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Dick Bove's "Too Little To Fail" Employer Needs Up To $1 Billion Bailout

Tyler Durden's picture




 

The saga of Rochdale, or the firm that is now officially Too Little To Fail, following its hilarious screw up in Apple trading as reported previously, when it got the size if not direction of AAPL stock post earnings wrong, and as a result the guy who otherwise would have had a massive X-mas bonus has been outed as a "rogue trader", is nearing its logical conclusion.

  • ROCHDALE SAID TO BE IN ADVANCED RESCUE TALKS AFTER APPLE TRADES
  • ROCHDALE'S APPLE TRADES SAID TO RANGE FROM $750 MLN T0 $1 BLN
  • ROCHDALE SAID TO POTENTIALLY ANNOUNCE DEAL AS EARLY AS TODAY

What happens next? DBRS buys them for their strong integrity and work ethic? The NYT gets a licensing deal and makes Dick Bove into a political forecaster taking advantage of his infallible predictive Black Box (see his Bank of America reco rating below)? Inquiring minds want to know.

 

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Mon, 11/05/2012 - 11:30 | 2948605 Shizzmoney
Shizzmoney's picture

Bove: "Quick, buy JPM!"

Mon, 11/05/2012 - 11:31 | 2948612 HD
HD's picture

Waiting for Bove to tell us Rochdale is a "buy" in 3, 2,1....

Mon, 11/05/2012 - 12:02 | 2948754 Manthong
Manthong's picture

Waiting for "Rochdale is fine.. do not take your money out.."

http://www.youtube.com/watch?v=o3FVBKic5Ek

Mon, 11/05/2012 - 12:19 | 2948809 HD
HD's picture

That clip never gets old. Youtube is full of clips of Cramer getting it wrong.

Mon, 11/05/2012 - 15:28 | 2949416 James_Cole
James_Cole's picture

These rogue traders are a real menance, poor banks constantly being taken for a ride... breaks the heart'

Mon, 11/05/2012 - 17:45 | 2949890 cocoablini
cocoablini's picture

Rogue trader=slave server with a bad algo

Mon, 11/05/2012 - 11:31 | 2948615 Dr. Engali
Dr. Engali's picture

Maybe Corzine can help, I hear he's bored and can't find anything to do with his time.

Mon, 11/05/2012 - 16:14 | 2949573 Bunga Bunga
Bunga Bunga's picture

I hear Corzine is overqualified. Some virgins are needed to run such a scheme.

Mon, 11/05/2012 - 11:32 | 2948622 slaughterer
slaughterer's picture

Bove is too good for DBRS and for NYT.  Bove deserves better.  Bove should work for BAC!

Mon, 11/05/2012 - 11:37 | 2948641 Dr. Engali
Dr. Engali's picture

Bove does work for BAC...and JPM...and MS...and Citi...and.....

Mon, 11/05/2012 - 11:32 | 2948623 pods
pods's picture

Save the whales, Bitchez!

pods

Mon, 11/05/2012 - 11:37 | 2948629 MilleniumJane
MilleniumJane's picture

One rogue trader.  It's always that way, isn't it?  Just like Staff Sergeant Robert Bales of the Afghan killing spree.  Witnesses to that awful horrific night said that there were multiple soldiers that night, not just Bales.  Pick one person or a small group out of the lower ranks like in Abu Ghraib and lay the charges on them.  It can't be the system or the management, can it?  Abracadabra...justice served for the attention deficit public.

Mon, 11/05/2012 - 12:01 | 2948752 mvsjcl
mvsjcl's picture

One rogue trader = lone gunman

Mon, 11/05/2012 - 12:40 | 2948875 NotApplicable
NotApplicable's picture

= Magic Fuckin' Bullet!

Mon, 11/05/2012 - 11:39 | 2948648 ebworthen
ebworthen's picture

Fat finger save?

Guess who is getting the finger?

(hint:  if you pay taxes, you already know the answer)

Mon, 11/05/2012 - 12:20 | 2948812 pods
pods's picture

Feels fatter than a finger.

pods

Mon, 11/05/2012 - 12:47 | 2948899 NotApplicable
NotApplicable's picture

Don't worry, you'll get over it.

Mon, 11/05/2012 - 11:41 | 2948658 Water Is Wet
Water Is Wet's picture

LMAO.  I was wondering WTF while laughing my ass off on Friday.  A Friday article said Rochdale had $3.4 million in working capital.  If Rochdale owned less than 200,000 shares, Friday's move would have wiped out their capital.  So now they need $750 mil to $1 bil?  WTF were they doing?

