James Early

speaker

617 appearances 9 recordings 1 series first heard Apr 2009 last heard Nov 2009

James Early’s voice in public audio — every appearance, attributed to the second.

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Motley Fool Hidden Gems Investing · Motley Fool Money: 07.31.2009 · 31 Jul 2009 podcast

That's right. voice-verified

Okay. voice-verified

And after. voice-verified

I'll be predictable and say she is always right. voice-verified

Don't forget that. voice-verified

Thanks, Chris. voice-verified

Motley Fool Hidden Gems Investing · Motley Fool Money: 07.17.2009 · 17 Jul 2009 podcast

Well, I think you kind of answered your own question, Chris. voice-verified

I mean, they got the TARP money, and they're partially betting with house money. voice-verified

And let me say that all the haters out there are saying, my gosh, what a shame. voice-verified

They're making all this money, but that was the point of the bailout, was to give them money to try and go do this stuff. voice-verified

Congress, Paulson, nobody knew at the time this was being planned, that the market would suddenly turn around for investment banking like it has. voice-verified

Investment banking is a very cyclical market dependent on trading volume. voice-verified

And let me clarify two things very quickly. voice-verified

So there's a difference between investment banking and commercial banking, what you read in the headlines. voice-verified

So JP Morgan, for example, did very, very well investment banking-wise, not so well commercial banking-wise. voice-verified

And that's pretty much true across the board. voice-verified

And second thing is a lot of these banks had a lot of special charges, one-time things going on that affected their earnings. voice-verified

Can I just say Citigroup posted a $4.3 billion profit today, which sounds great, until you learn that $6.7 billion of that profit came from selling a majority stake in Smith Barney. voice-verified

In other words, they were losing money aside from that. voice-verified

Not really. voice-verified

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