Dick Bové

  • jamiedimonumbrella


    Layoffs Watch ’14: JP Morgan

    The House of Morgan is expected to lay off a whole bunch of employees this year. Those cuts, along with increased regulatory pressure, will somehow supposedly, eventually, cause Jamie Dimon to decide his gig as CEO is not worth the trouble and quit to become a shepherd, according to analyst Dick Bové.

    / May 12, 2014 at 9:45 AM
  • Carry the one...


    Local Moron Throws Some Numbers Around, Decides There’s A One-In-10 Chance Obama Resigns Next Year

    Here’s Kent Engelke, explaining the math he used to come up with that prediction. Take the 7% of presidents who have been impeached or resigned, ignore the fact that 0% of impeached presidents have actually been removed from office, then add 3%, just for the hell of it. “If ObamaCare is the fiasco that some […]

    / Dec 4, 2013 at 2:06 PM
  • richard_bove


    Trader Who Brought Shame To The House Of Dick Bové Gets 30 Months In Prison

    Remember David Miller? Rochdale Securites trader who masterminded a scam that involved the “unauthorized purchase of about $1 billion in Apple stock,” which he claimed was for a client (a lie)? Forget to dot a few essential i’s and cross a few crucial t’s in the scheme, which contributed to its failure and left the […]

    / Nov 20, 2013 at 1:48 PM
  • dick-bove


    So Dick Bové Revealed Ties To The Mafia Today

    In a note to clients about the Consumer Financial Protection Bureau.

    / Jun 11, 2013 at 5:35 PM
  • This face will haunt Miller's dreams.


    Trader Who Brought Down Dick Bové’s Former Firm Suffers The Consequences

    There are a lot of good options and I’m not prepared to make a definitive choice at this time, but I can at least say that one of my favorite recent financial crooks is David Miller, the doofus who put a fat suit on his finger, bought 1.6 million instead of 1.6 thousand Apple shares, […]

    / Apr 15, 2013 at 5:00 PM
  • brianmoynihan


    Dick Bové Is ThisClose To Gifting Brian Moynihan With A LivingSocial Deal For Public Speaking Courses

    After one investor conference in June 2011, veteran bank analyst Richard Bove says he called the lender’s investor relations department to complain. “I told them I didn’t believe such an incredibly bad presentation could be made,” Bove says of Moynihan. “He doesn’t have the ability to speak off the cuff, and to let him is […]

    / Feb 26, 2013 at 12:34 PM
  • dick-bove


    Dick Bové Reenters The Spotlight In Manner Befitting Dick Bové

    When regular old bank analysts switch firms, people don’t tend to make a big deal about it. Gardening leave is taken, contracts are signed, key cards are distributed, new business cards are printed. Sometimes you’ll get an email address with updated contact information. That’s usually it. Dick Bové, as you all know, however, is no regular bank analyst. Which is following his departure from Rochdale Securities, potential employers didn’t interview him, he interviewed them, why his son/spokesman, Joe Bové sent out a press release announcing the final countdown to Bové Day, and why, when that blessed day arrived, it was celebrated with a three-course banquet and a little something called the Dick Bové Banking Manifesto.

    / Jan 31, 2013 at 6:24 PM
  • dick_bove


    Dick Bové: Hold Onto Your Hats

    La Bové is back.

    / Jan 30, 2013 at 6:26 PM
  • dickboveoffice


    Dick Bové Assures Fans It’ll Be But A Few Short Weeks Until They’re Reunited Again

    Last month, “noted bank analyst” Dick Bové informed the people that after careful consideration, he had finally selected the lucky winner of the Dick Bové Sweepstakes, tapping Rafferty Capital Markets LLC to be his new employer over a large pool of suitors banging down his door. Today, Bové’s colleague/unofficial spokesman/son none of us knew about until now sent a letter to clients containing good news and bad news.

    / Jan 11, 2013 at 2:38 PM
  • dick-bove


    God Smiles On Rafferty Capital

    Noted bank analyst Dick Bove is joining New York-based brokerage firm Rafferty Capital Markets LLC. Bove said Wednesday he will begin publishing research again in about a month…Bove said he moved to Rafferty because the firm doesn’t have an asset management or investment banking branch. “I really wanted to do pure research and nothing else. […]

    / Dec 19, 2012 at 1:05 PM
  • dick-bove


    Nobody Puts Dick Bové In A Corner

    Noted bank analyst Dick Bove is planning to submit his resignation from Rochdale Securities LLC on Monday, according to a person familiar with his plans. Mr. Bove has remained at Stamford, Conn.-based Rochdale as it has searched for a rescue since Oct. 25, when a trade in shares of Apple left it in what President […]

