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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Shizzmoney's picture

Bove: "Quick, buy JPM!"

HD's picture

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

Manthong's picture

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

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

HD's picture

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

James_Cole's picture

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

cocoablini's picture

Rogue trader=slave server with a bad algo

Dr. Engali's picture

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

Bunga Bunga's picture

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

slaughterer's picture

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

Dr. Engali's picture

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

pods's picture

Save the whales, Bitchez!

pods

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.

mvsjcl's picture

One rogue trader = lone gunman

ebworthen's picture

Fat finger save?

Guess who is getting the finger?

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

pods's picture

Feels fatter than a finger.

pods

NotApplicable's picture

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

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?

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?

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.

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

 

Winston Churchill's picture

His correct title is;

Saint Bernanke of Zimbabwe.

Patron saint of zombie's, and the insolvent.

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

NotApplicable's picture

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

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

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)?

NotApplicable's picture

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

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.

Bobbyrib's picture

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

comrade rally monkey's picture

they want to hold the error!

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

LongSoupLine's picture

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

NeedleDickTheBugFucker's picture

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

Bobbyrib's picture

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

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.

slaughterer's picture

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

orangedrinkandchips's picture

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

soopy's picture

Rochdale is a screaming buy.

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.

ziggy59's picture

In other words, Don't be a Dick

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.

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" !

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. 

Motorhead's picture

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

SheepDog-One's picture

Hey Rochdale and Bove- FUCK YOU!

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?????????

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. 

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.