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The deal talks went down to the wire, according to two sources familiar with the situation. Four bidders, including JPMorgan, made it to the final rounds of the auction on Sunday night, one of the sources said. The final deal, announced around 3:30 a.m., cements Dimon's reputation as one of Wall Street's most powerful bankers. JPMorgan started a process internally, which looked at various options for First Republic, including an acquisition, according to a source familiar with the matter. The auction dragged out through the night as the FDIC's advisors examined each bid on its merits, a source familiar with the matter said.

☆ Explainer: Why First Republic Bank failed and what JPMorgan's deal means
▼ + stars: | 2023-05-01 | by ( Lawrence Delevingne | Thomson Reuters | Delevingne Works Primarily On Enterprise Stories Related To Finance. He Joined Reuters In | ) www.reuters.com time to read: +4 min

May 1 (Reuters) - The focus of the U.S. regional banking crisis turned on First Republic Bank in late March after the wealthy clients it courted to fuel its breakneck growth began pulling their deposits. The failure of First Republic, which said last week it had first-quarter outflows of more than $100 billion, marks the demise of a third major U.S. bank in just two months, after Silicon Valley Bank and Signature Bank . Merrill Lynch acquired the bank in 2007 but First Republic was listed on the stock market again in 2010 after being sold by Merrill's new owner, Bank of America. WHAT THE JPMORGAN DEAL MEANSJPMorgan said that under its deal First Republic's 84 offices in eight U.S. states would reopen as branches of JPMorgan Chase Bank from Monday, so customers of the failed bank will be dealing with the giant financial group instead. The biggest U.S. bank will get even bigger as a result of the deal for most of First Republic's assets.

☆ Narrow market implies further choppiness is ahead, says BofA and Merrill's Marci McGregor
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNarrow market implies further choppiness is ahead, says BofA and Merrill's Marci McGregorMarci McGregor of Bank of America and Merrill Lynch, joins 'Closing Bell' to discuss inflation coming down in 2023, narrow breath in the market, and a decline in earnings year-over-year.

NEW YORK, April 30 (Reuters) - PNC Financial Services Group (PNC.N) and JPMorgan Chase & Co (JPM.N) were among banks set to submit final bids for First Republic Bank (FRC.N) by midday Sunday in an auction being run by U.S. regulators, sources familiar with the matter said. Citizens Financial Group Inc (CFG.N) was another bidder in the final phase of the process, according to one of the sources familiar with the matter. Guggenheim Securities is advising the FDIC, two sources familiar with the matter said on Saturday. Citizens Financial Group Inc (CFG.N) was another bidder vying for the bank, according to sources familiar with the matter on Saturday. But fearing further bank runs, regulators took the exceptional step of insuring all deposits at both Silicon Valley Bank and Signature.

☆ What’s next for troubled First Republic Bank
▼ + stars: | 2023-04-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —First Republic Bank is still an independent bank. The FDIC had already done so with two other similar sized banks just last month — Silicon Valley Bank and Signature Bank — when runs on those banks by their customers left the lenders unable to cover customers’ demands for withdrawals. Nervous major depositorsThe financial report showed depositors had withdrawn about 41% of their money from the bank during the first quarter. In its earnings statement, the bank said insured deposits declined moderately during the quarter and have remained stable from the end of last month through April 21. So when customers lose confidence in a bank and rush to withdrawal their money, what is known as a “run on the bank,” it can cause even an otherwise profitable bank to fail.

☆ Brace for a recession by September, a 20% plunge in the S&P 500, and a painful credit crunch, top economist David Rosenberg says
▼ + stars: | 2023-04-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

David Rosenberg sees a near-term recession, a 20% hit to stocks, and a damaging credit crunch. The economist panned the Fed for hiking interest rates and said they could hit zero again. (Rosenberg suggested S&P 500 earnings could drop by one-fifth in a recession, to about 3,200 points.) Now we have not just the cost of credit being a problem for the economy, but the availability of credit is going to compound that. Read more: We put 7 burning questions to top economist David Rosenberg.

☆ Investor warns it's 'looking a lot like the tech bubble' and names 3 cheap stocks to buy outside it
▼ + stars: | 2023-04-27 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

The S & P 500 is "supported" by just seven mega-cap tech stocks right now — and it's starting to look a lot like the 1990s tech bubble, one analyst told CNBC on Wednesday. "The S & P 500 [is being] supported by a few expensive mega cap techs," said Eric Lynch, managing director of Scharf Investments. Seven companies — Apple , Microsoft , Nvidia , Meta , Tesla , Amazon and Alphabet — account for 95% of the S & P 500's total return in the first quarter, he noted. "To us this looks a lot like the tech bubble in 1990s when tech gave the world massive outperformance over value, over mid cap small caps, international stocks," he told CNBC's " Street Signs Asia. " Stock picks Lynch named three stocks he said are cheap right now.

