Live Breaking News & Updates on Signature Bank Last Month
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you re back live in the cnn newsroom. i m jim acosta in washington. we begin the hour with the manhunt that continues for this man. 38-year-old francisco oropeza has been the focus of a desperate manhunt since friday night. that s when neighbors asked him to stop firing his rifle in the front yard because they were trying to get a baby to go to sleep. police say oropeza then entered their home and began shooting. an 8-year-old boy was among the five neighbors slaughtered, almost execution-style. that according to the sheriff in that area. cnn s ed lavendera is in cleveland, texas, for us. ed, i know you re on the scene of a vigil that just took place a short time ago for the little 8-year-old who was killed in all of this. and it s just, just underlines once again what we re dealing with in this country. just another awful tragedy stemming from mass gun violence. well, jim, even more troubling and disturbing, after just a short moment ago, we were able to speak with ....
you re live in the cnn newsroom. we re awaiting a news conference from the town of cleveland, texas, where the fbi has joined the manhunt for a man suspected of killing five of his neighbors. police say this 38-year-old opened fire on a family next door when they asked him to stop firing a rifle in his front yard because their baby was trying to sleep. five people are dead including an 8-year-old child. this latest gruesome attack unfolded about 40 miles northeast of houston. cnn s ryan young is following the latest developments. what do we know about this news conference coming up? all this is baffling. we ve been told the news conference will start at 6:30. the fbi will be joining the sheriff s department. we know that about two hours ago, they joined the search for the man that they were looking for. as you said, this all started with the family going next door to ask a man to stop shooting his gun in the front yard. apparently at some point, through a ring camera, ....
And as matt pointed out, there are a lot of them. deposits currently are in short up to $250,000. but this is a bank that has historically catered to high net worth individuals. there are a lot of accounts in there that would not be fully insured. in the past, of course, regulators stepped in for silicon valley bank and signature bank customers and made them whole. not clear if they re willing to do it this time around. all of those questions about the fate of the bank, about the fate of the depositors, will lead to some fallout, right? i mean, if everything is resolved, great. probably, the fed is on its way. but if there is sort of a frenzy because there s concern about this bank failing and whether, you know, whether depositors at other banks are safe, then you could see an additional credit crunch going on in the next couple of days. and yes, i think that that could theoretically knock the fed off path. yeah, this would be the third bank to fail after the collapse of svb and sign ....
Republic bank. the san francisco-based lender has seen its stock fall 97% since march 1st and hit $3 yesterday. this despite a $30 billion life line from some of the nation s largest banks after the collapse of svb and signature bank last month. bloomberg and the wall street journal say jpmorgan chase are in the process of submitting bids to purchase first republic but nothing has been resolved at this point. we re told, the fdic could still step in and take over before monday. joining us to talk about this, professor of economics and public policy at the university of michigan. professor, great to see you. we appreciate it. i assume this will go a long way to calming some jitters on wall street if this all goes through. what happened with that $30 billion life line? was it simply not enough? what s going on? there is a real problem that arises for a very small number ....