Eli Lilly therapy with donanemab slowed illness development

An Eli Lilly and Company pharmaceutical manufacturing facility is pictured at 50 ImClone Drive on March 50, 2021 in Branchburg, New Jersey.

Fresh Mike | Reuters

The Alzheimer’s treatment Donanemab, which is manufactured by Eli Lillisignificantly slowed the progression of the mind-numbing disease, according to clinical trial data released by the company on Wednesday.

Patients who received the monthly antibody infusion during an 18-month study showed a 35% slower decline in memory, thinking and their ability to perform daily activities compared to patients who did not receive the treatment, according to Eli’s data Lilly showed.

According to the study results, patients taking donanemab were 39% less likely to progress to the next stage of their disease during the study.

But the benefits of treatment must be weighed against the risk of brain swelling and bleeding, which in rare cases can be serious and even fatal. Three study participants died from these side effects.

According to the company, Lilly plans to apply for Donanemab approval from the Food and Drug Administration later this quarter. The study looked at people in the early stages of Alzheimer’s disease who had a confirmed presence of brain plaques associated with the disease.

dr Daniel Skovronsky, Lilly’s Chief Scientific and Medical Officer, said donanemab has shown the highest efficacy of any Alzheimer’s treatment in a clinical trial. The company is working to get donanemab approved and on the market as soon as possible, he said.

And Skovronsky believes the FDA feels the same sense of urgency.

“Every day that goes by, there are some patients who go through this early stage of Alzheimer’s disease and become more advanced and don’t benefit from treatment,” he said in an interview with CNBC. “It’s a very pressing sense of urgency.”

Lilly previously applied for accelerated approval of donanemab.

The FDA denied that application in January and asked the company for more data on patients who had received the antibody for at least 12 months. Lilly said the data wasn’t available at the time because many patients were able to stop taking it after six months because the treatment quickly cleared plaque.

Almost half of the patients — 47% — who received donanemab showed no disease progression a year after starting treatment, compared with 29% who did not receive the antibody, according to data released Wednesday.

More than half of the patients stopped treatment in the first year and 72% stopped at 18 months due to brain plaque removal.

In a separate measurement, patients who received donanemab showed a 40% less decline in their ability to perform daily activities after 18 months. This means they are better able to manage their finances, drive, pursue hobbies, and have conversations than those who did not receive treatment.

“This is the strongest Phase 3 data yet for an Alzheimer’s treatment. It further underscores the tipping point we are at in the field of Alzheimer’s disease,” said Maria Carrillo, chief scientific officer of the Alzheimer’s Association, in a Explanation.

Brain plaque reduction

Donanemab targets brain plaques associated with Alzheimer’s disease. According to Lilly, the treatment significantly reduced plaque just six months after treatment. Many patients saw reductions so significant that they tested negative for the presence of plaque on their PET scans, according to the company.

Donanemab cleared plaque after six months in 34% of patients who had intermediate levels of a protein called tau, which can become toxic and kill neurons. At 12 months, donanemab cleared plaque in 71% of patients with the same tau levels.

“It should be clear that drugs that remove plaque, especially if you can remove plaque completely and quickly, can result in very significant clinical benefits for the patient,” Skovronsky said in an interview.

“The earlier in the disease process you do this, the more you can slow down the disease,” he said.

dr Eric Reiman, executive director of the Banner Alzheimer’s Institute, said the results don’t necessarily mean the plaque is completely gone, but donanemab cleared the plaque to such an extent that the treatment eliminated measurable evidence of it. Banner Alzheimer’s Institute had two physicians who were principal investigators in the donanemab study.

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Brain swelling and risk of bleeding

Donanemab can cause brain swelling and bleeding in patients, which in some cases can be serious and even fatal. According to Lilly, three study participants died from these side effects.

This type of side effect has been seen with other Alzheimer’s antibody treatments like Eisai’s and Biogen’s Leqembi, which received accelerated FDA approval in January.

Reiman said he’s encouraged by the potential clinical benefits for patients, but it’s important to be clear about the risks.

“We also need to be aware that there are side effects, including an unusual but potentially catastrophic risk,” Reiman said. “And we must continue to do our best to understand what that risk is for individual patients, to educate patients and caregivers, and to do what we can to mitigate that risk,” he said.