☆ Legendary investor Peter Lynch kicks himself for missing Apple when even tech skeptic Warren Buffett bought the stock years ago
▼ + stars: | 2023-04-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Peter Lynch regrets not investing in Apple when even tech-skeptic Warren Buffett saw its potential. Buffett's company counts its $150 billion Apple stake as the top holding in its stock portfolio. "He bought Apple," Lynch said about Buffett, the 92-year-old investor who runs Berkshire Hathaway. It also counts Apple as easily the most-valuable holding in its $300 billion stock portfolio. Along with Apple, Lynch said he regretted not taking a closer look at Nvidia.

☆ Nicolas Cage, Ranked From Wild to Mild
▼ + stars: | 2023-04-26 | by ( Erik Piepenburg | ) www.nytimes.com time to read: +1 min

In the early 1980s, Nicolas Cage got his first big breaks in Martha Coolidge’s “Valley Girl” and Amy Heckerling’s “Fast Times at Ridgemont High,” films that zeroed in on the peculiar allure of his dopey bad boy persona. Watching him was like eating a banana split: You tasted something nutty, sweet, indulgent, all-American. Since then, few actors have been able to match how nimble a polymorph Cage is in genre, how easily he power-bounces between action (“National Treasure”), comedy (“Moonstruck”) and horror (“Pay the Ghost”). He’s done the same for a who’s who of boundary-pushing directors, including the Coen brothers (“Raising Arizona”), David Lynch (“Wild at Heart”) and Spike Jonze (“Adaptation”). Each is rated on a scale of bees — one for sleepy, five for loony — in honor of the insects that tortured him in the 2006 remake of “The Wicker Man.”

☆ Carol Burnett's birthday special' is an elegant (and hilarious) event
▼ + stars: | 2023-04-26 | by ( Marianne Garvey | ) edition.cnn.com time to read: +9 min

Hulton Archive/Getty Images Burnett peeks at a portrait of herself that was being painted by artist Dmitri Vails in 1963. CBS/Getty Images Burnett interacts with the audience of her new variety show, "The Carol Burnett Show," in 1967. CBS/Getty Images Burnett, left, and Cher perform a skit on "The Sonny & Cher Comedy Hour" in 1972. CBS/Getty Images Burnett poses with her memoir "One More Time" at a book signing in Beverly Hills, California, in 1986. Will Hart/NBC/Getty Images Carol Burnett Square was unveiled in Los Angeles in front of her alma mater, Hollywood High School, in 2013.

☆ Fugees rapper convicted in US over lobbying campaigns with Malaysian financier
▼ + stars: | 2023-04-26 | by ( Sarah N. Lynch | Thomson Reuters | Sarah N. Lynch Is The Lead Reporter For Reuters Covering The U.S. Justice Department Out Of Washington | ) www.reuters.com time to read: +4 min

REUTERS/Nathan HowardWASHINGTON, April 26 (Reuters) - A jury on Wednesday convicted Grammy Award-winning rapper Prakazrel "Pras" Michel of The Fugees hip hop group on criminal charges that he conspired with a Malaysian financier to orchestrate a series of foreign lobbying campaigns aimed at influencing the U.S. government under two presidents. Low, who also faces separate federal charges in New York that he embezzled $4.5 billion from Malaysia's 1MDB sovereign wealth fund, remains at large. Because federal election law prohibits foreigners from donating to U.S. campaigns, prosecutors said Michel masked the source of the funds. "Once he gave me the money, it was my discretion how I spent the money because it's my money," Michel told the jury, describing the payment as "free money." On whether he failed to register as a foreign agent, Michel told jurors that his attorney George Higgenbotham never told him it was required by law.

☆ 'The risk of recession is far from priced in': JPMorgan warns stocks are set up for a 'bearish outcome' as investors crowd into the top names in the market at rates last seen in the 2000 and 2008 bubb
▼ + stars: | 2023-04-26 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Investors are crowding into the biggest stocks in the S&P 500 at levels seen in prior bubbles. On a surface level, the S&P 500 looks like it's having a stellar start to 2023. The chart below shows crowding levels in low-volatility stocks, which investors seek in recessionary environments. If the US economy continues to avoid a recession, stocks could be well positioned to continue their gains this year. But many strategists believe a downturn — or at least a pullback in earnings — will drag the S&P 500 down to its October 2022 lows, or worse.

