Mohamed El-Erian discusses what the latest bank earnings reveal about the state of the markets and economy
"They expect, the IMF expects, everybody expects, the worst economic hit since the Great Depression."
"But I also think, if you've made a ton of money on trading, you really don't want to show massive profits right here," El-Erian said on "Squawk Box." "You don't want to say, 'Hey look I'm doing OK,'" while millions and millions of Americans just lost their jobs.
Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world's largest bond funds in the world. Dr. El-Erian also served as a member of the faculty of Harvard Business School. Before joining PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. His book, When Markets Collide: Investment Strategies for the Age of Global Economic Change