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Did Apple's Slide Just Blow Up Dick Bove's Employer?

Tyler Durden's picture


And it was shaping up to be a slow news days. From Bloomberg:


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%.


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Fri, 11/02/2012 - 12:01 | 2941404 RacerX
RacerX's picture

Rut Roh!

Fri, 11/02/2012 - 12:01 | 2941411 knukles
knukles's picture

Never just one Roach, Dale.

Fri, 11/02/2012 - 12:02 | 2941413 Precious
Precious's picture

QE Fat Finger.

Fri, 11/02/2012 - 12:03 | 2941417 camaro68ss
camaro68ss's picture

Fuck it, on with QE4 already

Fri, 11/02/2012 - 12:05 | 2941431 john39
john39's picture

they will call it "QE Sandy", bank on it...

Fri, 11/02/2012 - 12:22 | 2941501 hedgeless_horseman
hedgeless_horseman's picture



How many more funds will claim they bought AAPL due to an "error" and now need a bailout?

The 2012 version of kiting checks, DVP, and busting bad trades. 

Nothing new under the sun.


Fri, 11/02/2012 - 12:48 | 2941610 icanhasbailout
icanhasbailout's picture

oops! Fat paw.


Bailout plz?

Fri, 11/02/2012 - 12:50 | 2941620 redpill
redpill's picture

Shoulda read Zerohedge, Dick.

Fri, 11/02/2012 - 12:58 | 2941652 disabledvet
disabledvet's picture

That's Dick Bloviator to you Mister...

Fri, 11/02/2012 - 13:36 | 2941827 Manthong
Manthong's picture

"a Roch trader was supposed to be buying 125 shares every half hour"

2000 CrAAPL in a day?  What's the point?

Fri, 11/02/2012 - 14:02 | 2941947 redpill
redpill's picture

You mean a roach trader?

Fri, 11/02/2012 - 14:11 | 2941984 Winston Churchill
Winston Churchill's picture

Bovine trader.

Fri, 11/02/2012 - 12:29 | 2941537 CPL
CPL's picture

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.

Fri, 11/02/2012 - 12:06 | 2941440 Unprepared
Unprepared's picture

o'Phones and o'Pads for everyone until morale improves.

Fri, 11/02/2012 - 12:14 | 2941456 HD
HD's picture

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]

Fri, 11/02/2012 - 12:18 | 2941495 Milton Waddams
Milton Waddams's picture

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.

Fri, 11/02/2012 - 12:22 | 2941512 HD
HD's picture

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!

Fri, 11/02/2012 - 12:40 | 2941585 The trend is yo...
The trend is your friend's picture

Did somebody say Heart Attack!

Fri, 11/02/2012 - 12:38 | 2941572 Dr. Engali
Dr. Engali's picture

How can you not trust a grandfatherly figure like Dick? Just like Uncle Warren... The investor for the common people.

Fri, 11/02/2012 - 12:44 | 2941596 HD
HD's picture

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.

Fri, 11/02/2012 - 13:01 | 2941660 disabledvet
disabledvet's picture

Two thumbs up for Warren actually. Dick's goons have some "downtime with Jamie" coming...

Fri, 11/02/2012 - 13:07 | 2941679 knukles
knukles's picture

Jamie and some his bad ass niggahs gonna go all medieval in dem  muthafuckahs ...
(to paraphrase Marcellus in Pulp Fiction)

Fri, 11/02/2012 - 19:35 | 2943237 DeadFred
DeadFred's picture

Ooh, ooh, you said medieval!

Fri, 11/02/2012 - 19:37 | 2943240 knukles
knukles's picture

Impressive vocabulary, eh?

Fri, 11/02/2012 - 12:50 | 2941617 Benjamin Glutton
Benjamin Glutton's picture

CIA/Bankster mouthpiece,imo.

Fri, 11/02/2012 - 12:50 | 2941621 Dr. Engali
Dr. Engali's picture

It's a sad statement but there is more truth in our cartoons ...Simpsons...Southpark... Than we can get from the media.

Fri, 11/02/2012 - 12:58 | 2941653 HD
HD's picture

100% Agree.  Good ol' George Carlin spoke more truth to power in his career than every talking head in the past 30 years...

Fri, 11/02/2012 - 13:10 | 2941690 knukles
knukles's picture

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?

Fri, 11/02/2012 - 14:08 | 2941973 OpenEyes
OpenEyes's picture

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.


Fri, 11/02/2012 - 17:50 | 2942979 dugorama
dugorama's picture

fer gawd's sake:  it says "Comedy Central" right on the screen.  there is no pretense of being objective news coverage

Fri, 11/02/2012 - 12:39 | 2941577 The trend is yo...
The trend is your friend's picture

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?