☆ Famed investor Peter Lynch says he doesn't own any crypto
▼ + stars: | 2023-04-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Legendary investor Peter Lynch is staying away from cryptocurrency . "I can't pronounce crypto – I can spell it, definitely can't pronounce it," he joked, adding, "What bitcoin's going to be, I have no idea." Although he appeared to have little interest in putting any of his own money into crypto, Lynch has studied the bitcoin investment case. The next one is about a year from now but it doesn't yet have a specific date. Lynch declined to comment on specific investments, but said he "tends to own small caps."

☆ Peter Lynch says his investing strategy still works today, but you have to do your homework
▼ + stars: | 2023-04-25 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Legendary fund manager Peter Lynch says many investors buying individual stocks today are getting it wrong. His investment strategy has long been to buy what you know — and look for companies poised to grow. He said he still believes that approach works, but investors must do their homework. Lynch, 79, managed Fidelity's Magellan Fund from 1977 to 1990 and is now vice chairman, Fidelity Management & Research. During his time at Magellan Fund, the fund saw annualized return of 29.2% and its assets under management jumped from $20 million to $14 billion.

☆ Investing legend Peter Lynch on the investments he regrets not making in recent years
▼ + stars: | 2023-04-25 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

Legendary investor Peter Lynch has one of the best investing records under his belt, but he still has regrets for not buying into some of the biggest tech companies in recent years. The former Fidelity Magellan fund manager revealed Tuesday that he wished he hadn't missed out on the explosive growth in Apple . Lynch, vice chairman of Fidelity Management & Research, said on CNBC's "Squawk Box." I should have done some work on Apple ... it's not a complicated company." Lynch recounted how his daughter had bought an iPod for $250 at the time and how he recalled thinking Apple was making a high margin on it.

Most new gas plants currently do not pay for emitting carbon, so the rules could make it harder for them to compete with solar and wind power. Second, the Inflation Reduction Act created tax credits making carbon capture and hydrogen more affordable and affirmed EPA's authority to regulate power plants. Existing technology can capture and store approximately 90% of carbon emissions, Lynch said. The EIA projected that this year, 54% of new generation (21GW) will be solar and 14% will be natural gas (7.5GW). Southern, which also runs the National Carbon Capture Center with the Department of Energy, said commercial deployment of carbon capture technology "is many years away" despite the cost-reduction potential of the Inflation Reduction Act.

☆ Opinion: What happens when you knock on a door
▼ + stars: | 2023-04-23 | by ( Richard Galant | ) edition.cnn.com time to read: +18 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. In Kansas City, Andrew Lester, an 84-year-old White homeowner shot Ralph Yarl, a Black teenager who rang his doorbell. And, “with Trump as the front-runner for the 2024 Republican nomination, Fox has resumed coverage of him which often veers into the free-advertisement category. Neither Robert F. Kennedy Jr., who announced his candidacy last week, nor Marianne Williamson represents a serious threat, Axelrod noted. “The calendar reads 2023,” wrote the Republican former lieutenant governor of Georgia, Geoff Duncan, “but it feels like 2016 all over again.

☆ 'The equity market is poised to struggle in the weeks and months ahead': Comerica Bank's CIO says the S&P 500 is primed for a 15% drop as weak earnings, high valuations, and a hawkish Fed all work aga
▼ + stars: | 2023-04-22 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Year-to-date, the S&P 500 is up 8%. Plus, when the Consumer Price Index is between 4-6% like it is now, it usually dictates that the S&P 500 trades at a lower multiple than it is. "For example, at the current S&P 500 P/E of 19, the earnings yield for stocks is 1 divided by 19, or ~5.2%. While he sees 15% downside in the months ahead, he also believes the S&P 500 will return to current levels by the end of 2023. Morgan StanleyWilson has also repeatedly warned of an earnings recession ahead, and recently said that the pullback in lending from banks strengthens his case.

☆ Autonomy founder Lynch's appeal against US extradition rejected by UK court
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +3 min

He had appealed to the High Court to overturn a decision by Britain's home secretary (interior minister) to order his extradition in January. But two High Court senior judges did not even grant him permission for an appeal. "The United States’ legal overreach into the UK is a threat to the rights of all British citizens and the sovereignty of the UK," he said in a statement. HP sued Lynch in London's High Court following the deal. Hussain was convicted of fraud in the United States and sentenced to five years in prison in 2019.

“Based on the completed staff investigation, the Ethics Subcommittee finds that Representative Campbell violated the Policy” against workplace discrimination and harassment, the memorandum from the workplace discrimination and harassment subcommittee states. Reps. Justin Pearson, Justin Jones, and Gloria Johnson leave the Tennessee State Capitol after a vote at the Tennessee House of Representatives to expel the three Democratic members for their roles in a gun control demonstration. Cheney Orr/ReutersReps. Justin Jones and Justin Pearson, both young, Black Democrats who represent Districts 52 and 86 respectively, were ousted from the GOP-dominated chamber. Jones and Pearson returned to the Tennessee House after they were reappointed through unanimous votes by local officials in their respective districts. The subcommittee said in its memo that it “is committed to protecting members, employees, and visitors by providing an environment free of discrimination, harassment, or retaliation.