About 24% of patients receiving donanemab showed brain swelling on MRI, but only 6% showed actual symptoms. Around 31% of patients had small bleedings in the brain, called microbleeds, compared with 13.6% of patients who did not receive the treatment.

Lilly said most cases of brain swelling and bleeding are mild to moderate and patients stabilize with the right care, but cautioned that serious and life-threatening events can occur. According to Lilly, about 1.6% of cases of swelling and bleeding were serious.

Skovronsky said every patient needs to have a conversation with their doctor, who will weigh the potential benefits of donanemab against the possible risks.

“On a population basis, in our view, the benefits outweigh the risks,” Skovronsky said.

“The FDA is the US steward for this,” he said of the risk-benefit analysis that will determine whether donanemab receives approval.

Joe Biden attends the 2024 marketing campaign fundraiser hosted by Tony James

U.S. President Joe Biden speaks on creating new manufacturing jobs at the Washington Hilton on April 25, 2023 in Washington, DC.

Jim Watson | AFP | Getty Images

President Joe Biden is traveling to New York City next week to make a potentially lucrative campaign fundraiser as he amass an early cash pile for his reelection bid, CNBC has learned.

Former Blackstone executive Tony James will first host Biden for a campaign fundraiser at his New York apartment on May 10, according to a memo to donors first verified by CNBC. Tickets to the gathering cost $25,000 per person, according to the memo. Transportation Secretary Pete Buttigieg is also expected, the memo said.

After the James gathering, Biden will then head to a campaign benefit dinner at the home of George Logothetis, the chief executive officer of global conglomerate Libra Group, according to a person with direct knowledge of the matter.

The fundraisers are Biden’s first events to raise campaign money in the Big Apple since he announced he would be running for re-election next year. They signal early support for the incumbent among wealthy Democratic donors, though some voters for the party say they would prefer an alternative to the president.

The Biden fundraisers are set to come a day after the president meets with congressional leaders at the White House to discuss the debt ceiling.

A spokesman for the Biden campaign declined to comment. James and Logothetis did not respond to requests for comment.

James, who raised money for Biden during his 2020 presidential victory against President Donald Trump, announced he was retiring from Blackstone nearly two years ago after serving as the private equity giant’s executive chairman. Biden announced earlier this year that James would be appointed to his Intelligence Advisory Board.

James owns a two-story duplex on swanky Fifth Avenue across from Central Park, which he bought for $24.9 million, Forbes reported. Former Wall Street exec has net worth: The Financial Times reported that weeks before leaving the firm, James sold $500 million worth of Blackstone stock.

Logothetis and his wife reportedly bought a $12.5 million townhouse on the Upper East Side and have since hosted campaign fundraisers there, including a rally in support of former President Barack Obama. Logthetis and his family members were regular donors to the Democratic Party, according to the bipartisan OpenSecrets.

Wall Street executives played a key role in Biden’s 2020 victory over Trump. They spent over $74 million in support of his candidacy.

Some of the party’s wealthiest donors, including media mogul Haim Saban, tech exec Reid Hoffman and Wall Street titan Donald Sussman, all immediately moved to get in Biden’s corner on his re-election bid.

Biden brings together key party financiers as polls show his rival in Trump is the early favorite to once again become the Republican nominee for president.

A poll by NBC News shows that 46% of Republican primary voters support Trump over other stated and potential rivals, including former Florida Gov. Ron DeSantis. DeSantis follows him with 31% support.

The majority of respondents said they would prefer neither Biden nor Trump to run for president.

According to data from OpenSecrets, Trump and Biden have collectively raised nearly $2 billion in the 2020 election cycle.

Biden raised just over $1 billion this cycle, while Trump raked in $773 million.

How North West Saved Mother Kim Kardashian’s 2023 Met Gala Gown

Kim Kardashianyou’re doing great, sweetie.

There’s no denying the Kardashians star made a stunning entrance at the 2023 Met Gala in a custom-made Schiaparelli gown, embellished with 50,000 freshwater pearls, draped across her cleavage and from the hips down. A fitted corset served as the centerpiece while she accessorised with a white floor length scarf, matching heels and a chandelier necklace. (See each swoon arrival here.)

After exiting the fashion event on May 1st, however, the SKIMS founder literally had to clutch her pearls when the bottom half of her dress broke apart, tearing strands of pearls and scattering them all over the floor.

