CNBC Favorite Dick Bove Admits To Being Wrong On Banks, But For The Right Reasons, But Those Reasons Are Still Wrong!!!

Reggie Middleton's picture

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mt paul's picture

squid hunting 101...

gookempucky's picture

YC - Reminds me of the thing or was that at the north pole.

Reggie has been most generous with his information to the public...thanks Reggie.

Another stick in the eye of the world financial collapse was the quiet several trillion$ newbuild industry , when the world went tits up so did shipping. WS /world scale has ben wallowing and groveling since 2007 and the shipping industry is going broke = no payment for tonnage built. Add the frieght contracts traded OTC derivatives through London which  controls 50% of this business and it spells disaster. Oh well just another small money funding problem.

Bansters-in-my- feces's picture

No ones mentioned it,so I will.

Fuck Hillary Clinton.

Douche Bag.

SillySalesmanQuestion's picture

You always have me ROTFLMAO when I come home...keep up the great art and commentary WB7!

Yen Cross's picture

   Nice work , Mr. William Bonzai.  (  ANTARTICA out)><

indio007's picture



"Just buy the frickin dip , I can't sell at this level. I'm leveraged out the ass if the bank index drops another 10% there is no way I can make margin."




celticgold's picture

RM  ... u da MAN

SwingForce's picture

To the woodshed, Dick! Nitwit Cheerleader. Like you said, Reggie, there were no "right" reasons about anything he ever said, its all lies that he's parroting from Jamie et al. Like Bloomberg said today, "We spent $Trillions to get $Billions of profits", its becoming obvious that $Trillionz have disappeared into a black hole insinkerator (garbage disposal). Nomi Prins has said it, Catherine Austin Fitts has said it on Max Keiser's show, there is just WAY TOO MUCH money that is MISSING from the bailout equation. Like all that money shoveled into the banks should have went to pay off SOME obligation somewhere, and that SOMEone would now have $$$ to plow back into the economy or stock market or bond market or real estate market- NO! Its disappeared. Coulda paid off every mortgage in the land, nope (the money still would have flowed to the banks through the homeowners, but this isn't about helping taxpaying citizens...), coulda paid 50 states deficits, nope not about them either. This is about BANKSTERZ and their ugly cheerleader named DICK, and really what does a bank's stock price matter? Nobody owns those stocks, if they go down, who cares? They'll get more money from Benny & Timmah. 

I thought it was a joke by poster Carlyle Groupie about Bill Still's "L. Frank Baum's Wizard of Oz" video, but there are serious points to be made 1) Every dollar is borrowed into existence, hence somoeone is on the hook for MORE than the notional amount (+ interest), 2) We throw this money into the banks 3) We pay interest on this money while we let the banks earn interest on the same money, 4) $ TRILLIONS ARE MISSING!

Zeus Yiamouyiannis re: FAKE DEBT: Yeah, the money was borrowed under fraudulent pretenses, but where did it go? Its POOFED! I defaulted on my credit cards but at least I had chain saws & lawn equipment to show for the credit I spent, and I sold them, and spent again the proceeds- it shows up SOMEWHERE. The Banksterz Bailout Blitz should also show up somewhere, it has not yet.

You wanna get really pissed off? Read THE CREATURE FROM JEKYLL ISLAND by G. Edward Griffin (pdf here, click top right Download 41 MB, then click Download Anyway)

And then ask yourself, Why is Jon Corzine still a free man? Has the whole legal system gone daft? Has Obie Debt Brother turned a blind eye? Let me rimind you, in the words of Charles Furguson while accepting his Academy Award for INSIDE JOB, "Nobody on Wall Street has been prosecuted", or something like that. And nobody has been prosecuted, like William Black states- most FBI agents who make a case have been reassigned post-9/11, ain't nobody home! And like Catherine Austin Fitts said, people like "Angelo Mozilo was paid to do what he did, and he did it well". 

NOTE TO REGGIE: I know full well I'm on your post, and I feel like Princess Leia when she told Old Ben that he was her only hope. YOU are the new OB1-kenobi, there is far too much "input" (Johnny 5) for any human mortal to assimilate and process, but I trust that you can do it- this isn't about Eurobanks or BAC, this is about the realization that each American Cirizen is being sodomized by our "leaders". Nomi Prins' use of the word PILLAGE in the title of her last book was a SHOCK at the time, now its an UNDERSTATEMENT. Words such as TREASON should be drawn up for the current episode.

PS- I hear that Merkel & Sarkozy have their own Saturday Morning Show, "CRISIS FIGHTERS" (cartoon). Thanks for all you do, Mr. Middleton, I catagorize you as an American Patriot. (SquidFighter, how could I not?)