Mon, 11/05/2012 - 11:41 | 2948662 disabledvet
disabledvet's picture

I'm sure all the network guys at CNBC and Bloomberg have a billion lying around. I mean c'mon guys...why else come to work in AM?

Mon, 11/05/2012 - 11:47 | 2948685 booboo
booboo's picture

To be fair, and I am known for my fairness, Rochdale really does need to be thrown a life line......with a Battle Ship anchor attached to the other end, did I say somewhere over the Mariana Trench.

Mon, 11/05/2012 - 11:53 | 2948695 Zero Govt
Zero Govt's picture

"Dick Bove's Too Little To Fail Employer Needs Up To $1 Billion Bailout"

Gee, how to help out here?!

...the only person i know that loves backing losers and has this amount readily available, pocket change for this big boy, is the Ben Bernanke Mad Contrarian Hedge Fund

He's backing every big rolling loser in America ...in fact I think he's going to have to invest in every big rolling loser in Europe shortly, to bail out his losers in America that have written too much crap business over there

Bubble Ben's your man

 

Mon, 11/05/2012 - 11:56 | 2948731 Winston Churchill
Winston Churchill's picture

His correct title is;

Saint Bernanke of Zimbabwe.

Patron saint of zombie's, and the insolvent.

Mon, 11/05/2012 - 12:26 | 2948765 Zero Govt
Zero Govt's picture

Indeedy ;)

Bove should strike while the going's good..

Ben's Mad Contrarian Hedge Fund has just set-up a new investment fund, QE3, which is a rolling never-ending monthly credit facility for big time losers.

These big time jet-set gambling junkies don't even have to ask for "more" anymore, it's new credit to spend every month no questions asked, no ongoing hassles like regular credit checks, sub-prime loose-as-you-like gambling facilities

and double-bubbles Hedge Fund has promised the US Govt this cutting-edge 'backing big losers with all the chips on the table' strategy will re-invigorate employment and stimulate the economy... not in Las Vegas but the new global mecca for gambling bums, New York

CONgress must have signed off on this 'We Love Backing Losers' strategy as a 'Winner for America' as they haven't questioned it not one jot. Not so much as a squeek of "malinvestment' or "this looks really fucking dumb to me" out of the bankrupt debt-spending village idiots in Washington 

It's all coming up roses

Mon, 11/05/2012 - 12:43 | 2948888 NotApplicable
NotApplicable's picture

Eventually though, they'll still fold. The difference? (JPM/GS balance sheets will be utilized to "save" the system)

Mon, 11/05/2012 - 14:18 | 2948900 Zero Govt
Zero Govt's picture

Yes Quantative Easing should really be called Quantative Erasing ...QE is a big rubber eraser for the Fed to scrub the mega-losses off the Wall Street bums balance sheets

Mon, 11/05/2012 - 11:49 | 2948702 Winston Churchill
Winston Churchill's picture

Bovine shit.

Mon, 11/05/2012 - 11:52 | 2948711 NoDebt
NoDebt's picture

I can't believe they didn't get it lined up over the weekend.

Who owns Rochdale (I mean who DID own it before this collossal screw up)?

Mon, 11/05/2012 - 12:45 | 2948895 NotApplicable
NotApplicable's picture

Screw up? Wait... why would anyone believe Bove?

Mon, 11/05/2012 - 11:55 | 2948720 Quinvarius
Quinvarius's picture

We need to know there is no ambiguity in who qualifies for a bailout.  Rochdale must die for reasons of moral hazard.  It is time to take a stand on the small fry.  HA!  Also, in this process, their clients must recieve a massive raping for emphasis.  Big and small must be sorted out.

Mon, 11/05/2012 - 14:38 | 2949268 Bobbyrib
Bobbyrib's picture

Their clients should have invested with Goldman Sachs. /sarcasm.

Mon, 11/05/2012 - 11:55 | 2948728 comrade rally monkey
comrade rally monkey's picture

they want to hold the error!

Mon, 11/05/2012 - 12:04 | 2948763 Brokenarrow
Brokenarrow's picture

This whole scenario demonstrates how fragile the whole game is.

Unless, of course, you are tbtf nbank gambling with taxpayer and depositers money,

 

Loss=rouge trader

gain=star trader with bonus coming

Mon, 11/05/2012 - 12:04 | 2948764 LongSoupLine
LongSoupLine's picture

not a peep on this from the MSM...especially CNBS.  shocking...

