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. martha: if you remember, this is not the first rescue attempt for first republic. a group of banks backed in mash funneled $30 billion in deposits to prop up the bank. j.p. morgan will now have to pay back all of those deposits to those banks. you know, in comparison to silicon valley bank, this takeover by a big bank is better than the government last time. it s less expensive for the treasury. the question is how the fed will react when it comes to rate hikes going forward now that we ve seen another bank collapse. i ll leave you with this. i was on a call with jamie dimon. he doesn t think this will accelerate a recession but he does expect to see ckcon
year for all of us. thanks, gerri. josh shapiro is somebody to watch. that s the story for may 1. hopefully we ll get sunshine now. 2023. we head into the spring. we ll see candidates jumping in the ring soon, too, as karl said. stick around. your world starts now. have a great afternoon. neil: ladies and gentlemen, may we present to you bank rescue number 4. j.p. morgan chase taking control of first republic. it is the latest bank takeover. some suspect it won t be the last. i m neil cavuto. thanks my colleagues and friends, sonda smith and charles payne doing a great job in my absence which motivated me to return fast and to cover this story. yet another big bank failure. this one so far with a happy ending. a fed sponsored rescuer.
every bank has that type of profile. washington mutual was sold to j.p. morgan chase, right? it was. this has been sold to j.p. morgan chase. how big can it get before there are concerns about it being too large. j.p. morgan chase was the largest bank before this, and will entrench itself after that. jamie dimon, the ceo of j.p. morgan chase had a call with reporters earlier this morning and faced the question, j.p. morgan chase just got bigger, don t you think that increases the eyeballs and scrutiny in washington, d.c. and his talking point was we re big, and we re not apologetic about it. he was basically saying j.p. morgan chase because of their scale, they re able to lend to businesses or able to lend to governments, able to lend to the imf, the world bank. don t you want that coming from the largest economy in the united states, a u.s. bank. that was his point. also a private bank. i don t know. seems like it s i listen, i have no idea. i m going to rely on you as the
contributor. obviously you ve got management failures here if three banks mid size banks have collapsed in last few month what is going on with management? are not doing a very good job are they? we talk about midsized banks like citibank or j.p. morgan but they are big. and the failure first republic, if that happens this weekend as are some reports out the 10 fdi seat may seize it as early as this weekend, they ll be the second largest bank failure in the history of the united st states. the blame i think for this goes far and wide. the fed just issued a report saying they itself did not do a good job of silicon valley bank they should have seen them
years old. the associated press is reporting three surviving children were covered in blood, or taken to the hospital but fortunately medical staff determine they did not suffer any injuries. now as for the suspect again he is still on the loose. officers say he is dangerous and could still be armed. also a press conference on this incident is scheduled to take place within the hour, jon. jon: what an awful event, christina coleman, thanks christina. another major bank is on the verge of a federal takeover efforts to eight for first republic bank run out of time. the fed reportedly is poised to take the reins of the san francisco lender as early as this weekend but according to the wall street journal major financial institutions like pnc and j.p. morgan chase are expected to place bids on first republic once the government seizes the bank and then sells it. the collapse of first republic would mark the third failure of