But in true Kim fashion, she handled the wardrobe malfunction like a pro and smiled for the paparazzi as she headed into the Ritz-Carlton Hotel. But long before the night was over, she had admitted that her design was somewhat problematic.

Ford cuts the value of the electrical Mustang Mach-E by 1000’s of {dollars}

The Ford Mustang Mach-E is unveiled at the New York International Auto Show on April 5, 2023 in Manhattan, New York City.

David Dee Delgado | Reuters

DETROIT- Ford engine is again slashing entry prices of its electric Mustang Mach-E by thousands of dollars as the automaker ramps up production of the crossover and reopens order banks for the vehicle.

The Detroit automaker said Tuesday it would drop prices on the Mach-E by $1,000 to $4,000. The cuts will drop the vehicle’s starting price between $42,995 and $59,995.

The reductions follow recent price adjustments in the electric vehicle market Tesla cut prices several times this year, but this week also raise prices slightly for some models.

Ford last announced it would cut prices for the Mach-E by $600 to $5,900 in January, weeks after Tesla announced similar price cuts for vehicles like the Mach-E-like Model Y.

Automakers are trying to balance growth and losses/gains when it comes to electric vehicles — something Wall Street analysts have been watching to better guide the company’s strategies with vehicles.

“Like others [automakers]Ford must decide what type of EV strategy to pursue: grow fast and burn money, or take a more focused approach that prioritizes capital discipline,” Adam Jonas, an analyst at Morgan Stanley, said in an investor note last week.

Tesla CEO Elon Musk said last month the company will prioritize growth over profits in a weak economy.

Musk said the company “believes that the pursuit of higher volumes and a larger fleet is the right choice here, as opposed to lower volume and higher margin,” but noted that he expects Tesla vehicles “Able to generate significant gains over time through autonomy.”

In addition to the price change, Ford said Tuesday that standard-range Mach-E models will now be powered by lithium-iron phosphate batteries instead of lithium-ion. The vehicles will also add additional horsepower and range, Ford said.

“Increasing production of the Mustang Mach-E in the second half of this year is part of Ford’s plan to scale electric vehicles and make them more accessible and affordable for customers,” Ford said in a press release.

Ford also said Tuesday that its hands-free BlueCruise driver-assistance system will be available on all Mustang Mach-E models. A free 90-day trial of the system is included for new owners. Ford said a three-year subscription to BlueCruise will cost $2,100, up from $1,900.

Pfizer (PFE) Quarterly Report 2023

Pfizer on Tuesday reported first-quarter sales and adjusted earnings that beat Wall Street expectations, despite a decline in sales attributed to lower demand for the company’s Covid vaccine.

Shares of the pharmaceutical giant were largely unchanged on Tuesday. Shares are down more than 23% for the year through Monday’s close, putting the company’s market value at around $221.3 billion.

Here’s what Pfizer reported versus Wall Street expectations, based on a poll of analysts by Refinitiv:

  • Earnings per share: Adjusted $1.23 vs. 98 cents expected
  • Revenue: $18.28 billion versus $16.59 billion expected

Pfizer posted net income of $5.54 billion, or 97 cents a share. That compares to $7.86 billion, or $1.37 per share, in the first quarter of 2022.

The company reported revenue of $18.28 billion in the first quarter, down 29% from the same period last year.

Sales of the company’s Covid vaccine fell $10 billion, or 75%, from the year-ago quarter. Pfizer said this was mainly due to lower contracted supplies and demand in international markets.

The drop was also due to lower contracted shipments from the US government, Pfizer said, as the country prepares to move Covid products to the commercial market later this year.

Sales of Pfizer’s Covid antiviral pill Paxlovid rose $2.8 billion in the first quarter compared to the same period last year. Pfizer said Paxlovid’s revenue was driven by new launches in certain international markets and strong demand in China due to rising Covid cases.

Sales were also boosted by final deliveries related to a US contract secured in late December.

Paxlovid first made an emergency appearance in the US market in late December 2021. Pfizer hopes to get full Food and Drug Administration approval for the drug this year. Still, the company expects full-year Paxlovid sales to fall 58% compared to 2022.

Excluding sales of Covid products, Pfizer said sales were up 5% in the first quarter from the same period a year ago.

That growth was fueled by products from recently acquired companies, according to Pfizer. These include Biohaven Pharmaceutical’s migraine drug Nurtec ODT and Global Blood Therapeutics’ sickle cell disease treatment Oxbryta, which contributed $167 million and $71 million, respectively.

