From: Richard Bove
Sent: Friday, September 09, 2011 05:58 AM
Subject: Predictions
In the past month Rochdale Securities was alone in suggesting that the CEO of BNY Mellon should be removed. He was.
Rochdale was also alone is predicting that Bank of America would close 600 branches and cut 30,000 jobs with the bulk of the cuts in the consumer businesses. It is happening.
Richard X. Bove
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.