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to proceed. given the biden administration has said one of the key pillars in foreign policy when presented with a choice between autocrats and democracies, they stand with democracies. can you help us understand why the secretary decided to proceed with the trips given the ban and should we expect that going forward? >> our relationship with egypt is a important strategic partnership. the secretary met with his counter parts and talked about that. i'll tell you when it came to the press coverage of that portion, having looked further into it, the egyptians lived up to what they had ...

the billionaire is here, too. let's get the latest from kelly o'grady in los angeles outside first republic bank that yesterday at this time, its very future was in question. not so much today. kelly? >> that's right, neil. first republicly closed down 62% yesterday. i just checked and looks like it's up 28% today. that's a good sign for them. we're seeing more concern with scb. the fdic is looking to avoid a bailout and look for a buyer. we're learning that the fdic is looking to hold another auction to sell svb after attempts failed this weekend. my sources tell me a number of priv...

It's not going to happen. >> neil: you know a lot of people have been taking a look at this effort where the fdic extended insurance and protections for investors way beyond the typical $250,000 ceiling for individuals or 500,000 for couples. that worried carl icahn. i want you to react to this, an exchange on what the government did here. >> the administration says that is not going to come out on the taxpayer. do you believe that? >> well, i don't understand how it doesn't come out of the taxpayer. i can't figure that out. explain it to me. who is paying it? how does it pay -- how to they pa...

They will get nothing. that's very unfair. that's the nature of what is occurring here. at the same time, when one bank fails, that doesn't mean they all fail. this is not like 08. silicon valley bank had stupid loans out. that's the bottom line. everybody figured that out. nobody heard of this bank just 48 hours ago. we should have let them fail and not panicand not changed policy for the entire banking system. >> neil: all right. but we didn't do that. we -- we rescued three banks, a little more than a week now. you've heard a lot of back and forth and credit suisse. they said there was a ma...