The company said the surge was also due to strong sales of drugs like sulperazon, an antibiotic used to treat urinary tract infections, and blood thinner Eliquis.

The New York-based company maintained its 2023 revenue guidance of $67 billion to $71 billion. Pfizer also reiterated its full-year adjusted earnings guidance of $3.25 to $3.45 per share.

However, Pfizer continues to expect Covid-related sales to decline this year. The company reiterated its forecast of $13.5 billion in 2023 Covid vaccine sales and $8 billion in revenue for Paxlovid.

Pfizer CEO Albert Bourla said the company expects this year to be a “transition year” for Covid sales as the US pivots to the commercial market for Covid products.

He said the company expects uptake of its Covid vaccine in the US to decline this year and into 2024.

However, Bourla noted that Pfizer expects vaccination rates to recover beginning in 2025 and “continue into 2026 and beyond” provided the company successfully rolls out multiple Covid combination vaccine treatments.

He said the company expects a similar trend outside the US, with some variance in certain countries.

Excluding Covid products, Pfizer expects sales to grow 7% to 9% this year.

Bourla said that’s because the majority of the company’s near-term product launches are expected to occur in the second half of this year. The company expects to launch 19 vaccines and treatments over the next 18 months, he noted.

“As such, we expect our non-Covid revenue to grow faster in the second half of the year than the first,” Bourla said during the earnings call.

Pfizer and other drug companies like Modern And Johnson&Johnson have braced themselves for a sharp drop in Covid-related sales this year as the world emerges from the pandemic and relies less on blockbuster vaccines and treatments for the virus.

But Pfizer is pinning its hopes on mergers and acquisitions and a record-breaking pipeline to help the company navigate its post-pandemic boom.

That pipeline includes Pfizer’s RSV vaccine for use in older adults, which could receive FDA approval later this month.

The pipeline also includes the company’s new pediatric pneumococcal vaccine and an ulcerative colitis drug from recently acquired Arena Pharmaceuticals.

Pfizer also said last year that it plans to hit $25 billion in dealmaking revenue by 2030.

The company has already made strides toward that goal with its $43 billion acquisition of Seagen in March. According to Pfizer, Seagen’s cancer therapies could contribute more than $10 billion in risk-adjusted sales by 2030.

Read the winning announcement.

This is an evolving story. Check for updates again.

Trump melted and threw a reporter’s telephones when requested in regards to the Manhattan case

On his plane after his Waco, TX rally, former President Donald Trump melted and threw reporter’s phones when asked about the Manhattan case against him that resulted in 34 felonies.

Vanity Fair received a record of Trump’s treatment of NBC News reporter Vaughn Hillyard and reported:

Hillyard’s questions at the time revolved around Trump’s posts on Truth Social; The former president had warned there could be “possible death and destruction” if impeached. When Hillyard tried again to clarify Trump’s “version of events” surrounding the prosecutors’ investigation, the ex-president said, “I don’t want to speak to you.” Hillyard tried to ask a different question. “You hear me? You’re not a nice guy,” Trump said, turning to take a question from another reporter. When Hillyard tried to get an answer a third time, Trump lost his composure. “Okay, let’s go , get him out of here,” Trump said. “Get out of here. Get out of here,” Trump said, while Hillyard tried again, “The special counsel, sir.” A deeper voice, apparently belonging to a Trump campaign aide, is heard saying, “Vaughn, we’re done.”

Trump then grabbed one of the phones recording the chatter and asked, “Whose is that?” Hillyard replied that it was his. Trump picked up another phone and asked the same question. “That’s mine, too,” Hillyard said. The former president tossed both phones out of sight onto the seat next to him; In the recording, one of the phones can be heard hitting a surface.

Hillyard was far more diplomatic when discussing his interaction with Trump at the time on MSNBC.

The NBC reporter said Trump was pissed and would not answer questions. He didn’t say Trump tried to throw him out of the crowd, lost him and threw Hillyard’s phones.

This is the same guy CNN is giving a nationally televised town hall next week. Trump would not answer questions from mainstream journalists about the Manhattan case before he was indicted.

CNN probably thinks they’re playing it safe but only lets Trump answer questions from an audience of Republican primary voters, but the former president seems unstable.

Trump has attempted to overthrow the government, and if anything, his emotional state has deteriorated since losing the 2020 election.

