A couple weeks ago, Dick Bove was out there preaching his ‘this is the new golden era of banking’ sermon. Now he is getting down to specifics starting with BAC. They will be ushering in this period of unbridled profitability by enjoying “horrific” loan losses that may require them to increase their loss provisions to $46 billion. Possibly spurred on by the unambiguously bullish comments coming out of the G8, Bove raised his price target on BAC by approximately 36% from $14 to $19 and had some choice words for anybody bearish on financials.
It is now being conceded, by even the most bearish observers, that claims that the industry was insolvent were incorrect and, therefore, banking will survive and possible thrive
Bank of America suffering “horrific” loan losses – Bove [Reuters]
Dick Bove had some great calls.
Specfically the LEH, C group trade worked out wonderfully didn’t it?
Why doesn’t someone take all the calls he has made in the last 3 years and figure out whether one was profitable?
How to get around corporate restrictions on accessing Dealbreaker, xHamster, Craigslist Erotic Services, etc:
1. Install Putty on your work computer(ssh client)
2. Find/obtain/r00t a unix server that is publicly accessible on the internets
3. Install and SSH Daemon if one is not already installed. Bind ssh to listen on port 443
4. Setup a proxy of some sort (squid) on the unix server.
5. Figure out the IP of your web proxy on the corporate side.
6. Set up putty to use the web proxy, and port forwarding. Redirect your localhost port to the squid proxy port on your unix server.
7. Login, and point your browser proxy settings to use the localhost port your forwarding.
Yea – it’s technical, but well worth it. This ensures your web browsing cannot be monitored (unless they’re keystroke logging you) and you get access everything from work without blocks.
remember when he said Phil Purcell should be named CEO of Wachovia?
LOL!!! What a clown! They aren’t insolvent? They why did they need hundreds of Billions of taxpayer money to stay afloat???? Why do charlatons get anyone listening to them. Bove and Cramer should be chained to the bottom of the sea and never heard from again!
@2 here. If there are any other controls you’d like to subvert post your requests here and I’ll write something up. Suggestions include, but are not limitted to:
How to leverage poorly designed money transfer applications for fun and profit!
The life cycle of a trade – or how I learn to manipulate settlement and book additional revenue!
The pitfalls of corporate email – or Why the IT geeks looks at you funny
Too bad IT departments weren’t running risk management at the investment banks.
@2, here’s something I’ve been trying to figure out for about two years: how do you get your blackberry to NOT send you an email telling you you’ve just sent an email?
Drives me nuts
@Drives me nuts- Stop sending emails.
Thanks for showing up everyone.
I’ll be performing all week.
Show starts at 8PM.
Two drink minimum.
Drive home safely.
SPODE
Welcome to Jurassic Park.
@8…go into email icon on berry, options, email filters…set up a filter to not forward any emails to berry that were sent from your address.
Greg, are the rumors that you are a direct descendant of Hitler and Pol Pot true?
Porker Stansberry
@12 take that trash talk over to zh where it belongs.
#14 – I don’t understand your point (assuming you have one). Is the statement made by 12 taboo? Are you afraid it may be true? What is it that frightens you so?
@15 anyone that applies the terms “fractional reserve banking” or “fiat currency” is a conspiracy nut.
GTFO so we can talk about mayo bathing greg with used shamwows while pounding him up the ass.
@15 (12?) well, first of all, it’s not particularly entertaining, it’s not closely related to Anus’s post, and it’s the kind of thing a conspiracy theorist would say.
“Generational Buy”
when was that made again? Oh yeah March ’08. Where was the BKX Mar 7th 2008 when he put that call out? oh yeah at 77.08. Where is it now? Oh yeah 37.64.
If you bot on that call, assuming you still hold from that last call, you are underwater by 51% and that is after the 105% move the BKX (includes today) had from the lows and the start of this hiatus from reality.
By all means follow his calls though.
Space camp was the shit! Dank nugs + planetarium = the bomb. Greg ate too much freeze-dried ice cream and puked doing the human gyroscope (what a fag). Incidentally, he had to sit out most of camp: We carved Zoso symbols into the lenses of his Rec Specs while he was sleeping the first night.
All in all, I’d give it a nine out of ten–not one hot counselor.
Outtie,
Jeff Macke
@19 Jeff,
Let me know when you go again.
Ken