Banks overall trade for just under book value. The Financial sector is where the most undervalued stocks are right now. Some smaller banks are very profitable, and cheap.

Bank stocks fell after a news report that JPMorgan Chase, Deutsche Bank, and other giant banks defied money laundering crackdowns.

You always have these regulatory surprises, whether it is missed payments or money laundering. Those “regulatory surprises” cause temporary pullbacks in the price of the stock, which are great opportunities to buy, since we know they not only have the backstop of the Federal Reserve and Treasury (taxpayers), but also the prerogative of vetting the Cabinet of any newly-elected President.

An income statement recession is not a balance sheet recession, meaning that banks can fund elevated loan-loss provisions from earnings and not impair their capital.

The future of the bank dividend, with Sheila Bair, former FDIC chairman. With CNBC’s Melissa Lee and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman, and Dan Nathan.


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