The Trump team is trying to cover up his behavior, but it will come out, and every time it does it will remind voters that Trump is totally unelectable and shouldn’t be anywhere near the Oval Office.

Jason is the managing editor. He is also a White House press pool and congressional correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public policy with a specialization in social reform movements.

Awards and professional memberships

Member of the Society of Professional Journalists and the American Political Science Association

Scientists are creating an AI system that focuses on changing ideas into textual content

Alex Huth (left), Shailee Jain (center) and Jerry Tang (right) prepare to collect brain activity data at the University of Texas Biomedical Imaging Center at Austin. The researchers trained their semantic decoder using dozens of hours of participants’ brain activity data collected in an fMRI scanner.

Photo: Nolan Zuk/University of Texas at Austin.

Scientists have developed a non-invasive AI system that focuses on translating a person’s brain activity into a stream of text, according to a peer-reviewed study published Monday in the journal Nature Neuroscience.

Dubbed a semantic decoder, the system could ultimately benefit patients who have lost their ability to communicate physically after stroke, paralysis or other degenerative diseases.

Researchers at the University of Texas at Austin developed the system in part using a Transformer model similar to the models supporting Google’s Bard chatbot and OpenAI’s Chatbot ChatGPT.

Study participants trained the decoder by listening to several hours of podcasts in an fMRI scanner, a large device that measures brain activity. The system does not require any surgical implants.

PhD STUDENTS JERRY TANG PREPARE TO COLLECT BRAIN ACTIVITY DATA AT THE UNIVERSITY OF TEXAS BIOMEDICAL IMAGING CENTER IN AUSTIN.

Photo: Nolan Zuk/University of Texas at Austin.

Once trained, the AI ​​system can generate a stream of text as the participant listens or imagines telling a new story. The resulting text is not an exact transcript, but the researchers designed it with the intention of capturing general thoughts or ideas.

According to a press release, about half the time, the trained system produces text that closely or exactly matches the intended meaning of the participant’s original words.

For example, when a participant heard the words “I don’t have a driver’s license yet” during an experiment, the thoughts were translated to “She hasn’t even started learning to drive yet”.

“For a non-invasive method, this is a real advance compared to what has been done before, which typically consists of single words or short sentences,” said Alexander Huth, one of the study’s leaders, in the press release. “We get the model to decode continuous speech over longer periods of time with complicated ideas.”

Participants were also asked to watch four videos with no sound while inside the scanner, and the AI ​​system was able to accurately describe “specific events” from them, the press release said.

As of Monday, the decoder cannot be used outside of a laboratory setting because it relies on the fMRI scanner. However, according to the statement, the researchers believe it could eventually be used via more portable brain imaging systems.

The study’s lead investigators have filed a PCT patent application for this technology.

Alicia Keys invitations teenage taking pictures sufferer Ralph Yarl to a live performance

Alicia Keys personally invited Ralph Jarl to an upcoming concert date, according to TMZ.

An attorney for Yarl’s family, Lee Merritt, told the outlet that the singer asked Ralph to come to the show in Kansas and meet her at a concert scheduled for this July.

As previously reported, 84-year-old Andrew Lester shot and killed Ralph April 13 after the 16-year-old accidentally rang the wrong doorbell.

RELATED: UPDATE: Andrew Lester, 84, pleads not guilty to shooting of 16-year-old Ralph Yarl

Like Alicia, Roc Nation is said to have contacted Ralph and his family. They have reportedly offered to help with Ralph’s recovery in any way they can.

Meanwhile, Ralph’s family has set up a trust fund for him after donations came in, with the teen’s GoFundMe already topping a whopping $3.4 million.

16-year-old Ralph Yarl is now a multi-millionaire. The GoFundMe campaign uploaded for him has passed the $3 million mark thanks to you.❤️ pic.twitter.com/G7pKcrXq5Q

— Mike Sington (@MikeSington) April 19, 2023

Ralph’s mother receives tearful support from Ahmaud Arbery’s mother, accused of shooting

TMZ also reports that Ralph’s mom, Cleo, was tearfully supported by Wanda Cooper-Jones. Wanda is the mother of Ahmaud Arbery – a 25-year-old black man who was murdered in February 2020 during a racially motivated hate crime while jogging in Glynn County, Georgia.

