J.P. Morgan empties the piggy bank and is Berkshire Hathaway still a buy.

You're in the right place folks because this is where the money is.

Welcome to the show folks. I am David Hanson joined once again by Morgan

Hasle. Thanks for being here. Nice to have it back. We are going to start off as we

always do with the headlines. The first one is from the Wall Street Journal and of

course the big news from the weekend J.P. Morgan faces Fight.

So this is of course referring to the tentative

$13 billion fine that they have agreed to. When's the last time you paid a $13 billion fine that they have agreed to.

When's the last time you paid a $13 billion fine?

It's been a while.

I got some parking tickets when I had to college parking on the street,

but that's pretty big.

This is the largest fine that any company in U.S. history is really faced.

And one thing that I think is interesting about this, you and I were talking about this earlier,

a lot of this fine is attached to Bear Stearns with JP Morgan bought in 2008 and

J.P. Morgan buying Bear Stearns in 2008 was really good for the economy at the

time. If Bear Stearns had imploded, which was March 2008, it

very likely would have been like Lehman Brothers was that September, where it was really a shock

to the global financial system. So JPMorgan really did the economy and the financial system a big benefit by buying Bear Stearns

and now it's taking this massive penalty for doing it.

So it's sort of interesting there.

I think one other thing, Warren Buffett brought this up the other day, if you put thousands of SEC lawyers trained on one company and say go find what they did wrong, they're going to find something wrong. You get chased by cops all day. They're going to find you for something eventually.

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