Dick Bove Defends Ken Lewis

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Dick Bove took a break from whatever it is he's doing today to profess, once again, his never-ending love for Ken Lewis and BofA. In response to the charges Cuomo and the SEC filed last week against the bank and its ex-leaders, Bove had just one thing to say: "The actions of Andrew Cuomo and the SEC cost billions and untold suffering."


In a note to clients, Bove says that while Ken Lewis (the "visionary and tactician" who "was torn from his post by politicians lacking any of Mr. Lewis' skills and successes.") was busy pretty much doing all the heavy lifting to save the financial system, it was not so much the case for Cuomo.
You see, Ken took "two actions that were key in avoiding the furtherance of the collapse. It bought Countrywide Financial and Merrill Lynch." And those actions resulted in the prevention of a financial collapse, tens of thousands of jobs being saved, New York's tax base being benefitted, and BofA shareholders becoming stronger for it.
And meanwhile, what was Andy doing? He was "a major advocate for subprime lending," whose "actions ultimately led to the collapse of the GSEs and untold suffering to possibly millions of American households." And the SEC, which spends its days looking at porn, had really little to regulate the "new, possibly questionable, securities and the ballooning of the risk on their balance sheets," which "failed and threatened the very structure of the financial system."

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