Cooper-Jones reportedly told Cleo to lean on prayer at this point, telling her the victims, like her two sons, have the power. Lester has since been charged with assault after shooting the teenager twice. Lester pleaded not guilty on April 19.

Civil rights attorney Ben Crump further told TMZ that he doesn’t think the charges fit the crime. Officials charged Lester with first-degree assault and armed criminal activity.

KANSAS CITY, Missouri (AP) — The 84-year-old white man who shot and killed Ralph Yarl, a black teenager who went to the wrong house, is turning himself in to authorities. pic.twitter.com/Wy0PkGSiMm

— Philip Lewis (@Phil_Lewis_) April 18, 2023

Case resumes June 1, Lester remains on Bond

Zachary Thompson, a Clay County prosecutor, has since given KCTV 5 a statement on the case.

“From this point forward, the state will urge this case to move forward as expeditiously as permitted by law.” Although charges have been filed, this remains an active investigation. We continue to work with law enforcement to gather all available evidence in this case. If anyone in the community has information that would assist in this case, we encourage you to contact the Kansas City, Missouri Police Department or other law enforcement agency. As this is now an active and pending case, our office is severely limited as to the information we can publicly disclose. This is due to our desire to protect the legal integrity of the case and ensure justice is done for the victim and our community. Despite these limitations, we will be as transparent as the law allows and will endeavor to keep the public informed of all developments.”

The case will continue on June 1st. Lester will remain on bail. He is “barred from possession of a weapon or contact with Yarl,” reports KCUR 89.3 NPR.

First Republic Financial institution fails, taken over by JPMorgan

This illustrative photo shows a smartphone screen with the First Republic Bank logo and a screen with the JP Morgan Chase logo in the background in Washington, DC on May 1, 2023.

Olivier Douliery | AFP | Getty Images

taken over by regulators First Republic on Monday, leading to the third bankruptcy of a US bank since March after a last-ditch effort to persuade competing lenders to keep the struggling bank afloat failed.

JPMorgan Chase, already the largest US bank by several measures, emerged as the winner of the weekend auction for First Republic. She will receive all of the struggling bank’s deposits and a “substantial majority of the assets,” the New York-based bank said.

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The First Republic seizure led to the largest bank failure since the 2008 financial crisis when Washington Mutual collapsed. Back then, it was also JPMorgan that emerged with the assets of the failed banks.

Since the sudden collapse of Silicon Valley Bank in March, attention has focused on First Republic as the weakest link in the US banking system. Like SVB, which catered to the tech startup community, First Republic was also a type of specialty lender based in California. It focused on catering to wealthy coastal Americans, luring them with low mortgages to keep cash in the bank.

However, that model unraveled after the collapse of SVB, when First Republic’s customers withdrew more than $100 billion in deposits, the bank revealed in its April 24 earnings report. Institutions with high proportions of uninsured deposits, such as SVB and First Republic, found themselves vulnerable again as customers feared losing their savings in a bank run.

First Republic shares were down 97% by the close on Friday.

JPMorgan will receive about $92 billion in deposits as part of the deal, including the $30 billion it and other big banks invested in First Republic last month. The bank has loans worth $173 billion and securities worth $30 billion.

The Federal Deposit Insurance Corporation agreed to share losses on mortgage and commercial loans assumed by JPMorgan in the transaction and also provided it with a $50 billion line of credit.

JPMorgan said it would make a $10.6 billion payment to the FDIC.

Hit $13 billion

The weekend auction, which attracted bids from JPMorgan Chase and PNC as well as interest from other banks, was a “hard-fought bidding process,” according to the FDIC.

The transaction will cost the FDIC’s deposit insurance fund an estimated $13 billion, according to regulators. For comparison, the SVB process cost the fund around $20 billion.

California’s Department of Financial Protection and Innovation said Monday it took possession of First Republic and appointed the FDIC as receiver. The FDIC accepted JPMorgan’s bid for the bank’s assets.

“As part of the transaction, First Republic Bank’s 84 offices in eight states will reopen today during normal business hours as branches of JPMorgan Chase Bank, National Association,” the FDIC said in a statement. “All First Republic Bank depositors will become JPMorgan Chase Bank, National Association depositors and have full access to all of their deposits.”

JPMorgan CEO Jamie Dimon announced the acquisition in a statement early Monday morning.

