Noted bank analyst Dick Bove is planning to submit his resignation from Rochdale Securities LLC on Monday, according to a person familiar with his plans. Mr. Bove has remained at Stamford, Conn.-based Rochdale as it has searched for a rescue since Oct. 25, when a trade in shares of Apple left it in what President Daniel Crowley called a "negative capital position." [...] Mr. Bove has been unable to publish stock research since the errant trade, because Rochdale's cash shortfall has prevented the firm from trading securities or issuing analysis. [WSJ, earlier]
Dick Bové Reenters The Spotlight In Manner Befitting Dick Bové
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.