investors hunting around for the next weak link. that s what is happening. just before we move on to powell, these regional banks, especially smaller, they matter for communities. i know. they really do. the big banks get bigger and the smaller banks seem to be under a little more pressure. the microsoft is on their ....

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