“Our government invited us and others to get involved and we did,” he said. “This acquisition provides modest overall benefit to our business, adds value to shareholders, helps further advance our wealth strategy and complements our existing business.”

After Monday morning’s takeover, the Treasury Department tried to reassure Americans about the country’s financial system.

“The banking system remains sound and resilient, and Americans should be confident in the safety of their deposits and the ability of the banking system to perform its essential function of lending to businesses and families,” a Treasury Department spokesman said.

weak link

First Republic’s deposit outflow in the first quarter forced the company to borrow heavily from Federal Reserve facilities to keep operations running, putting pressure on the company’s margins as its funding costs are now much higher. According to Doug Peta, chief strategist at BCA Research, First Republic recently accounted for 72% of all credit from the Fed’s discount window.

On April 24, First Republic CEO Michael Roffler attempted to paint a picture of stability following the events of March. Deposit outflows have slowed in recent weeks, he said. But stocks plummeted after the company scrapped its earlier financial guidance and Roffler opted not to ask questions after an unusually short conference call.

The bank’s advisers had hoped to persuade the largest US banks to help First Republic again. A recently circulated version of the plan involved requiring banks to pay above-average interest on bonds on First Republic’s balance sheet, which would allow it to raise capital from other sources.

But ultimately, the banks, which joined forces in March to pump $30 billion in deposits into the First Republic, couldn’t agree on the bailout plan, and regulators stepped in, ending the bank’s 38-year run.

JPMorgan reveals details of deal with First Republic in investor presentation

Senate High Race, Manchin, Feinstein

Senator Joe Manchin, DW. Va., will hold a press briefing on energy permit reform on Tuesday, September 20, 2022 at the Capitol in Washington.

Bill Clark | CQ Roll Call, Inc. | Getty Images

Democrats increased their Senate majority in 2022. You’ll be lucky to keep those wins in 2024.

Republicans, who took over the House after November’s midterm elections, hope to repeat that success in the Senate next year. They have reason for hope: Democrats face a daunting 2024 Senate map that puts them on defense in 23 of the cycle’s 34 races, including several seats deemed ripe for GOP challenges.

In some of the most vulnerable contests, Democrats are trying to hold on to Senate seats in states that voted for former President Donald Trump over President Joe Biden in the 2020 presidential election.

The bleak outlook has some Senate Democrats considering retiring, even after the caucus expanded to a 51-49 majority after a better-than-expected midterm election performance.

Here are some of the top Senate races to watch:

West Virginia

Senator Joe Manchin may be one of the most conservative Democrats in the Senate, but his party affiliation still jeopardizes his reelection chances in deep-red West Virginia, which favored Trump by nearly 40 percentage points in 2020.

That may be why Manchin has still not announced whether he intends to run again — or why he refuses to even publicly admit to being a Democrat.

Manchin’s potential Republican challengers are not waiting for the incumbent to reveal his plans. Rep. Alex Mooney, whom Trump backed for his successful home race in 2022, has already received a $10 million pledge to support the conservative Club for Growth for his Senate primary.

Manchin’s campaign had $9.7 million in cash at the end of March, FEC filings showed.

But Manchin’s closest possible GOP rival may be West Virginia Gov. Jim Justice, reportedly the richest man in the state and one of his favorite contenders in the Senate race.

Election analysts from Sabato’s Crystal Ball gave West Virginia a “Leans R” rating in January, making it the most vulnerable Democratic Senate seat of the cycle.

Manchin, who won his Senate race in 2018 by around three percentage points, has recently put some distance between himself and his fellow Democrats. He even vowed to vote to repeal the Inflation Reduction Act, Biden’s signed spending bill that Manchin helped pass, and complained to Fox News that the government had broken its word.

Arizona

Democrats and Republicans alike are targeting the Arizona seat of Sen. Kyrsten Sinema, who left the Democratic Party to become independent in late 2022.

Sinema’s move, who continues to feud with Democrats, allows her to skip a potentially bloody Senate primary campaign and run directly in the general election.

But the move doesn’t guarantee her a path to victory in the state, which is seen as a blip and prime takeover opportunity. Sinema has yet to announce if she will stand for re-election in 2024.

Sinema, once seen as a progressive Democrat, has charted a dovish course in recent years. She has been criticized by some in her former party for voting against a minimum wage increase and opposing the filibuster change.

She now faces a potential challenge from her left in Democratic MP Ruben Gallego, who has reportedly outperformed Sinema in the fight for her job.