    / Dec 14, 2012 at 2:36 PM
  • dickboveoffice


    Dick Bové Has Whittled His Long List Of Offers Down To Three Lucky Firms

    Dick Bove, the bank analyst whose brokerage, Rochdale Securities LLC, is struggling to survive after an unauthorized $1 billion Apple Inc. trade, said he’s been interviewing for a new job. Bove said he has narrowed his choice to three firms, which he declined to name, and will make a decision by about Dec. 15. The 71-year-old analyst said he’s giving Daniel Crowley, Rochdale’s chief executive officer, time to seek rescue financing after a loss on the Apple trade decimated the firm’s capital. “I indicated to them that my loyalty is with Dan Crowley and so I couldn’t make a decision until Dan threw in the towel,” Bove said today in a telephone interview. “The decision I make is really based on whether I want to stay with a small firm and write what I’m going to call provocative research or whether I want to go back in the general Wall Street milieu, dealing with corporate finance issues.” [Bloomberg]

    / Dec 7, 2012 at 3:31 PM
  • Btw he's still looking for a white knight if you're available


    Rochdale Trader “Hedged” His Fraud With Much Worse Fraud

    A thing we sometimes like to do around here is use stories ripped from the headlines to illustrate to you, in case hypothetically this should ever be of any practical interest, how – and how not – to safely and effectively engage in financial fraud. This Rochdale guy was just arrested by the FBI, so […]

    / Dec 4, 2012 at 6:11 PM
  • News

    Dick Bové Needs Your Help

    Rochdale Securities LLC, the 37-year- old brokerage that employs bank analyst Dick Bove, is seeking a capital injection after a trading error, said three people with knowledge of the firm’s situation. Executives at Rochdale are telling employees and potential investors that a trader at the firm made an unauthorized purchase of Apple shares, which has […]

    / Nov 2, 2012 at 12:47 PM
  • News

    Dick Bové: New York-Based Banks Should Move To A State That Won’t Hold Them Accountable For Fraud

    In the face of “constant hostility”—including lawsuits and a general lack of interest in promoting the industry—banks ought to leave New York and head for friendlier terrain, analyst Dick Bove said. In a note released a day after New York Attorney General Eric Schneiderman announced a lawsuit against JPMorgan Chase, Bove said it’s time for […]

    / Oct 2, 2012 at 4:47 PM
  • News

    Dick Bové: Wells Fargo Is Managed Great If You Don’t Take Into Account The Horrible Customer Service I’ve Received On Several Occasions, For Which Heads Should Roll

    Picture this. You’re world-renonwn bank analyst Dick Bové, famous for, among other things, issuing a report in summer 2008 about which banks were “next” to fail, not rolling over and taking it when Citigroup tried to screw you good, and standing by Ken Lewis when literally no one else (including his board) would. When you walk into rooms, people notice. More often than not, they ask you to pose for pictures, kiss their babies, sign their tits. Some have fainted in your presence. You’re the fifth Beatle, Justin Bieber, and George Clooney, all wrapped into one devastating little package.  It should go without saying that an appearance by you at your local branch bank, to cash six-figure checks, as you often do, would be call for a red carpet and the crème de la crème of customer service, right? Apparently wrong.

    The following is an accounting of Dick Bové’s experiences as Wells Fargo customer. (Originally he banked with Wachovia, who he had only good things to say about. Sadly, the same cannot be said for the degenerates he’s encountered at WFC.)

    * “Dick Kovacevich, Wells retired CEO, felt strongly that customers should be greeted when they entered the branch and that the visit should be a positive experience. I can honestly state that no one ever greeted me when I entered my local branch. In fact, on one occassion, when I needed to speak with a platform person, I never got the opportunity. The bank officer made me wait a bit; came out of his office and entered the public bathroom; and left the bank.”

    * “On a second occasion, I entered the branch with a low six figure check. I needed some information concerning more than one issue related to the deposit. After searching out an employee, I was told that he could not handle the transactions…It is interesting to note that no one at the branch suggested any investment to me but simply deposited the check. No one ever called me to indicate that there was over six figures sitting in a no interest checking account.”

    * “What my Wells Fargo experience suggests is that a successful bank is one that keeps seeking new customers and selling them more products and not getting bogged down by offering service…My interaction with Wells has been an enlightening experience.”

    Does Dick Bové “rate banks based on one person’s anecdotal experience”? No, at this time he does not. If he did though, a bank–if you can call it that– named Wells Fargo would be up shit’s creek right about now. Because in the scenario in which DB did assign ratings based on his own interactions with management, WFC would have a giant red “U” across its chest, for “unacceptable” and caution tape around its buildings which would in turn be condemned and schedule for demolition at 9AM.

    / Jul 24, 2012 at 5:31 PM
  • News

    Dick Bové: If You Don’t Take Reality Into Account, Bank Stocks Have Never Been Hotter

    “The fundamentals of the industry have never been better. It is only the unknown, unquantifiable, contagion risk which is keeping these stocks down,” Bove said in a nearly euphoric note to clients. “Take this issue away and investors may realize that banks are massively oversold relative to the power of their balance sheets and their […]

    / Jun 7, 2012 at 3:07 PM

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