This page has been archived and commenting is disabled.
Did Apple's Slide Just Blow Up Dick Bove's Employer?
And it was shaping up to be a slow news days. From Bloomberg:
- ROCHDALE SAID TO SEEK CAPITAL INJECTION AFTER TRADING ERROR
- ROCHDALE EXECUTIVES SAID TO TIE CAPITAL SHORTAGE TO APPLE TRADE
- ROCHDALE SECURITIES ANALYSTS INCLUDE DICK BOVE
By that logic, can one imagine the epic bailout Rochdale would need if Bank of America trades back to its rightful price well over 50% below current levels? Also, why is Rochdale trading on its own account? According to an unverified rumor, a Roch trader was supposed to be buying 125 shares every half hour, and instead bought 125,000. If correct, oops: that's a $74 million margin call.
Finally, the question of the day: How many more funds will claim they bought AAPL due to an "error" and now need a bailout?
* * *
And completely unrelated, here is Dick Bove's recommendation history on Bank of America while at Rochdale. Sadly, Bloomberg doesn't keep track of his recosat his previous employers. They were more of the same from the analyst who in March of 2008 said it was a "Once in a Generation Opportunity to Buy Bank Stocks.” A few weeks later the market was down about 40%.
- 20638 reads
- Printer-friendly version
- Send to friend
- advertisements -



Rut Roh!
Never just one Roach, Dale.
QE Fat Finger.
Fuck it, on with QE4 already
they will call it "QE Sandy", bank on it...
The 2012 version of kiting checks, DVP, and busting bad trades.
Nothing new under the sun.
oops! Fat paw.
Bailout plz?
Shoulda read Zerohedge, Dick.
That's Dick Bloviator to you Mister...
"a Roch trader was supposed to be buying 125 shares every half hour"
2000 CrAAPL in a day? What's the point?
You mean a roach trader?
Bovine trader.
We are on QE4 with the offical bond adjustment going from 40 billion a month to 85 billion per month.
look it's all fixed with the law of deminishing returns.
o'Phones and o'Pads for everyone until morale improves.
I originally posted this on 10-16-2012. I'll let Dick speak for himself...
From CNBC: Dick Bove at Rochdale Securities has a "positive" rating with a $40 price target on Citi. "Pandit has achieved every goal he set out to implement when he came to the company," the vice president of equity research at Rochdale Securities said in a statement. "Remember, it was a bankrupt entity then and now it has excess liquidity and capital."
From The Simpsons episode "Two Bad Neighbors" 1996: George Bush: [typing] And since I'd achieved all my goals as President in one term, there was no need for a second. The end. Hmm, good memoirs. Good, not great. Now, let's look at that old outboard -- soup that baby up, rattle a few windows down Kennebunkport next May. [chuckles]
http://www.zerohedge.com/news/2012-10-16/vikram-pandit-gives-his-first-p...
Why is Bove so popular with the media; is he one of those types that built a multi-decade career off of one or two big, successful predictions? You know the type - those 'analysts' and 'market strategists' who became media darlings for predicting, for instance, the '87 crash.
Bove is a mouthpiece for the banks. Ronald McDonald will never come out and tell people not to eat meat. Bove is the Ronald McDonald of the banking industry.
I'm lovin' it!
Did somebody say Heart Attack!
How can you not trust a grandfatherly figure like Dick? Just like Uncle Warren... The investor for the common people.
True. Becky Quick just loves the ol' koot. She dresses up, shows cleavage and a little leg - looks deep into his eyes and spends three hours treating him like he just came down off the mountain with two stone tablets...and a coke.
Two thumbs up for Warren actually. Dick's goons have some "downtime with Jamie" coming...
Jamie and some his bad ass niggahs gonna go all medieval in dem muthafuckahs ...
(to paraphrase Marcellus in Pulp Fiction)
Ooh, ooh, you said medieval!
Impressive vocabulary, eh?
CIA/Bankster mouthpiece,imo.
It's a sad statement but there is more truth in our cartoons ...Simpsons...Southpark... Than we can get from the media.
100% Agree. Good ol' George Carlin spoke more truth to power in his career than every talking head in the past 30 years...
Abstatively...
Americans are getting their real news from Colbert and Stewart in the same manner as the peasantry thru comedians in the bad ass olde days of the USSR
Gee, an indica of a managed news media?
Problem is that both Colbert and Stewart have a very specific political position in their comedic presentation of 'the news'. I enjoy watching both of them most of the time. But, you have to be aware that they are pushing a political viewpoint (albeit more subtely than FOX or MSNBC etc). What can be most dangerous about this is that they pretend to NOT push a political agenda and viewers (particularly young 17-24 yr olds) think they're getting the straight scoop.