Republican Sheriff Mark Lamb also entered the race. He could run in a GOP primary against Kari Lake, the former television news anchor who lost to Democrat Katie Hobbs in Arizona’s 2022 gubernatorial race and is now considering a Senate bid.

If Sinema runs, the Arizona Senate race could turn into a three-way matchup. It is far from clear who would have an advantage in the swing state that Biden won by less than a percentage point over Trump in 2020.

While Sinema’s independent label might find favor in a state where registration competes with “Other” in the two major parties, polls show the senator remains unpopular.

Montana

Senator Jon Tester is one of three Democrats in the 2024 cycle to defend a seat in a state that voted for Trump in the last presidential election. The Republican ex-president won Montana 2020 by about 16 points.

The tester’s seat is viewed by Sabato’s crystal ball as a failure, though the Cook Political Report says the seat tilts in Democrat’s favor.

The Tester’s decision to run again is welcome news for Democrats, who would otherwise have lost the incumbent advantage in a solid red state.

But he could still face a formidable threat from his eventual Republican challenger. Former Home Secretary Ryan Zinke, MP Matt Rosendale and Governor Greg Gianforte have been eyed as possible candidates.

Ohio

Democratic Senator Sherrod Brown has been in office since 2007 and has already announced his plans for a fourth term.

But Ohio’s 2024 Senate race is currently viewed as a failure, as Republicans have made significant gains in the state in the last two election cycles.

Trump won Buckeye State by more than eight points in 2020, and GOP candidates he endorsed, including now Sen. JD Vance and Gov. Mike DeWine, won in the midterms.

Matt Dolan, a state senator and partner in the Cleveland Guardians baseball team who ran in the 2022 Republican Senate primary, is running for Brown’s seat in 2024. Bernie Moreno, another Republican contender for the Senate seat, drew a scrutiny when he proposed it Reparations for the descendants of Union Civil War soldiers “who died to save the lives of black men.”

Michigan

Democrats in 2024 will defend an open Senate seat in Michigan, a swing state that voted for Trump in 2016 and Biden in 2020.

Senator Debbie Stabenow’s surprise decision not to seek a fifth term wiped out the Democrats’ incumbent advantage over the seat, as there was no clear successor in line at the time.

Democrats made big gains in Michigan’s 2022 midterm election, seized control of the House and Senate and secured another term for Gov. Gretchen Whitmer.

Republicans Michael Hoover and Nikki Snyder have entered the race for Stabenow’s Senate seat so far.

On the Democrat side, Rep. Elissa Slotkin, who won an uphill battle for re-election in the House of Representatives at the midterms, is considered the top contender for the seat. Slotkin was endorsed in 2022 by former Rep. Liz Cheney, a Republican whose vocal Criticism of Trump after the Jan. 6 Capitol riots sparked a split with her party’s leadership and much of her base in the House of Representatives.

Sabato’s Crystal Ball and the Cook Political Report both say the Michigan Senate race is rather Democratic.

California

Unlike most other races on this list, the California race has no question that Democrats will hold on to the Senate seat, which is slated to open in 2024.

Democratic Senator Dianne Feinstein, who held the seat for three decades, announced at age 89 that she would retire at the end of her current term.

By then, several Democrats had already started campaigning for her job. The list of candidates declared so far includes MPs Adam Schiff, Katie Porter and Barbara Lee, with more potential candidates on the way.

Feinstein, the oldest member of the US Senate, took a month-long vacation this spring because of health problems. Concerns about Feinstein’s incapacity quickly became a point of contention among Democrats, with some openly calling for the senior senator’s immediate resignation and others defending her. Feinstein’s absence from the Senate Judiciary Committee has slowed Democrat efforts to advance Biden’s nominee for the judiciary.

Nevada

Trump narrowly lost Nevada to Biden in 2020, and his handpicked Republican nominee Adam Laxalt lost an even narrower race for Democratic Senator Catherine Cortez Masto’s seat in 2022.

Now the state’s other Democratic senator, Jacky Rosen, is seeking re-election in 2024. Their list of potential Republican challengers seems thin so far.

Laxalt’s name has surfaced as a potential candidate for Senate 2024, but the former Nevada attorney general pledged in April to help lead a super PAC and encourage Florida Gov. Ron DeSantis to run for president in 2024 .