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I guess -- -- people on Wall Street are hawking what they say is a sure bet to double your money but should you listen to all of the hype and Charlie should answer that question on the this is not -- Madoff situation.
And actually evolves.
Kind of interest in stock Bank of America I mean -- never thought I would say this as -- -- Bank of America is one of the most bailed out banks in the history banks I think only Citigroup surpasses it -- that came after a -- over because of the 2008 right.
As you know countrywide all the bad mortgages it's now they they -- appeared on bank -- -- extend its purchase of Merrill which.
During the financial crisis had a lot of problems.
Bank of America is considered -- -- -- you know it's fun it's a figures I've picked the date and it's down to do the story.
But it is now considered a Wall Street chuck darling if you look at over the years the last year the performance of BankAmerica.
-- Goldman vs the S&P it beats all of -- I mean BankAmerica is -- -- like 25%.
During the course of the year and it's -- interest in about this story.
Is is the emergence of Bryant morning and it has a store CEO in the last year I mean a lot of people.
I've written very negative critically about about him I didn't think he was cut out for the job he was kind of guy that they that kind of fell into it I mean there was other candidates.
When can -- resigned back in 2009 that were likely to get it they couldn't do for one reason or the other investigations.
He's got a pretty good job trimming costs sort of guarding fencing one of the ring fencing excuse me.
-- those liabilities that involved to.
And right now people talking about him as as this sort of I was on think.
Pick anybody saying he's been in the Jamie -- He's having a really good run and now here's -- question.
Is -- gonna double because this is what a lot of people saying its shares or twelve dollars right now double from Erica -- over the next year people I hear a lot of Smart people talking about.
-- a bad bank -- America go to 20/20.
Four dollars get what what is it what is the theory behind this to think about it fed easing printing money.
Almost keeps putting money in his pocket and and and trimming the fact is that -- if you believe.
They have the worst behind in terms of the legal liability stemming from countrywide he settled I mean that was the first thing one handed when he got -- started settling with -- government although all those issues still have a few more but if you think though the worst is behind them.
And you think you can keep trimming.
Well you -- 24 -- stocks so there's -- advocating people buy stuff I never do that -- -- of people Wall Street say there is that there's a negative case.
Defend ever doesn't of 180 that the Fed stops printing money not next year OK graduate -- if if I know it but only if they don't the Dow would probably go to 20000 but I'm just saying.
If they if they signal that that's when all those financial stocks include BankAmerica come -- morning and there's one question one and does he have a growth strategy people don't know.
But those -- the caveats that I will say right now.
Despite today's actions down marginally stock product despite opportunity and yes I'm -- -- a lot of people out there this is one of the financial stocks people say.
You should -- Bay and you're close to the people who know -- -- hand I mean it was he the right man at the right time or was he a look at the draw because these -- well the things you have to do it at that time he thought he he wasn't the right guy prays that he was the legal guy you should have been he should -- Ken Lewis who was the CEO.
What for countrywide giving there was still a lot of talk that this was not the guy.
That had the chops to take that job.
As it turned out he wasn't of their choice member he's a lawyer kind of understands the liabilities he understands how to ring -- liabilities skated get it over with and he's a cost cutter.
That's a pretty good person to have -- -- as it turned out in that job outside if -- I'm trying to think of reasons -- shouldn't double.
If you think the Fed's gonna keep -- and -- over the next year if you think that there are beyond.
That they they've got most of the legal liabilities behind them and if you think you can still keep trimming costs because he's not a guy that great -- growing your business it's not never been his Forte.
This stock is gotta go up right I'm just coming up we're.
Get out there.
If you look at Dick okay yes I mean he's he's the guy who put -- -- big paper on how he thinks that this is just the beginning of an up cycle of south of rove actually yeah.
I you know I I -- -- I he he's.
You know he -- straight about -- -- is that he does.
When you listen to whom he gives you have -- that you should follow and he has interest in sight he's often too much of a -- on certain things.
But maybe he's got this -- right I don't know I can just tell you that.
If you're in the market -- -- a bank executives people on it did not -- and -- gonna double yeah based missing Bank of America.
How much -- very real quick how much of this is momentum at the target was on Bank of America and it's -- you know at least public opinion -- shifted the targets on JPMorgan Chase that's a good point it's their time in the sun to get that'd -- you know what -- -- and I would just say that JPMorgan.
Is is -- and he is firm that's gonna maybe ever could profits again this year right.
But I'm Tony but you know you don't buy the firm that's what -- -- that are being down and -- this is that a comeback story.
If you believe in the comeback story.
And that they've got a lot of bad stuff behind them.
And that's a cheap stock twelve dollars and try Gasparino thanks so much -- --
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