I've been a fan of Jon Stewart for a long time. But recently I've become more wary of his slight-of-hand.
fer gawd's sake: it says "Comedy Central" right on the screen. there is no pretense of being objective news coverage
That is such horseshit. Even if you are the dumbest trader out their, you would catch the error after the 2nd or 3rd hour. The trader didn't check his confirms all day?
i check my trades as they are executed.
Wouldn't it just confirm the 125k he wanted to buy?
I don't know, I often go into the convenience store and accidentally purchase 1,000 cans of soda when I really just wanted one. Isn't that common?
(And please contact me if you need a good deal on soda, I seem to have extra.)
hmmmm, that's odd, CNBS isn't reporting this story. gee, shocking.
HA HA AHHH HAAAAA HAA!
Fuck you Dicky B! This is fucking poetic!
Oh you rake! Betcha know the Italian werd for suppository... :>D
Willy Banzi.. The musical king. Outstanding
William, you gotta love the non-photoshop bonuses:
1) "no job, no problem" and;
2) "495" (where AAPL's going to)
Damn, Mr. Banzai, you've done the impossible. I think I really would prefer to buy a used car from Tricky Dick Nixon.
Should've listened to Gartmann and bought AAPL in GOOG terms.
errors go into the house account
'Less you be JPM then they go into MFGlobal and the like's (Your customer's customers are Important to Us!) allocated, segregated accounts, wherever...
Same is silently happening to 100s of HFs right now.
They may not be trading for their own account beyond the error account that every brokerage has for mis-executed customer trades.
If the customer said 'sell' but they bought - they have to sell double to fill the customer and exit their own wrong position.
Double ooops it is then!
Rochdale today, [insert hedge fund name] tomorrow.
Cue Jamie Dimon and JPM to "Corzine" Rochdale and Bove.
wait did you see all those lines for the ipad mini ? tell me it aint so - this is impossible!!!!
Rochdale... Ya blew it.
http://www.youtube.com/watch?v=lbVdyPZiOLM
Roach theory says street too long Apple. Exterminate the Hedge fund hotel California.
if aapl rips though 588 watchout
When that pig goes, there's nothing but air down to around $400. It'll be such fun to watch.
As mentioned, APPLE parabolic weekly & monthly charts are at EXTREME levels.
Downtrend on daily chart continues.
Unfortunately longs will be badly burnt.
http://trader618.com
http://www.zerohedge.com/news/2012-12-24/market-analysis
Same can be said for USDJPY and AUDUSD?
TD, any post forthcoming on this:
christopher whalen @rcwhalen
BillKing2: "Somehow, probably for political reasons, seasonal adjustment decreased from - 815,000 in October 2011 to - 740,000 in October.
Do seasonal adjustments have to sum to zero at the end of the year as would seem logical that they must? I know the numbers are fantasy already but just curious how blatant the manipulations are. If these adjustments aren't zero sum over time the error between numbers and reality would just continue to grow.
I doubt he's alone. My guess is we'll be seeing more sell-offs as people needs bucks to cover margins -- which quite soon could turn into the feedback loop from hell.
Toss in fund redemptions and the highway to hell approaches quickly.
Are you kidding? "Now you have to buy the shit paper" as you exit all the quality the Fed has been monetizing bro!
Corzined Rochdale; I smell blood in the water (Lehman) lets all short someone....
Damn they couldn't afford a robot to buy 125 shares every hour? It seems like you could get an algo off of eBay that could execute that trade. Oh well see you in the funny pages Dick.
Listen. A High School student with access to an E*Trade account could have probably written a script in python to do that, and had it run twice an hour via cron.
I've no clear idea what is going on with Wall Street these days. But I get the feeling those stupid fucks are coming unglued.
> twice an hour via cron
(s)low frequency trading
off topic
did anyone see the solid gold credit card vid on the front page of bloomberg with the rich guy giving you the finger? Classic!
Fu#* you, I'm rich. Brought me to tears
You would think that brokers would have implemented some sort of order flagging and double-checking by now to prevent death by fat finger.
Apparently there was an "over ride switch."
I once had the supervisor of test analysis explain to me why corrective action for a test failure was not necessary. It seems that the test program asked the person running the test to enter a number from a test measurement, then the program would repeat the number back to the tester, and ASK: "Are you sure the measured value is correct?" Of course, the tester answered yes even though he had entered the wrong number, which of course caused the test failure. Sometimes, you just can't overcome human idiocy.
