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Investors who follow financial stocks talk about a lot Dick Poe today in the big movie sweepstakes.
Is -- coming to an end -- Charlie Gasparino.
Has details that people might have skin in this game gonna wanna pay attention to what he got.
Where it is coming to an end sources -- tell the Fox Business Network that people based.
It's finalizing -- -- the final throes of an agreement we hear he's working it out with Cantor Fitzgerald.
How -- -- -- -- -- runs we should point out.
This deal is not finalized they have not signed the paper before we understand they are in advanced talks to do -- final deal so this is pretty interest in.
This is a -- you know what was it is aimed at people that you know anything about it cover Ike as someone -- the financial crisis.
This is a guy that you know was not ahead of most of the -- you know he was a fixture on business TV.
He you know I interviewed a lot about the various firms and you know when he went when -- still securities where he worked.
When under if there was an errant trader at -- -- apples right.
Obviously you -- -- do with it about seventeen -- seventeen firms came bidding for him.
As we last reported five firms were in the running.
And now it's down to one or two -- -- here he's in advanced talks with these Cantor Fitzgerald was it.
Let I'm thinking back to 2008 and I -- -- Japanese bank was -- -- I forget the name of it no more did they invest in what nineteen they've been about 90% stake in Morgan Stanley addictive thing that isn't such a great idea -- -- -- -- -- -- I don't know I mean you know isn't it.
Every analyst has good calls and -- calls I I think I I think that you know he's made some very good -- -- -- very good calls on Bear Stearns.
I disagree with his assessment of Citigroup.
I think what's good about the -- is his perspective.
How would what he's really known for is he kind of understands the sort of guts of these banks -- -- -- if you wanna hire him because he's good on TV.
He explains things well investors like -- from and he is a guy that could pull up.
Jamie Dimon and get him on the -- -- in fact when when.
JPMorgan Chase had I don't I don't think it was it was -- -- -- -- is the name is the name is big is the -- was escaping me right but.
It was Japanese banks and it was good -- but that the point you make wet when Jamie Dimon and JPMorgan Chase a blunt well problem was Dick -- a who we interviewed.
General David JNJ Florida and -- it is an expert on the things writing Jamie is that I mean PE can -- -- -- get -- a phone so the sweepstakes is coming to an end.
I can't tell you exactly when but I do know I mean this -- reiterated whose -- -- from what I understand is -- isn't during like sort of very advanced talks decide this thing.
Let me shifts gears with you very quickly because investors have a lot of skin in the game involving the -- the place -- Is this been priced in I'm hearing that they still think investors think they can be a -- The the investors do the market and we should putting point out the market has priced in the fiscal -- I could just tell you this.
I talk to CEOs a lot.
They aren't they are starting to get increasingly worried about this thing.
They are telling me that yet the market -- pricing and but they really think we're we there's a good chance to get hit the cliff now -- -- -- two important dates -- lots of meetings going on at all that.
I look for important date.
-- backs where you know if you see leaders leave town after Christmas.
We're gonna hit the -- there's no doubt OK so look for two point 12223 something before Christmas.
And then after that if we hit the cliff.
There is another potential big date that you know kind of probe could get a deal and that's after that shifted in New -- now here's a thing.
The deal is important if we come out what a deal that is merely kicked the -- let's do -- any on the rug that's going to be a problem you will see companies postponed sort of a financial activity you can see the market take a hit this is where we start to play with fire even if you hit the cliff.
Which if you think about the -- means automatic budget cuts tax increases we deal with the deficit that's not so great in the short term maybe long term it's good.
But if we don't we postpone stuff the uncertainty can be really -- -- this -- -- as an investor.
-- play all these odds look at these states right before yes right right -- and look at the kick to cancer and air about got to tell you right now bills to.
-- from it's is going to be coming up later on and he's he's going to be saying that he expects -- it down the well then they if you believed that they're gonna kick the can.
Investors have to be very defensive for the next year -- mean this is this is that's that's almost as bad.
Police a short term it's it's just has been short term as you know as -- as -- this clip in the fiscal cliff scenario might be good in the long term think about it.
Is you really get a handle the deficit.
As far as I'm concerned military -- -- I don't live in -- states but that's like Barbie for me.
But you know why should we be defending journalist Charlie Gasparino arm and a defense's future at the speed you're kind you've picked and I understand -- I will trot out granted a studio do that.