half the tangible books. >> back to you, gerard cassidy.us on the financials, how do you respond to that. >> tom, there's one last leg up for the banks. is eight yield curve and rising. possibly we will see both over the next 12 to 18 months. >> gerrard, the upset on these banks, 10% or 15%? today to can move from that point. we think 20-30%. followed.dely discount, aing at a marginal discount. >> it on think there is a much greater than market return in the banks looking forward. we have made over 100% over these banks in the last three years, let's not get greedy. >> instagram is on a roll. you're asking smart questions, i am doing instagram. ♪ with adamm keene, johnson and alix steel. betty liu joins us right now. >> i hate doing my taxes. who likes doing taxes? >> this year i got a $167 refund. >> hey, judging. someone is spending the cash. hank rittenberg is going to be joining us -- hank greenberg is going to be joining us. he isn't going to be speaking about his own taxes, how much he pays or doesn't pay, but corporate tax reform. he

someone with decades of experience, gerard cassidy, is in portland maine and -- portland, maine.nned at some of these. surprised is a professional like you? >> what we were expecting is not results like this -- were not results like this and going into the quarter we were very concerned, especially with the jpmorgan results announced last friday. this is a pleasant surprise and goldman's numbers are very nice, which a surprise and citigroup. >> what is the advantage of being too big, are they getting this from their scale? >> i think that this is part of it. these are global companies and because they are global they're able to capture more market share. we have to remember that the european competitors are still struggling with the issues they are having with capital. our companies have the capital. >> janet yellen made a specific point of that in her speech yesterday, i was thunderstruck would have chairman yellen spoke about the european banks. something you usually would not hear. talk to us, jerry, would you change your recommendations based on the blank fine findings. -- bl

i want to bring in gerard cassidy for more on jpmorgan. hearing some of the trouble , where does your outperform come in? >> we still believe that when you look at the numbers for this quarter, which were week, no doubt about it, when we look out over the next 12 months, if we still believe that the u.s. economy is going to expand, the jpmorgan should benefit from the growth in the u.s. economy. this quarter was weak. >> and going to get weaker? >> i don't believe that. i believe the first quarter was economically weaker for the u.s. if we see it pick up in the spring home selling season, that would be a real positive for jpmorgan. charge-offs, credit quality remains good. not deteriorating. the provision was higher than expected. of course credit quality is not deteriorating yet. the question so much of the yours andr banks, other investors and analysts, is predicated in the idea that the economy is getting stronger. the economy has grown stronger, yet it is still difficult for the banks to generate revenue. that maybethe signs the credit

gerard cassidy at rbc capital markets.me. >>> when we come back today, there's big money in mining, bitcoin mining. we'll bring you the story of one man in indiana who's grossing hundreds of thousands of dollars a year just by mining bitcoin at home. that's coming up next. drivers, tgo!our marks. it's chaos out there. but the m-class sees in your blind spot... pulls you back into your lane... even brakes all by itself. it's almost like it couldn't crash... even if it tried. the 2014 m-class. see your authorized dealer for exceptional offers through mercedes-benz financial services. save you fifteen percent or more on car insurance.d everybody knows that. well, did you know pinocchio was a bad motivational speaker? i look around this room and i see nothing but untapped potential. you have potential. you have...oh boy. geico. fifteen minutes could save you fifteen percent or more on car insurance. ♪ ...work with equity experts... who work with regional experts... that's when expertise happens. mfs. because there is no expert