Fortunately, the equipment being tested really had nothing wrong with it.
"According to an unverified rumor, a Roch trader was supposed to be buying 125 shares every half hour, and instead bought 125,000. If correct, oops: that's a $74 million margin call."
How on Earth do errors like that happen? Short-hand, corporate speak? "Buy 250 an hour..," he says.
Thought bubble: "Well, I am used to buying in giant chunks, so my boss must have meant...yeah, okay. Okay, so let's see...what I'll do is spread it out a little and buy 125,000 every half hour. Yepperz, he'll love how smart I was on this one! Bonus time, baby! Whoot! Gonna be a great Christmas!"
:/
The trader thought 250 an hour? That stock is trading millions daily. Must be an error.
HFT is a bitch.
Exactly. They must have said, "Two-fifty? Ohhhhhh, okay." Either that or, more likely, the rumour is TBS.
Low Frequency Traders are killing us!!....LOL
These guys are amatuers
It’s such poetic justice when these self-appointed bloviators and pundits get whacked by drinking their own Kool Aid.
It reminds me of the real estate market. Most of the investment catastrophes I’m aware of are overleveraged gambles and white elephants bought at the peak of the market by, you guessed it, realtors and brokers in the real estate business trying to flip properties for a quick buck.
It would all be funny if it wasn’t all of our money and wealth ultimately paying for this mal-investment folly.
Catherine Austin Fitts brings up some excellent points on housing and QE.
"The Fed is now where mortgages go to die. Thousands of mortgages on homes that do not exist or on homes that have more than one “first” mortgage are now going to the Fed to disappear."
http://solari.com/articles/quantitative_easing/
The Feds are picking these clowns off one by one. Go ahead...lawyer up!
They probably bought Silver at the open.
-3.5% in a few hours??? Right.
Perhaps it was not an error.
This is an outrage. I demand an investigation. Get those broker's back in here. Turn those machines back ooooooooon! ~Mor-te' Duke
No wonder AAPL is trading well below AAPL pain today of $596.
Oh NOES! Our trade blew up, now we need to be 'injected wth capital!
How about you go fuck yourselves instead!
DICK BOVE: AAPL GENERATIONAL BUY OPTY
DICK BOVE: AAPL SHORTS TO TAKE IT IN SHORTS
DICK BOVE: BUY AAPL BY EOD OR BE PRICED OUT FOREVER
DICK BOVE: AAPL EVEN BETTER THAN BAC
No overt politically nasty bailout required. The fed will just make all of its' "friends" happy by buying up AAPL with both hands. Prepare for the ramp up of the decade in 4,3,2..It's good for America.
DICK BOVE: KEVIN HENRY WILL RAMP AAPL AT 3:00PM SO GET IN BEFOREHAND
"Did Apple's Slide Just Blow Up Dick Bove's Employer?"
couldn't have happened to a nicer CNBC guest (crone)
they'll be all out of systemic apologists when Buffet blows up, though he's selling US banks while the Bubble Ben Mad Contrarian Hedge Fund is on a major investment orgy in the very same sector... they can't both be right (wrong?) can they
Find an answer that connects the dots... hmm?!
"Run qe2 the Hills ...Run qe4 your Lives"
Dickie shoulda "fat fingered" PCLN Up 10% today on an upgrade.
Right because 60 million people affected by Sandy will want to travel immediately. Nevermind the fallout from airport closures and port closures. Stupid, stupid, stupid.
another woodland creature on the endangered species list
The head of the Small Woodland Creatures central bank, Jens Weidsquirrel, voices his opposition to the bailout and goes on to belittle the reckless monetary policies followed by the intellectually lazy southerners Mario Monkey and Ben Baboon.
"Man the fuck up!", chitters Jens, "It is beyond obscene for you to economically masturbate in front of our children."
No problem - just get Kevin or Ben on the phone.
125 shares per 1/2 hour?? Why the odd 25 shares?
Better question: Why the 125..??
That's what I was wondering and why I don't believe their story.
They should just call the Exchange and reverse the trades. Come on, it's crony Capitalism now, nobody with connections need suffer a loss.
Dick Bove = banker shill
A thought regarding forecasted selloffs in ETF's and bonds by the NY and NJ insurers to cover claims. What if they were invested in PM's and are cutting those instead? I mean, I'm not seeing any other significant action (aside from AAPL itself going into a negative feedback loop).
Anyone else has thoughts on PM's that don't involve conspiracies?
Anyone else has thoughts on PM's that don't involve conspiracies?
None here.
