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So Dick Bové Revealed Ties To The Mafia Today

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In a note to clients about the Consumer Financial Protection Bureau.

Bove argues in a new research note that the CFPB’s examination of overdraft fees published Tuesday, coupled with its pressure on payday lenders will force low-income Americans into an even seedier version of “shadow banking system”: the Mafia. And he should know, he says, because his own family once turned to the Mafia in time of financial need. “This is not theory,” Bove writes, “when I was a child my father was ill due to a botched operation on his gall bladder. He was in the hospital for over one year. The only source of funding for my family at the time was the Mafia.”


“If banks are unable to make money available under this system because the CFPB mandates that they lose money on overdrafts, then the household loses access to this method of funding,” he wrote in a note. “The question is then where will the household get the money it needs to meet short-term obligations. The answer, of course, is through illegal lending operations aka the Mafia.”

Bove: CFPB Will Send Consumers to the Mafia [WSJ]


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.