Not only have they "completely restructured their balance sheets," and have increased earnings of "about a 20 percent rate per year" to look forward to but that business with the foreclosure stuff? "Those are legal problems, not financial problems." Bové's only regret is that Ken Lewis isn't here to see this.
Dick Bove, the bank analyst whose brokerage, Rochdale Securities LLC, is struggling to survive after an unauthorized $1 billion Apple Inc. trade, said he’s been interviewing for a new job. Bove said he has narrowed his choice to three firms, which he declined to name, and will make a decision by about Dec. 15. The 71-year-old analyst said he’s giving Daniel Crowley, Rochdale’s chief executive officer, time to seek rescue financing after a loss on the Apple trade decimated the firm’s capital. “I indicated to them that my loyalty is with Dan Crowley and so I couldn’t make a decision until Dan threw in the towel,” Bove said today in a telephone interview. “The decision I make is really based on whether I want to stay with a small firm and write what I’m going to call provocative research or whether I want to go back in the general Wall Street milieu, dealing with corporate finance issues.” [Bloomberg]