When people who hate banks and love homeowners are full of wild rage about this here mortgage settlement, and when people who love banks and hate homeowners are full of equal and opposite rage, that is pretty good evidence that the mortgage settlement is sort of meh and compromise-y and not that interesting, so let’s not talk about it. Oh, fine, let’s. You could go read all sorts of explanations and FAQs and diagrams and “top n things to know” (n = 3, 5) but I will give you a list of only one most important thing to know about it, which is that it will not reduce my mortgage so it’s all just noise. When will politicians start sticking up for me?
There is one sort of interesting thing that is probably most cogently explained here: Continue reading »
As those of you who keep up with the trials and travails of Wall Street’s celebrity analysts know, Citigroup has not always had the best relationships with these sensitive and highly-strung individuals. At one time or another, Meredith Whitney, Dick Bové, and Mike Mayo have all had their emotions toyed with and, particularly in the case of the men, have not responded well. Bové got drunk and sent out a mass email detailing the ways in which Citi defiled her and treated her like a cheap whore not deserving of respect and a couple years back, Mike Mayo went public with his own drama, wherein he and Vikram went from being super close in 2007 to the Citi CEO going radio-silent. FOR NO REASON. FOR TWO YEARS. Continue reading »
Over the past six months or so, Wall Street has laid off a whole bunch of people. Unfortunately, having a job at this very moment does not mean you will 3 months hence. More cuts are a’ coming and according to Rochdale analyst Dick Bové, a lot more. What kind of numbers is he talking about? Let’s see. Morgan Stanley said yesterday that come 2012, 1,600 employees will be relieved of their responsibilities to the firm. Citi is getting rid of 4,000. RBS will be letting a buch of staff go, too, though the Brits have not said how many. Let’s assume a few other firms will add a couple thousand bodies to the count. How many did you get? ‘Cause after carrying the one, Bové estimates “at least another 150,000 will be fired in 2012,” and while no, he won’t show his work, he will tell you this: the government is loving this. Continue reading »
“Goldman could benefit from MF Global’s plight,” Bove said in a note today. “One might argue that Goldman is over capitalized and that it has too much liquidity. Buying some or all of MF Global might create the opportunity to make a windfall profit.” MF Global, run by Chairman and Chief Executive Officer Jon Corzine, is exploring strategic options, including a potential sale, after reporting its biggest quarterly loss ever and having its credit ratings cut by Moody’s Investors Service, a person with knowledge of the matter said today. [Bloomberg]
One thing you have to know about analyst Dick Bové is that he gets really, really pissed when people fail to afford the men in his life the respect they deserve. Continue reading »
Sources believe that Europe’s banking giants, including Deutsche Bank, UBS and Credit Suisse, along with Societe Generale and Dexia, are preparing to wield the ax in a way not witnessed since the depths of the financial crisis in 2008. “People will be fired everywhere,” said Dick Bove, an outspoken bank analyst at Rochdale Securities. [NYP]
The short version: “I challenge you to a duel.”
The long version:
Spoiler alert: Bové doesn’t believe BBW has the balls to respond to him. Continue reading »
But what can he expect, really? So typical. Continue reading »
From: Richard Bove
Subject: Regulator role in UBS loss
Did regulators play a role in the UBS loss?
Richard X. Bove
Let’s hear him out. Continue reading »