Fri, 11/02/2012 - 12:53 | 2941627 I am a Man I am...
I am a Man I am Forty's picture

i check my trades as they are executed.

Fri, 11/02/2012 - 13:17 | 2941724 NotApplicable
NotApplicable's picture

Wouldn't it just confirm the 125k he wanted to buy?

Fri, 11/02/2012 - 15:23 | 2942339 markovchainey
markovchainey's picture

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.)

Fri, 11/02/2012 - 13:07 | 2941676 LongSoupLine
LongSoupLine's picture



hmmmm, that's odd, CNBS isn't reporting this story.  gee, shocking.

Fri, 11/02/2012 - 12:02 | 2941414 LongSoupLine
LongSoupLine's picture



Fuck you Dicky B!  This is fucking poetic!

Fri, 11/02/2012 - 12:31 | 2941543 williambanzai7
williambanzai7's picture


Fri, 11/02/2012 - 12:34 | 2941556 hedgeless_horseman
hedgeless_horseman's picture



Bring your wife and title in, and we'll dicker!

Sat, 11/03/2012 - 02:02 | 2943702 StychoKiller
StychoKiller's picture

Oh you rake!  Betcha know the Italian werd for suppository...  :>D

Fri, 11/02/2012 - 12:38 | 2941567 LouisDega
LouisDega's picture

Willy Banzi.. The musical king. Outstanding

Fri, 11/02/2012 - 12:57 | 2941647 LongSoupLine
LongSoupLine's picture

William, you gotta love the non-photoshop bonuses:


1) "no job, no problem" and;

2) "495" (where AAPL's going to)

Fri, 11/02/2012 - 13:32 | 2941800 TheFourthStooge-ing
TheFourthStooge-ing's picture

Damn, Mr. Banzai, you've done the impossible. I think I really would prefer to buy a used car from Tricky Dick Nixon.

Fri, 11/02/2012 - 12:04 | 2941423 Tortfeasor
Tortfeasor's picture

Should've listened to Gartmann and bought AAPL in GOOG terms.

Fri, 11/02/2012 - 12:05 | 2941428 5880
5880's picture

errors go into the house account

Fri, 11/02/2012 - 13:13 | 2941709 knukles
knukles's picture

'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...

Fri, 11/02/2012 - 12:05 | 2941434 slaughterer
slaughterer's picture

Same is silently happening to 100s of HFs right now.  

Fri, 11/02/2012 - 12:05 | 2941436 Calls and Putz
Calls and Putz's picture

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.

Fri, 11/02/2012 - 13:03 | 2941669 disabledvet
disabledvet's picture

Double ooops it is then!

Fri, 11/02/2012 - 12:07 | 2941441 Cursive
Cursive's picture

Rochdale today, [insert hedge fund name] tomorrow.

Fri, 11/02/2012 - 12:07 | 2941442 LongSoupLine
LongSoupLine's picture



Cue Jamie Dimon and JPM to "Corzine" Rochdale and Bove.

Fri, 11/02/2012 - 12:09 | 2941445 Calidreaming
Calidreaming's picture

wait did you see all those lines for the ipad mini ?   tell me it aint so   - this is impossible!!!!

Fri, 11/02/2012 - 12:09 | 2941447 Lost Wages
Fri, 11/02/2012 - 12:09 | 2941450 Terrorist
Terrorist's picture

Roach theory says street too long Apple. Exterminate the Hedge fund hotel California.


Fri, 11/02/2012 - 12:12 | 2941464 The Axe
The Axe's picture

if aapl rips though 588     watchout

Fri, 11/02/2012 - 12:50 | 2941618 BlowsAgainstthe...
BlowsAgainsttheEmpire's picture

When that pig goes, there's nothing but air down to around $400.  It'll be such fun to watch.

Fri, 11/02/2012 - 12:12 | 2941467 Grand Supercycle
Grand Supercycle's picture

As mentioned, APPLE parabolic weekly & monthly charts are at EXTREME levels.

Downtrend on daily chart continues.

Unfortunately longs will be badly burnt.

Fri, 11/02/2012 - 12:56 | 2941643 Orly
Orly's picture

Same can be said for USDJPY and AUDUSD?

Fri, 11/02/2012 - 12:12 | 2941469 Cursive
Cursive's picture

TD, any post forthcoming on this:

BillKing2: "Somehow, probably for political reasons, seasonal adjustment decreased from - 815,000 in October 2011 to - 740,000 in October.


Fri, 11/02/2012 - 12:39 | 2941579 Broccoli
Broccoli's picture

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.

Fri, 11/02/2012 - 12:13 | 2941470 seek
seek's picture

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.

Fri, 11/02/2012 - 13:05 | 2941674 disabledvet
disabledvet's picture

Are you kidding? "Now you have to buy the shit paper" as you exit all the quality the Fed has been monetizing bro!

