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this is a classic Warren Buffett move buy when things get ugly and JP Morgan shares along with the rest of the banks were definitely getting ugly this week so suddenly a report was leaked yesterday that JP Morgan CEO Jamie Diamond had swept in and snapped up more than 26 million worth of his bank shares it's about 500,000 shares but Charlie gasparino here to issue this warning beware the buyback um I would just say the report wasn't really leaked it was it might have been in but initially leaked but they made a filing last night JP Morgan made a filing where where it it shows that he bought a chunk of stock of $26 Million worth we should point out that he earned 27 million so he basically took his entire chunk of change uh that he earned for 20 2015 and you know use the money to buy stock so why be whereare the buyback um I would say this ja's people I spoke with him last night they said listen he thinks the stock is cheap he wants to make a statement about Bank stocks about his company stock not necessarily all Bank stocks but it clearly bled over as you as you know the bank stocks were up today um I've just seen this act before I saw it with Bear Sterns in 2007 I'm not saying JP Morgan is Bear Sterns of course not I saw it with Leman Brothers well who back then talk about Bear Sterns because just as people were flipping out of their minds very worried that jimy Kane was running around saying this in 2007 before the whole thing blew up I mean he would run around talking about how the stock is cheap you know people would say that at Leman Brothers how the stock he buy that stock I believe he did and um but I I would he certainly didn't sell it and I I would tell you that Beware of the CEO who says your stock is cheap now JP Morgan isn't going out of business I I feel pretty confident saying that but JP Morgan like all the banks are going to get hit if we get a recession and you know these guys uh you know know that they face some perilous perilous uh uh Waters going forward if we have a recession I think the warning you're trying to give people is that you've got to be careful when the head person is trying maybe look I I have no doubt he believes that the stock is cheap he believes in his company but they're trying to reverse negative sentiment Deutsche Bank overnight also said we're buying about three and a half billion back in debt of our debt be careful that's what I think Charli said and Deutsche Bank we should point out is different than JP morg why are they buying back their debt well J Deutsche Bank has lower Capital ratios has poor Capital ratios they're a little more leverag in JP Mor so they're buying back debt as opposed to stock I don't know if they have a currency to go out there and buy back massive amounts of stock um again it's a hey look over here shiny object we think this is okay this the banking industry I guess what we got to point outs the banking industry is going to do all sorts of things in the next couple weeks and months to basically say that we're fine and by stock BuyBacks is one of them I would tell the average investor don't follow the Lead watch the economy if the economy gets better then then maybe then Jamie Diamond is right if if it doesn't get better these Bank stocks are not going to do too well and by the way we've called the other Banks they're all mum on what whether they're going to uh go out and their CEOs are going to go out and do the same thing mom did you happen to see Volume 2 mil for secrets of a chambermaid the chambermaid one you heard about the story with the Ted Cru yeah I listen very pretty girl do we have a picture of her she's just professional hold on right there she's the one okay now here's the thing now this was started by the liberal media who wanted to oh come on now listen they they The Daily Beast which I occasionally post is all over now they are no but they started it where they said that they were basically they basically outed this poor woman for being in a couple of films which by the way Sarah Jessica Parker does more softcore porn in Sex in the City than I bet you this woman does that's humor and that's HB Bill Clinton did hardcore porn wait second let's be clear here Bill Clinton Bill Clinton no let's be clear Bill Clinton did hardcore porn in the Oval Office and liberal media supported him and they try to out this poor lady they're disgusting I I feel bad for her and by the way Ted Cruz blinked here's the other thing I would say Donald Trump would stand behind her well Ted Cruz isn't so that's horrible talk about a red but after Ted Cruz but after getting outed by the liberal media which allowed Bill Clinton somebody else you you don't think that his competitors out there on the Republic Bill Clinton Bill Clinton did hardcore porn said that three times thank you Charlie
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