Mon, 11/05/2012 - 13:16 | 2948995 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

I guess the drones at CNBS don't want to upset Dickey B and potentially lose their exclusive access to him.

Mon, 11/05/2012 - 14:39 | 2949273 Bobbyrib
Bobbyrib's picture

Bloomberg was talking about it, which is why I came here to see whatr was going on.

Mon, 11/05/2012 - 15:07 | 2949349 insanelysane
insanelysane's picture

Just did a search on CNBS and they have nothing on this.  Just a shame that a financial news outlet refuses to report financial news.  I understand Bove's their guy but you still need to post a Reuters story on it to remain legit.  Oh, Bove is Reuter's guy too and they haven't covered it either.  Move along, nothing to see here.  Probably have some client money missing at end of a "hectic" week.

Mon, 11/05/2012 - 12:08 | 2948768 slaughterer
slaughterer's picture

OT (for the traders here): BSFT LONG for overnight earnings tonight.  Search ZH for Monness, Crespi, Hardt & Co.    

Mon, 11/05/2012 - 12:08 | 2948777 orangedrinkandchips
orangedrinkandchips's picture

Holy shit that is a big hole burnt through that balance shit, er, sheet....

Mon, 11/05/2012 - 13:13 | 2948984 soopy
soopy's picture

Rochdale is a screaming buy.

Mon, 11/05/2012 - 13:33 | 2949050 So-Crates_Johnsen
So-Crates_Johnsen's picture

Long iPad mini, short Long Island gas lines is today's pair trade.

All the Greeks are doing it.

Bandz a maker dance.

Mon, 11/05/2012 - 13:48 | 2949081 ziggy59
ziggy59's picture

In other words, Don't be a Dick

Mon, 11/05/2012 - 14:40 | 2949280 Bobbyrib
Bobbyrib's picture

Suck a dick Bove!

Mon, 11/05/2012 - 14:02 | 2949131 q99x2
q99x2's picture

The banksters can pull someone else from the homeless shelters to cheerlead for them. They'll probably pay for Bove's airfare back to skid row.

Mon, 11/05/2012 - 14:22 | 2949198 Jumbotron
Jumbotron's picture
"Dick Bove's "Too Little To Fail" Employer Needs Up To $1 Billion Bailout"

 

Couldn't have happened to a nicer "Dick" !

Mon, 11/05/2012 - 14:26 | 2949215 highwaytoserfdom
highwaytoserfdom's picture

more adjectives added to urban dictionary 

1 Bove Dick   financial - 

one, who, through the fault of his parents conception, is a skid mark in society's collective underwear.in.. AKA PumpMonkey   

 Usage

I was Bove Dicked on the long Citi call after the reverse split. 

Mon, 11/05/2012 - 14:30 | 2949235 Motorhead
Motorhead's picture

Oy Vey Bove'...what a fucking blow-hard...in league with Paul BierKrugman.  Chumps.

Mon, 11/05/2012 - 14:34 | 2949253 SheepDog-One
SheepDog-One's picture

Hey Rochdale and Bove- FUCK YOU!

Mon, 11/05/2012 - 15:09 | 2949362 I am a Man I am...
I am a Man I am Forty's picture

Somebody want to explain to me how company with $3M in capital can put on a billion dollar trade?!?!  My fidelity account doesn't let me do that.

So how the fuck does someone do this?????????

Mon, 11/05/2012 - 16:32 | 2949637 Clowns on Acid
Clowns on Acid's picture

Rochdale going down could be interpreted as another "bad" for Obama, ergo MSNBC would never give it any air time. BUt geez...they sure did give Dick Bove plenty of air time when he was espuosing Citi pre-split !

Benghazi, another bad for Obama so....candy Crowley has to answer Romney's question to Obama. Incredible bias...but gets no mention on any MSM air waves.

Hurricane Sandy....MSM makes it a positive for Obama even thogh he and his Admin have done very little efficicently. 

This must be how the emopire falls...from within. 

Mon, 11/05/2012 - 16:54 | 2949738 Chippewa Partners
Chippewa Partners's picture

A billion?  Just toss it in the GS error account.   Let the Fed take the hit.  They can figure it out.   Hell, it's a taxpayer problem for sure.  When a rogue trader wins the firm gets record bonus's.  A loss is simply for taxpayers.  

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