In an impressively lucid performance this morning on Fox Business, Dick Bove weighed in on Citi's most recent round of senior management Survivor and then started a candid discussion about how buy-rated Citi became the juggernaut it is today by saying "Citigroup has always been a snake pit and a mess". The fun begins 2:40 in.
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.