URKLE: Did I say that?

Yen Cross's picture

 Who payed for that laptop- IP connection- opinion?    THE TaX PaYer!   

  As I work my way through the rough, a " Birdie" / "EAGLE" , would be appreciated!?

SwingForce's picture

"payed" huh? Taxpayers haven't bailed out Comcast yet, but you should read Chris Whalen's brother's work.

Yen Cross's picture

 Apples and Oranges.  Monkey Boy. I like you though.

SwingForce's picture

There are RED apples & GREEN apples, but only ORANGE oranges. 

Unless you look at Yellow Freight's logo, there's no YELLOW anywhere.

(We fight like brothers, I like you too.) Only Awesome Peeps here at ZH!

PLEASE READ Jekyll Island, its AWESOME.  

Yen Cross's picture

 As in      " Baltic Dry up 25% over 6 months" ?  Priced in<

SwingForce's picture

No, as in THE CREATURE FROM JEKYLL ISLAND by G. Edward Griffin (pdf here, click top right Download 41 MB, then click Download Anyway)

sleepingbeauty's picture

But on the bright side he does kinda look like Santa Claus (Bove not Reggie).

Yen Cross's picture

 DICK meet ANGELA.   Lets POSTULATE, banking ~

razorthin's picture

In the end, fundamentals overall are nonsense.

dcb's picture

Dear Reggie,

As we have seen in this country if you want to move ahead in life it pays to be wrong on a regular basis, but get in with the big boys. since you know you can't styand there on ability, you become a toadie of these fools. if you don't believe me lets ask the long term policy failures of:

Rubin, summers, bernanke, greenspan, Geither. mishkin (sorry ccan't think of others off the top of my head.

now lets look at thosen who were proved right:

born (brooksly), warren (i think she has been proven right), Hoenig (should have been made chair man of the fed for beign long term right about almost everything)

(I am sure the zh readers can come up sith some more.


Hence, dick Bowe deserves a place on msm

NotApplicable's picture

"This is nonsense. With all due respect, you were a Dick that was wrong for
all of the wrong reasons. Earnings looked good because reporting
standards have been gutted allowing for the facade of performing loans
and reserve releases padded losses. Capital levels looked impressive to
the great unwashed because mark to fantasy allowed gaping capital
deficiencies to be glazed over."

This is nonsense. With all due respect, you know that he knows all of this (as does anyone paying attention). Either call him a liar directly, or don't bother writing about it. Playing along with his lying game by critiquing the claims gives them a level of credence they never should have, as he can now pretend to respond to them, instead of the assertion that he is a con-man. Put yourself in the shoes of a sophist, and think about which is easier to rebut.

I don't understand why you waste so much time telling people that the sky is blue, when anyone who cares can look for themselves. Those who don't care, well, you're never going to reach them, anyway.

All you're doing is wrestling with pigs.

Cow's picture

Dick has a nice beard.

Ben also has a nice beard.

Both are wrong, but are paid a lot to be right.

I really wonder what Ben and all his minions do in those nice shiny buildings.

Rainman's picture

Amerikan Bankz cannot forever release reserve themselves into prosperity !

digalert's picture

So Reggie, what do you really think of Dick Bove?

falak pema's picture

Rm should answer one question : will the europeans be able to save the euro or not? The whole world is screaming at Merkel, saying, pull ya finger out, let the ECB print, go federal, go two tier, go euro bond! DO SOMETHING FRAU, OR WE ALL GO UNDER...Will she get the message or not? 

Its now ten days that could shake the world, so RM why don't you play at being John Reed...?

11b40's picture

Reggie deals in cold, hard numbers and facts, not hypothetical declarations, which makes him so interesting to me, and I presume, such a pain in tha ass for the likes of Bove, GS, and the general beneficiaries of the status quo.

Who knows what Merkel will try to do?  Who knows what she can actually get Germany to go along with?

My guess is, Reggie's answer would be that the euro in it's present form is doomed long-term regardless what she does.

falak pema's picture

RM has been building a case for banking run in Euro for 1 year, and has also pointed out that the debt levels are such that without debt restructuring and banking recap, the euro is toast. So we are there, no safety net, no ECB funding so far. Euro is toast unless...WHat??? According to RM there are NO unlesses, its a done deal, EUro burns.

So It would be nice if he resaid it now, categorically, as that has been his pitch upto today. Just saying...but then I don't know what TPTB are hatching; as for USA/FED, an Italian collapse and bank run is just NOT acceptable. It would bring down the other two pillars of world economy: J/USA. We do hear rumblings in IMF and DC... as in Germany of desperate last minute deals.

