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TD Ameritrade Chairman Joe Moglia on fiscal cliff concerns’ impact on investors and becoming the head coach of Coastal Carolina University’s footb...
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What do coaches and CEOs have in common wolf -- things come to mind certainly leadership the ability to put together a successful team -- TD Ameritrade chairman Joseph Moakley -- -- He's also ahead football Coach at coastal -- light -- first fear and his team.
Maybe up what dots per inch -- -- -- -- Fox Business he's joining us in lost business exclusive club Mike gosh you know we go way back so I know.
That event -- passion for coaching back in the day when you were at Dartmouth but.
That it you know this is sort of that's what interview because -- have to hear what's going on.
When it comes to the actual trader what's happening with -- these layoffs at banks so let me start with that part chairman -- You don't what we're seeing I guess the biggest trend since you and I last talked is that all these companies are fast tracking their dividends to beat the fiscal -- clock.
-- is that it's spurring people to get off the sidelines and start traded stocks more TD Ameritrade you see any change of trend.
Did the reality on something like that loses that we really haven't I think what happened was the entire market was well aware.
Of where Obama was headed and what she won the election I think it was a reaction in the markets.
I think our client base is really pretty Smart and it's difficult to make the right decision.
If you don't know what the facts -- it's gonna be it math question later on but there hasn't been a whole lot of trading specifically dividend stocks.
And I think because it the reason for that is there's an overriding concern about what's going on with the fiscal -- So I think people waiting to find out what's gonna.
Happening is not interest -- okay so from your perspective and you guys are among the biggest you're not seeing a -- saying of people jumping in saying wow all these companies are paying out early dividends.
No immediate as far as our client -- actually exactly in those buy yourself -- and I think the rationale for that is simple.
You don't know what the rates gonna -- you don't know what the rates going to be you know what -- -- that's going to be.
And if that's the reason why you -- the stock to begin with -- the might make sense of the goes up 5% it won't make sense -- goes up 30%.
So the client basis Smart enough I think to recognize that the waiting to find out what facts -- well let me go macro to micro would TD Ameritrade which has -- dividend of 2.2 percent consider fast tracking its dividend.
I think I think in the -- -- -- -- -- -- management team as well as the board will always think about what what's in the long term best interest.
All of our shareholders and that's always something that we would look at.
OK that that -- yes -- now harsh.
I think those are always things that we would look at okay decision along those lines hasn't been made if it would you be the first.
-- thank -- joke just like whether you buy TE trade I keep asking you that year after year and easy to -- will be the first to know.
Our let's get to the super sized bank Arab we have seen in the last week Citigroup cutting 111000 jobs -- really actually pulls a smaller percentage than most people might think of the entire workforce but.
Overall we've -- about 30000 jobs lost in the financial world over the past.
A year to my question -- -- was as the Arab super sized banks over a new used to work for Merrill -- you were seventeen.
In the company at one point.
Yet know why I think at -- -- I don't know if it's over but I think at the end of the day if you look back to what took place in 2008.
-- that's financial Armageddon you can't go through something that serious without having -- -- longer term impact.
We haven't come out of our recession yet -- -- to rebound in housing.
To almost things are part of it so so while we're going through an environment -- incredibly low interest rates.
For the financial sector is not -- the money that they -- war they need to be able adapt and adjust the need to be able make some -- Eventually at some point time to be light at the end of the tunnel but right now I think it's just management potentially cutting back.
To make sure that you got -- got realistic numbers relative to what's going on today and tomorrow with with regard to the economy after the actual attack.
It only adds more feared that the market into the retail trader who has been in you know the investors been sitting on the sidelines -- you know that as well aside do and TD Ameritrade volume down about twenty per actually.
The stock down about 20% since September of 09 well there was so much fear there but.
Also the trading volumes -- haven't really gotten back up to the heyday what would get the retail investor off the sidelines.
I think number one any clarity.
And you know we would talk about that an awful lot depending what's -- on the market place once we get some sort of resolution terms of what's going on.
With the tax structure what's going on with entitlement cuts what's going on with potentially incremental revenues what's happening this whole fiscal cliff Matra.
Once they have an understanding what's going on in this light at the end of the tunnel.
And the and the marketplace perceives that if something that's gonna lead to economic growth in the United States you'll actually see the individual investor get back and I think you think aggressively.
Right now there waiting and watching.
Before we go we've got to talk about the fact that you are now a Coach again you went back to your real dream job a you're coaching via.
Coastal -- -- net shot to clears -- the rooster I love the cover of the book that.
Has been written about you fourth and goal it shows a -- With briefcase heading back onto the field what's happened like -- what's that journey been like for you to -- While that the journey itself I think I think for me it's it's always bend as much as I love football.
What's always impacting me the most in the business world was the impact.
That you might be able hello have on others and for me it's about it making -- -- -- year old boy and learn how to be a man.
Learn how to stand on his own two feet set responsibility from self understanding any needs to learn the consequence of his actions helping him -- -- -- -- football colleges all the way.
And to have an impact like that -- -- you know what I can't imagine another field of endeavor that that is more rewarding than having that type of an impact.
On a young man you would know that from just terms of raising your family as they get older.
I think that's what I'm trying to do I'm proud -- you -- I mean that you were you are really an example you you've really it's never too late to really go for that during congratulations.
-- -- so much to -- thank you so much thank you very much happy holidays show.
And the same to you next jump -- that you got a birthday coming -- -- Thanks for reminding me it's the tenth annual twenty ninth birthday joke thanks so much -- -- just -- The general -- -- TD Ameritrade chairman and Coach of the coastal Carolina shot declares will be.
