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Dick Bové Isn't Scared Of Julian Assanage

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And Bank of America shouldn't be either. Leak anything you want, Mr. Dribbles. There's nothing you can do that would embarrass this bank more than it's already embarrassed itself and if you're thinking of producing pictures of Ken Lewis from his last Christmas party as CEO, passed out face down on the floor of men's room Chick-fil-A, go for it. No one cares.

“It may just be the case here that the sound is greater than the fury,” the analyst wrote in a note to clients. “It is highly questionable that Mr. Assange has new information about Bank of America.” Bove, it should be noted, has a “buy” rating on BofA shares with a gaudy $19.25 price target, representing a 44 percent gain from current levels. Of all the possible damaging scenarios for the bank, Bove says the worst is the notion that memos could exist showing BofA knew it was creating toxic securities for investors buying into the subprime mortgage market. The collapse of loans to less-than-desirable borrowers capsized high-yielding securities packaged to investors, an event that in turn crushed some of Wall Street’s biggest names including Merrill Lynch and Countrywide Financial, which BofA ultimately absorbed.

Addressing other possible areas of attack, Bove said information on departed management no longer would be relevant and CEO Brian Moynihan hasn’t been around long enough to attract any dirt.

Having said that, in the interest of full disclosure, Bove has bought the domain Just as a hedge.

Assange Blowing Smoke On BofA [NetNet]