That was part of my thinking last night when I asked if we would start to see asset sales to raise cash.
oops: that's a $74 million margin call.
Best quote I've seen all year! Best laugh I've had in a long time...Thank You T.D. & WB7
Die Dick Bove!!!
I bet this is one of the reasons AAPL has been crushed lately too. Once other traders see the predicament Rochdale is in they come in like boa constrictors to put on the squeeze, force a huge loss for Rochdale and a gain for themselves. At some point, liquidity dries up and Rochdale has no way out unless they can borrow more to keep backing their position. It’s similar to what happened to JPM with the London Whale. It demonstrates how fragile and phony the markets for these hot money hedge fund darling stocks are. It’s not about fundamentals, or even supply and demand for the stock. It’s all about supply and demand for money and credit to play the game.
I wish I could give me more green arrows.
Seems old that ZH isn't covering the big news of the day: PMs getting hammered out of all proportion relative to the news. This is the real red flag of the day.
Whoopsies - Time to send in the Fixer....
http://www.youtube.com/watch?v=lkv_mJa4MNE&feature=related
Obama looking forward to that beachfront house in Hawaii -- plenty of choom while Bill Ayers will writes his memoir.
That was funny. I got a great visual of that.
Re: Your A/C question last night
The main reason I've seen for evaporator coil freeze is insufficient air. Rule of thumb is 300-400 cfm/ton of cooling.
So two issues I see with it:
1) Clogged filter - change filter
2) Worn out motor/blower - Change motor/blower if number 1 doesn't do anything.
I'll bet you could make a pretty penny in N.Y. with those skills, right about now.;-)
Lots of stuff rotting about now.
In order to fuck this up you type 3 extra zeros and don't notice, don't preview the trade, and don't check the trade once it is executed. Pretty fucking incompetent if you ask me.
Almost . . . unbelievable . . . in-credible, as it were.
Seems to me the fuckup wasn't in the data entry, but in the instructions to the trader. Otherwise, it makes no sense.
And then do it again and again how many times?
Un-f***ing believable. Literally.
Classic. Bove is a loser.
Corzined again:
Stock certificates feared damaged by SandyTrillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy.
The Depository Trust & Clearing Corp., an industry-run clearing house for Wall Street, said the contents of its vault "are likely damaged," after its building at 55 Water Street "sustained significant water damage" from the storm that battered New York City's financial district earlier this week.
The vault contains certificates registered to Cede & Co., a subsidiary of DTCC, as well as "custody certificates" in sealed envelopes that belong to clients.
The DTCC provides "custody and asset servicing" for more than 3.6 million securities worth an estimated $36.5 trillion, according to its website.
"At this point, it is premature to make an accurate assessment as to the full impact of the water damage nor would it be helpful to project on what specific actions need to be taken with respect to our vault," said DTCC Chief Executive Michael Bodson in a statement. "We are aggressively working on this situation to minimize disruption to our clients and will provide additional updates as more information becomes available."
.......
http://buzz.money.cnn.com/2012/11/02/stock-certificates-sandy/
So, let me get this straight. The entity that legally owns all of the stock, also stores certificates for others, even though it competes with their own electronic storage format?
Sounds like DTCC just eliminated the last stash of paper by proving how dangerous it is.
Meanwhile, only Jim Sinclair is left holding certs.
LOOK OUT, Jim!
Oh, and can someone tell me why anyone would have an underground vault that is NOT waterproof?
For some reason this reminds me of the destruction of the offices at the Pentagon where the investigation into the missing $trillions was going on.
After all the paper is now burned you can have your "hacking glitch" or else and ,Ups its gone.
Electronic "money" will vanish in a millisecond.
CocaRoahcdale! There are no buyers out there for zapple. You can bet some azzhole went long on r's dime and they are about to blow up. Like when the seabreeze gp's son blew up seth's h fund. They found that boy dead in his swimming pool--he was a regular cnbc contributer and james cramer's ex partner.
More and more stink everyday....................
say what?
OR, how about this explanation.....
The "fat finger" cover story is BS, the place has been in trouble for some time and Dick was out there making kissy-face to the banks because he knew he would need them to bail the place out when the problems couldn't be covered up any more.
I'm not sayin' nothin'. I'm just sayin'.
Whoever is willing to pay Dick Bove for his financial "expertise" deserves to fail.
Oy vey Bove'. What a fucking putz.
Rogue Trader - That guy gets around! Odd he is never fired for causing oversized bonuses?
Now maybe Dick Bove can get a job he is more suited for....like in an advertising firm that works with TBTF Banks!