vonnie: mike mayo, former clsi analyst.eaks at an club chicago event at 1 p.m.. tomorrow. we will review the comments right here on bloomberg television. i toss it to my colleague david gura. >> you are looking at live pictures of newport news virginia. the president donald trump accompanied by one of his advisors, jared kushner, his son-in-law. .lso secretary matus the president scheduled to speak at 230 eastern time. it is expected he will flesh out some of the themes he outlined in his address on tuesday night. marine one on the uss gerald ford to meet with the vessel -- from aer couple couple years ago. to build more than 200 navy ships. you're watching bloomberg markets, trump's first hundred days. democratic leaders calling for the resignation of attorney general jeff sessions. ♪ democratic leaders calling for the resignation of u.s. attorney general jeff sessions that he lied during confirmation hearings about conversations he had with russia's ambassador to the united states. be thee cannot even scintilla of doubt a

free agent banking analyst mike mayo joining us now.ice to see you, again. >> thanks for having me. >> when are we going to stop saying free agent? soon? >> i hope so. two weeks of being unemployed and i think my wife is ready for me to go back and get a full-time job. is. >> we're hopeful for you, as well. i should certainly say that. what's with the pie? let's just cut right to the chase. when you talk about jpmorgan -- >> owning bank stocks is as easy as pi, p-i. the margin is 3.14. this has been the biggest decline in that interest margin in 70 years. this decade, the net interest margin is down one-fifth and it's turning and more interest rates make a difference. if we get two or three interest rates -- >> we're going to fix your microphone real quick. you were so enamored with the pie, your microphone fell off. the financials have had such a great run. right. we thought the regulations were going to come off. dodd frank was maybe going to be rolled back to some extent and, obviously, with rates. but pick up the thought that you ha

we hear from mike mayo in his first tv experienced since departing from the company. ♪ >> he has beene of the most vocal analysts on wall street but this week, mike mayo is one of several u.s. based employees can't in the equity research unit. earlier, the self-described free agent analyst spoke with in hisrg's vonnie quinn first tv appearance since his dismissal. mike: i am proud to be the only analyst to testify before congress for sarbanes-oxley in 2002. if you play ball with corporate management and get all sorts of perks, and if you are aggressive with management, you get whacked upside the head. 15 years later, things haven't changed too much. things change is as much as they stay the same. having said that, i've had enough experience that i'm able ande a bit more aggressive still be able to do my job. a lot of times when you talk to management, you do much better research. in a way, the lack of access i have had over 25 years, it is detailed in my book and the testimony to congress, has helped make me a better analysts. vonnie: so you don't think anything has changed much. does

joining us is mike mayo. good to see you. mike: thanks for having me.you found out monday night. how have you been holding up? was a surprise. these things happen in the rough-and-tumble. betty: was it a surprise? mike: it was an absolute surprise. i went home and told my wife, and she said, you are fired 17 years ago, which i was, and she said, we are not doing that again. i go, what do you mean? she says, i'm not walking around central park at lunch. i'm not going to a coffee bar in the middle of the afternoon. i'm not seeing a midmorning movie with you. i will get a job because i'm afraid of what my wife might do with me. betty: she might get you before somebody else will. you say it's a surprise, but it was always an uphill battle for clsa to try to compete with the u.s. brokerage firms. investment research is very costly. it's tough to break into this market. it was always an uphill battle, right? mike: i cover global banks. day onn had its investor tuesday, and if you want to see a model of how to expand globally, jpmorgan's fastest-growing region

mike mayo is a columnist for the ft. lauderdale "sun sentinel." >> he probably thinks, "i'm king of the world." >> reporter: and the firm is where melissa lewis, an earnest, by-the-book attorney, found great success for herself and her clients. she was by all accounts a workaholic who loved what she did. no shrinking violet either. melissa loved those boozy, splashy office parties just as much as the other lawyers. she'd found herself a nice slice of the "american pie." ♪ >> reporter: and that's the thing about 38-year old melissa lewis, even as she raised her voice and glass with the senior partners, her sad end wasn't far off. and her unexpected death would get caught up in a chain of events right out of a john grisham novel. murder, betrayal, and billions of dollars in fraud. melissa lewis at the start of everything awful that followed. >> it ended up being the beginning of the end. >> reporter: "missy," as her family called her, had come so far. penthouse lawyering wasn't likely for a restless, likely for a restless,

europe and a lot of people are focusing on deutsche bank and that 8 1/2 billion dollar capital raise, mike mayo joins us now on the phone. >> free agent. >> he is a free agent. >> i like that. the skins, the skins can grab him. >> did you go down in the combine, mike? were you on the bench press and doing all that other stuff? >> i don't even want to ask you what your 40 time was. i don't want you to embarrass yourself on tv. what should we think about the deutsche bank news? >> well, this plays perfectly into the conversation you've been having. what a contrast u.s. banks, keycorp. and no other large bank is going to decline by one-third. seven years ago the largest u.s. banks raised $300 billion in capital and now we have news that deutsche bank might raise $8 billion of capital. seven years after the large u.s. banks raised money. so better late than never i suppose but that highlights the contrast between the balance sheets of deutsche or the european banks versus the u.s. banks. in fact, if you look at the europe stress scenario for deutsche bank and put it against the federal reserve crit

he has long been one of the most ,ocal analysts on wall street and in an exclusive, mike mayo talk to

what about fewer official stock pickers, we saw mike mayo and his team get fired at csla, they got ridf the research department. you need fewer research a analysts, right? if you have less and less stock pickers, you need less and less people. >> i would say this is a pendulum like many things in the market that's swinging one way. you have a lot of people going straight up in index investing. if that stays that way, there will be opportunities when herds develop because it's a herd mentality. you are going the same way everybody else is going. >> and it hides bad companies. crud companies will hide. >> we reached out to black rock. they didn't want to talk. >> middle of the pendulum, active managers underperform. that drove a flow of funds into etfs, total passive investment and this is the middle road where the fees are lower, you have something in between. >> i would say this. a lot of financial advisers will say since the financial crisis we've been in the bull market and everybody does well in the bull market. when things go down. >> another point, i promise we'll leave after this