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Dick Bové Will "Do It Live" No Longer

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You people have really done it now. Yesterday Dick Bové went on CNBC right after Wells Fargo had announced earnings, at which time he described the bank as a "standout" and one that had its loan losses "under control." Boves followed this up by downgrading WFC from neutral to sell. No big D, she thought, but apparently some people begged to differ! DiBo was taken to task for the sharp sell off in Wells (and the market in gen) and now, because the relentless bitching just will not quit, she's decided she's going to pack up her act and leave. According the Rochdale analyst, we will no longer be treated to her analysis of a company she hasn't yet analyzed. Now, she's going to start doing her homework before appearing on television to make recommendations and what's more? She's no longer going to play the game where Michelle Caruso Cabrera names a company and she blurts out the first word the comes into her head.

Prominent banking analyst Dick Bove, who caused a stir Wednesday with seemingly contradictory remarks on Wells Fargo, has decided he'll no longer provide immediate earnings commentary on air.
"I'm not going to do it anymore. I'm going to have to see the numbers before I go on air," Bove told Dow Jones Newswires Thursday. "It creates an untenable situation."

Bove, a prolific analyst who is widely followed but doesn't usually generate such a big reaction with his research, said Thursday that it took him six hours to digest Wells Fargo's quarterly earnings after his CNBC appearance. He also acknowledged the risks of rapid-fire earnings comments on television.
"Once I went through the numbers, it was evident to me that this company's earning power was lower," Bove said Thursday.
Late Wednesday, he had said that what CNBC wants "is a quick reaction to a number, that's what they want," contending there wasn't a conflict between the statements.
CNBC declined to comment Thursday on Bove.


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.