We all take sides based on cold hard figures when we are experts. RM is an expert. Just saying...that's how investment managers do their job; they make their calls based on judgement. RM is an expert AND an investment manager. He must have made his call on this as manager. Just saying...this is the mother of current short plays etc. If I were trader/HF investor I'd take my side. 

SwingForce's picture

In the immortal words of Old Ben, "Use the force, Luke". Use Reggie's brains as your WEAPON, as your DEFENSE. You need to stake a post as your basis to judge all comers, are you daft man?

falak pema's picture

I've made my case here. I think the Euro melt down, as the concomitant world financial melt down, is inevitable.

I think the current GS + Ninja HF strategy, to financially strip Euro zone and try and black mail Merkel into going down on her knees, opening the ECB to print to infinity, will back fire. I've said it time and again here. So now that these two faced Oligarchy shills, actively feed the speculative fire and also feed the water carriers on FED side, hoping not to be the last player in the game, they will bring the whole shooting match down.

Game over on both sides of the pond. No winners. Then Uncle Sam will have to stoke the capitalist engine based on FED's exorbitant privilege and Zirp/print, print, print strategy. Until the world deems its time to pull the plug on that. That may not occur tomorrow, I grant you that. But its gonna be inevitable.

max2205's picture

Reggie 500 words OR LESS please

Bove caves??!!!! Time to ease into them. 5 years or buys and he caves at this low level.... Amateur

Kina's picture

Love the way Reggie taunts the 'Squid'.

Sudden Debt's picture

Whenever somebody ask me about a situation check on this crisis...

I just say: Read Reggie Middleton's blog.

And read it again.


richard in norway's picture

reggie reggie reggie reggie


reggie reggie reggie reggie

ihedgemyhedges's picture

Reggie may want to choose his words more carefully. In the tagline he says "Dick Comes Clean A Week After I Did Him Dirty"........


Gubbmint Cheese's picture

Yeah.. that's super classy and highlights professionalism....

Gubbmint Cheese's picture

Reggie, I'm begging you. ENOUGH with the f*ing shirtless pics and mma videos -  it really takes away from the quality of your analysis which is exceptional. You are doing yourself and your work a huge disservice.



Lost Wages's picture

His writing style and his video making skill (or lack thereof) also take away from his analysis. He might want to hire out for ghost writers and editors if he becomes popular enough.

SwingForce's picture

Please think about what you just said- you want "The Polished & Finished Product"? Why, so you can go out 2 years later and buy "The UNCUT Version"?  Here it is now, RAW in your face- cut through the crap yourself! I'm sure you don't want Mommy to cut everything into small bite-size pieces, do you? REGGIE RULEZ!!!!!!!!!

razorthin's picture

I find myself much more distracted by the shirtless (in my mind) RT host.

Absalon's picture

I won't invest in American banks either directly or through an index because I assume that their financial statements are worthless as indicators of the financial status of the banks.  In fact I sold Diamonds and Spiders earlier this year because of that belief.

SwingForce's picture

Tobacco the original medium of exchange, kicked out of DOW 3 years ago. PM today is higher than it was 10/27. Screw the banks. MO will follow.

tony bonn's picture

dick bove is a bloviated bovine wide ass trailer ho....they ain't no reason to dignify him with the time of day....

bank guy in Brussels's picture

Too much hard sell of yourself, Reggie. Though it is a very 'American' kind of style.

The softer, classy approach of Phil at Phil's Stock World, in his ZeroHedge postings courtesy of Ilene, works much better for many readers.

Phil gives lots of information, some good humour, and then just subtle modest linking to his own site.

You might try a softer sell and find it actually works better for you.

jcaz's picture

Yeah, hard to listen to anyone from Brussels giving out bank-related advice about now.......

homersimpson's picture

If softer and classy approach means leftist and socialist, count me out. There's a reason why Reggie gets rated higher than Ilene's postings.. and it's not because Ilene is a softer sell..

delacroix's picture

phil has been wrong. Reggie, not so much

SwingForce's picture

Phil & Ilene have been pretty good, better than any Elliott i know....

Everyman's picture

LOL,  Mr. Sherman, I gave you a thumbs up, however somebody that watches CNBS (probably somebody taht works there because they have so few viewers) junked you.


If all the employees at CNBS that actually believed the shinola that network was shoveling, junked you, it would probably be in the teens!

philipat's picture

The bottom line is that the market can see right through the accounting BS which TPTB have generously allowed the Banks to use (To the usual disadvantage of the 99%) and is valuing them based on the REAL value of the assets on (And off) the balance sheet. Why can't Bove do the same?

Oh what a tangled web we weave.....?