☆ Barbara Lynch, a Leading Boston Restaurateur, Is Accused of Workplace Abuse
▼ + stars: | 2023-04-20 | by ( Julia Moskin | ) www.nytimes.com time to read: +1 min

By the time Boston restaurants reopened after the first pandemic wave in June 2020, Ms. Lynch had dismissed nearly all of her top team. Servers at Menton last week said that Ms. Lynch had briefly returned to work in the kitchen after the Menton cooks left. “I was there to learn from chef Rye,” Mr. Goncalves said, referring to Mr. Crofter. When he died in January, Ms. Lynch had just named him executive chef of all seven restaurants. She said in her statement that the deaths of the two Menton cooks “was a personal tragedy for me.

☆ Veteran investor David Roche says a credit crunch is coming for 'small-town America'
▼ + stars: | 2023-04-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

A home in Lynch, Kentucky. Central banks in Europe, the U.S. and the U.K. sprang into action to reassure that they would provide liquidity backstops, to prevent a domino effect and calm the markets. Roche, who correctly predicted the development of the Asian crisis in 1997 and the 2008 global financial crisis, argued that, alongside their efforts to rein in sky-high inflation, central banks are "trying to do two things at once." "They're trying to keep liquidity high, so that the problems of deposit withdrawals and other problems relating to mark-to-market of assets in banks do not cause more crises, more threats of systemic risk," he said. "At the same time, they're trying to tighten monetary policy, so, in a sense, you've got a schizophrenic personality of every central bank, which is doing with the right hand one thing and doing with the left hand the other thing."

☆ Charlotte, North Carolina: Manhunt after 6-year-old girl and dad shot by neighbor when basketball rolled into his yard
▼ + stars: | 2023-04-20 | by ( Jamiel Lynch | ) edition.cnn.com time to read: +2 min

CNN —A manhunt is underway near Charlotte, North Carolina, after a 6-year-old and her dad were seriously wounded when a neighbor reportedly began shooting after a basketball rolled into his yard – at least the fourth time this week an apparently ordinary blunder led to gun violence. Suspect Robert Louis Singletary, 24, should be considered armed and dangerous, Gaston County Police said. Kids had been “playing basketball, and a ball had rolled down that way and had rolled into their yard and they went to go get it,” neighbor Jonathan Robertson told CNN affiliate WBTV. “I mean that was insane.”Police would not confirm what started the Tuesday night shooting in Gastonia, citing the investigation. In the Gastonia attack, “one adult victim … remains hospitalized in Charlotte,” Police Chief Stephen Zill, said Wednesday evening in a statement.

☆ Man Sentenced to 10 Months for Leaving Nooses and Racist Notes
▼ + stars: | 2023-04-19 | by ( Livia Albeck-Ripka | ) www.nytimes.com time to read: +1 min

A Michigan man who tried to intimidate Black Lives Matter supporters by leaving nooses and threatening notes around his community and making racist phone calls in the summer of 2020 has been sentenced to 10 months in federal prison and a year of supervised release, the U.S. Justice Department said on Wednesday. The man, Kenneth D. Pilon, 62, pleaded guilty in December to two misdemeanor counts of willfully intimidating and attempting to intimidate citizens from engaging in lawful speech and protests in support of the Black Lives Matter movement, according to federal prosecutors. On June 14, Mr. Pilon, a retired optometrist, made nine phone calls to Starbucks stores in Michigan in which he told the employees who answered to make racist slurs toward their colleagues who wore Black Lives Matter T-shirts, prosecutors said. He also told one employee that he planned to lynch a Black person, they added. Happy protesting!” the Justice Department said.

WASHINGTON, April 19 (Reuters) - China and Iran are becoming increasingly brazen in their attempts to silence dissidents on American soil and influence U.S. policy, the FBI warned on Wednesday. In a news briefing with reporters about transnational repression, FBI counterintelligence officials urged victims to come forward, saying the bureau is tracking a growing trend of foreign authoritarian regimes breaching U.S. laws to intimidate certain communities. "A lot of these are new tactics and lines that are being crossed that we have not seen China and Iran do on U.S. soil in previous investigations," one FBI counterintelligence official said. Officials said the goals of transnational repression schemes are multifaceted, and at times also aim to influence U.S. policy decisions through "malign influence tactics." FBI officials declined to comment on the New York case or speak about any other open investigations.

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