Fri, 11/02/2012 - 12:14 | 2941471 Atlantis Consigliore
Atlantis Consigliore's picture

Corzined Rochdale; I smell blood in the water (Lehman) lets all short someone....

Fri, 11/02/2012 - 12:14 | 2941474 Dr. Engali
Dr. Engali's picture

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.

Fri, 11/02/2012 - 12:47 | 2941606 blu
blu's picture

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.

Sat, 11/03/2012 - 13:07 | 2944402 Non Passaran
Non Passaran's picture

> twice an hour via cron

(s)low frequency trading

Fri, 11/02/2012 - 12:14 | 2941476 Harnar
Harnar's picture

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

Fri, 11/02/2012 - 12:15 | 2941479 Stockmonger
Stockmonger's picture

You would think that brokers would have implemented some sort of order flagging and double-checking by now to prevent death by fat finger.

Fri, 11/02/2012 - 13:11 | 2941694 disabledvet
disabledvet's picture

Apparently there was an "over ride switch."

Sat, 11/03/2012 - 02:11 | 2943706 StychoKiller
StychoKiller's picture

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.

Fri, 11/02/2012 - 12:16 | 2941482 Orly
Orly's picture

"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!"


Fri, 11/02/2012 - 12:41 | 2941587 walküre
walküre's picture

The trader thought 250 an hour? That stock is trading millions daily. Must be an error.

HFT is a bitch.

Fri, 11/02/2012 - 12:45 | 2941599 Orly
Orly's picture

Exactly.  They must have said, "Two-fifty?  Ohhhhhh, okay."  Either that or, more likely, the rumour is TBS.

Fri, 11/02/2012 - 13:19 | 2941738 max2205
max2205's picture

Low Frequency Traders are killing us!!....LOL


These guys are amatuers

Fri, 11/02/2012 - 12:16 | 2941489 Downtoolong
Downtoolong's picture

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.

Fri, 11/02/2012 - 12:25 | 2941519 Bay of Pigs
Bay of Pigs's picture

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."


Fri, 11/02/2012 - 13:13 | 2941707 disabledvet
disabledvet's picture

The Feds are picking these clowns off one by one. Go up!

Fri, 11/02/2012 - 12:18 | 2941497 Boilermaker
Boilermaker's picture

They probably bought Silver at the open.

-3.5% in a few hours???  Right.

Fri, 11/02/2012 - 12:21 | 2941508 mammoth mo
mammoth mo's picture

Perhaps it was not an error.

Fri, 11/02/2012 - 12:22 | 2941510 Vincent Vega
Vincent Vega's picture

This is an outrage. I demand an investigation. Get those broker's back in here. Turn those machines back ooooooooon! ~Mor-te' Duke

Fri, 11/02/2012 - 12:22 | 2941511 slaughterer
slaughterer's picture

No wonder AAPL is trading well below AAPL pain today of $596.

Fri, 11/02/2012 - 12:22 | 2941513 SheepDog-One
SheepDog-One's picture

Oh NOES! Our trade blew up, now we need to be 'injected wth capital!

How about you go fuck yourselves instead!

Fri, 11/02/2012 - 12:26 | 2941517 Stockmonger
Stockmonger's picture





Fri, 11/02/2012 - 12:27 | 2941524 Village Smithy
Village Smithy's picture

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. 

Fri, 11/02/2012 - 12:27 | 2941526 slaughterer
slaughterer's picture


Fri, 11/02/2012 - 12:59 | 2941532 Zero Govt
Zero Govt's picture

"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"

Fri, 11/02/2012 - 12:29 | 2941535 Yen Cross
Yen Cross's picture

Dickie shoulda "fat fingered" PCLN        Up 10% today on an upgrade.

Fri, 11/02/2012 - 12:44 | 2941594 walküre
walküre's picture

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.

Fri, 11/02/2012 - 12:32 | 2941547 Zer0head
Zer0head's picture

another woodland creature on the endangered species list

Fri, 11/02/2012 - 12:32 | 2941551 RopeADope
RopeADope's picture
Fri, 11/02/2012 - 15:27 | 2941663 RopeADope
RopeADope's picture

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."

Fri, 11/02/2012 - 12:36 | 2941563 semperfi
semperfi's picture
  • No problem - just get Kevin or Ben on the phone. 

    Fri, 11/02/2012 - 12:41 | 2941586 Bastiat
    Bastiat's picture

    125 shares per 1/2 hour??  Why the odd 25 shares?

    Fri, 11/02/2012 - 12:54 | 2941633 Trimmed Hedge
    Trimmed Hedge's picture

    Better question: Why the 125..??

    Fri, 11/02/2012 - 13:35 | 2941821 buzzsaw99
    buzzsaw99's picture

    That's what I was wondering and why I don't believe their story.

