We noted last week that the collateral damage from the fall of Lehman was going to be dark, especially when it came to The Analysts. We never knew it was going to be this bad. Ladies, we’ve waded into uncharted territories and her name is Dick Bové. Three weeks ago the Ladenburg analyst recommended Lehman Brothers as a buy to clients. Recent events have determined that to not have necessarily been the best advice she could have imparted. Past performance seemed to indicate that this morning, Bové, the volatile female she is, was going to throw the mother of all temper tantrums, and flip out on Bank of America, Barclays, Hank Paulson and whoever else screwed up her call, scream and cry and wonder “how the hell could you do this to me?!”, throw a shoe and perhaps go so far as to cut off all her hair. She did none of that. Instead, in a bizarre turn of events, and as though painkillered into composure, Bové offered this:
It was my view three weeks ago, that the company must merge; that management would resist a takeover; and that the merger would be hostile.
It was further my belief that the company’s assets were not in devastatingly bad condition. That if given time they could be worked out without a major negative impact on shareholders. Moreover, it appeared that the company had generated $3.5 billion in revenue and $0.6 billion in pretax profit excluding the write downs of questioned assets in its third fiscal quarter (ended August 31). Consequently, I moved the rating on the stock up to a Buy.
This view was clearly incorrect. After extensive negotiation with other financial companies and the effected government divisions, no buyer was found and the government chose not to intervene to assist the company. Thus, we are stepping into uncharted territory.
I don’t know about you, but this is not the Bové we signed on for. Hopefully it’ll pass, but I fear we’ve yet to reach the bottom of this (lobotomized) bitch.
Bove’s Mea Culpa On Lehman [FT Alphaville]
Didn’t Bove also recommend Bear the weekend before it disappeared?
DJ 16:57
Ladenberg’s Bove downgrades LEH to “my B”
Sweet Drivn N Cryin reference.
Who does LEH need to merge with in order to survive?
This guy was a fan of Chuck Prince too.
Never trust anybody with the middle initial X.
Perhaps a private equity to LBO.
Worst. Analyst. Ever.
I heard Bove is doing a guest-spot on MAD MONEY… at it might turn into a permanent gig.
HIYO.
So this is what the future will be if McCain is elected…
WTF is up with Cramer on Mad Money. The market is up 290 today? Someone at CNBC f*cked up big time.
Commodities
Scott Kellman
Is it really incest when you suck your brother’s cock?
Pinnacle Asset Mgmt has worried investors before due to lack of transparency. But this time (x-institutional–fag cheerleaders…) ?
Ewoks are known to be overly sensitive.
Yub nub
You fucks!
What’s that squealing noise? Another pie-in-the-sky analyst taking it up the ass. More to come, fer sure!
TOGFD
Dick Bové = Dick Flambé?
With a side of flaming hog balls.
The guy clearly knew next to nothing about LEH and doesn’t understand this market.
The amazing thing is that he got “credit” for calling the bank decline when all he did was issue a sell recommendation that he pulled way too soon. Oh yeah, everyone and their mom had been saying that financials were dangerous by then but who cares when the facts get in the way of a good hero for a story? The media has a ridiculously short memory and forgot that he reversed course, oh, six months too early.
Ten years from now, he’ll still be remembered as the guy that “called” collapse in financial stocks (and his man-handed Meredith Whitney). But the rest of us that ignored his stupidity will have made a king’s ransom. Idiot.
It must be so hard to make predictions and be held to them; in normal times this never happens.
Yogi Berra: “It’s very hard to make predictions, especially about the future” – then again Yogi also said “I didn’t really say everything I said.” He had his bases covered.