    Fri, 11/02/2012 - 12:42 | 2941589 blu
    blu's picture

    They should just call the Exchange and reverse the trades. Come on, it's crony Capitalism now, nobody with connections need suffer a loss.

    Fri, 11/02/2012 - 12:42 | 2941590 ebworthen
    ebworthen's picture

    Dick Bove = banker shill

    Fri, 11/02/2012 - 12:44 | 2941597 JuliaS
    JuliaS's picture

    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?

    Fri, 11/02/2012 - 12:47 | 2941604 Bastiat
    Bastiat's picture

    Anyone else has thoughts on PM's that don't involve conspiracies?

    None here.

    Fri, 11/02/2012 - 12:49 | 2941612 fuu
    fuu's picture

    That was part of my thinking last night when I asked if we would start to see asset sales to raise cash.

    Fri, 11/02/2012 - 12:47 | 2941607 SillySalesmanQu...
    SillySalesmanQuestion's picture

     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!!!

    Fri, 11/02/2012 - 12:51 | 2941622 Downtoolong
    Downtoolong's picture

    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.  

    Fri, 11/02/2012 - 13:12 | 2941697 taraxias
    taraxias's picture

    I wish I could give me more green arrows.

    Fri, 11/02/2012 - 12:53 | 2941626 FedBunny
    FedBunny's picture

    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.

    Fri, 11/02/2012 - 12:55 | 2941637 Fix It Again Timmy
    Fix It Again Timmy's picture

    Whoopsies - Time to send in the Fixer....


    Fri, 11/02/2012 - 12:56 | 2941645 Bastiat
    Bastiat's picture

    Obama looking forward to that beachfront house in Hawaii -- plenty of choom while Bill Ayers will writes his memoir.

    Fri, 11/02/2012 - 13:00 | 2941657 Yen Cross
    Yen Cross's picture

    That was funny. I got a great visual of that.

    Fri, 11/02/2012 - 13:13 | 2941706 ekm
    ekm's picture

    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.


    Fri, 11/02/2012 - 13:22 | 2941751 Yen Cross
    Yen Cross's picture

    I'll bet you could make a pretty penny in N.Y. with those skills, right about now.;-)

    Lots of stuff rotting about now.

    Fri, 11/02/2012 - 12:56 | 2941646 I am a Man I am...
    I am a Man I am Forty's picture

    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.

    Fri, 11/02/2012 - 12:59 | 2941655 Bastiat
    Bastiat's picture

    Almost . . . unbelievable . . . in-credible, as it were.

    Fri, 11/02/2012 - 13:22 | 2941752 NotApplicable
    NotApplicable's picture

    Seems to me the fuckup wasn't in the data entry, but in the instructions to the trader. Otherwise, it makes no sense.

    Fri, 11/02/2012 - 13:48 | 2941886 Bam_Man
    Bam_Man's picture

    And then do it again and again how many times?

    Un-f***ing believable. Literally.

    Fri, 11/02/2012 - 13:04 | 2941672 GFORCE
    GFORCE's picture

    Classic. Bove is a loser.

    Fri, 11/02/2012 - 13:19 | 2941734 Manipulism
    Manipulism's picture
    If you dont hold it you dont own it.

    Corzined again:

    Stock certificates feared damaged by Sandy

    Trillions 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."


    Fri, 11/02/2012 - 13:28 | 2941773 NotApplicable
    NotApplicable's picture

    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?

    Fri, 11/02/2012 - 13:27 | 2941777 Bastiat
    Bastiat's picture

    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. 

    Fri, 11/02/2012 - 13:30 | 2941789 Manipulism
    Manipulism's picture

    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.

    Fri, 11/02/2012 - 13:22 | 2941750 Brokenarrow
    Brokenarrow's picture

    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....................

    Fri, 11/02/2012 - 13:33 | 2941810 Zer0head
    Zer0head's picture

    say what?

    Fri, 11/02/2012 - 13:23 | 2941760 NoDebt
    NoDebt's picture

    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'.

    Fri, 11/02/2012 - 13:41 | 2941854 Bastiat009
    Bastiat009's picture

    Whoever is willing to pay Dick Bove for his financial "expertise" deserves to fail.

    Fri, 11/02/2012 - 15:02 | 2942237 Motorhead
    Motorhead's picture

    Oy vey Bove'.  What a fucking putz.

    Fri, 11/02/2012 - 16:57 | 2942742 QQQBall
    QQQBall's picture

    Rogue Trader - That guy gets around! Odd he is never fired for causing oversized bonuses?


    Fri, 11/02/2012 - 19:37 | 2943239 Dineroguru
    Dineroguru's picture

    Now maybe Dick Bove can get a job he is more suited in an advertising firm that works with TBTF Banks!

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