Blast From Dick Bove's Long And Illustrious Past

Tyler Durden's picture

No, this is not about Dick Bove's Buy recommendation of Lehman days ahead of the bankruptcy, or what seems like his "Buy" rating on Bank of America since the end of World War II, or 4 years after Bove's birth. No: we have a special surprise for readers out of the overhyped banking analyst, who still inexplicably appears on various TV outlets, even if the anchors have a tough time remembering just what firm he is with these days. So, without further ado, here is Bove's take on the single worst merger in the history of the financial industry: that between Bank of America and the toxic mortgage factory Countrywide Financial.

From Bloomberg, August 23, 2007

"Additive": to the tune of negative $40 billion 5 years later. Bove was half right though: it was an investment that made sense for Countrywide; for Bank of America... not so much.

Take home: keep appearing on TV, pretend like you never said what you said, wear a freshly ironed suit, sound confident, and collect your $200 CNBC contributor check. And life shall be well.

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prains's picture

Hi My name is Dick

Welcome to Shalom Depot

Say What Again's picture

Now that the DOW has hit new all-time highs, there is no where else to go but UP -- right?

Pladizow's picture

His only competition are Kass and Cramer!

prains's picture



My name is Dick and I approve your Pftwpt!

Carl Spackler's picture

Bill is that a hairball you coughed up?

I thought your signature quote was , "Ack !"

Say What Again's picture

I saw this guy on TV this morning.  He did say one thing that seems to correct.  He said; "the banks have a shit load of extra reserves."

Really? -- No kidding!!!


Carl Spackler's picture

Dick Bloviate...the master of the obvious...retrospective, elevator analysis.

Call me when he has some "skin in the game" based on a rational and defensible investment thesis.

Then, I MAY listen to that clown show.


francis_sawyer's picture

He spends more money per year on beard maintenance than the Bernank himself

ihedgemyhedges's picture

He's about as useful as Dennis Gartman who I am SURE went "long of gold in yen" right before the Japs let loose.......

Say What Again's picture

Have you ever noticed that you never see the bernank, the dick, or the fartman in a room at the same time?

Desert Irish's picture

No different than Barton Biggs memorable call that the Asian economy was on fire and stocks had no-where to go but up and investors should pile in '95 - didn't hurt his career at all and that was just one of his many gaffes...

Abraxas's picture

Who still listens to these guys? Have we lost all our learning abilities?

kliguy38's picture

It’s hard to get the average American to understand these things. Most everyone in this country has been mind-fucked since birth. For a very blatant example, you can look at the advertising industry and the way they have increased intensely their focus on the youth. It’s all about breeding impulsive emotionally driven consumers through repetition – over and over again – buy, buy, buy. You hear something enough and you internalize the message. It becomes something like the air you breathe, like gravity. It’s there, omnipresent, but you don’t realize it or consciously think about it. It becomes the spring from which your thoughts leap forth.

What it all boils down to is the exposure rate. You take a simple message and you repeat it over and over, such as mentioning Saddam and 9/11. You don’t have to say Saddam was involved in 9/11, because that is not true. You just have to mention Saddam and 9/11 in the same simple repetitive message thousands of times and people will support an attack on a country that didn’t have anything to do with 9/11 because they’ve been psychologically conditioned to link the two.

Say What Again's picture

Carlin has explained this perfectly

The "owners" don't want you to be educated.  They tell you about the "American Dream," because you have be asleep to believe it!

tango's picture

The mass attitude is self-inflicted. A viable economy - like a viable government - requires an informed citizenry. When folks stop reading anything deeper than a four paragraph article on the web what can one expect?  This is the age of Junk Ideas - war is OK if for "good cause", business is evil but sports and entertainment are fine, you are entitled to someone else's money, DC knows best, prosperity can be built on debt. 

Junk ideas crowd out good ideas like saving, planning, investing, entrepreneurship, debt, prudence, voting, etc that were once taken for granted.  A good econiomy like a good marriage requires hard work.  I'm not sure why we assumed that complex ideas would spontaneouslly rise.  When kids (then adults) get their ideas from MTV, media idiots, marketers, politicians and You Tube videos what can you expect?   

Carl Spackler's picture

Essentially, you are repeating what Nazi Propaganda Minister Josef Goebbels said (auf Deutsch, of course) many years ago, "The bigger the lie, the more people believe it."

CharliePrince's picture

hell i'll go cnbs  for 200$

Say What Again's picture

The answer is; "she has the largest cup size for a little blonde."

HD's picture

Don't get excited. It's a $200 credit good only at the CNBC gift shop. Unless you are in need of a few dozen Jim Cramer bobble heads it's probably not worth your time.


Cdad's picture

Dick Bove....just another member of the criminal syndicate known as Wall Street who needs to take time off so that he might spend more time with family.  

Divided States of America's picture

If CNBC keeps bringing him on week after week with the likes of Birinyi, Siegel and home grown troll Cramer....I am sure the sheeps will eventually fall for it.

Say What Again's picture

I went straight to my credit union and took out a $200,000 second on my house.

Now I'm headed to straight to a Goldman office to open a new account.  They said that, for a nominal charge, they'd take care of my money for me.

Terminus C's picture

Fraud or incompetence?

NotApplicable's picture

Isn't plausible deniability a wonderful tool?

azzhatter's picture

Dickless Bovine still likes Lehman. Buy buy buy

NotApplicable's picture

Thing is, without the "shove off of the cliff" from JPM's bogus margin calls, would his Lehman call have been rational?

I'm no fan of Bove by any stretch, but the more we learn about Lehman, the less market analysis seems to matter.

Of course, this isn't saying that he wasn't involved in the take-down either, given all of his time spent promoting their solvency.

There are traps, and then there are traps within traps.

rlouis's picture

A perfect compliment to the earlier post on Krugman's bankruptcy.  Can't wait for MSM's confirmation that it isn't an onion style fiction.

scatterbrains's picture

When they stick the bovine on the air it's some sort of signal flare from the Illuminati to the foot soldiers that something's about to give I'm thinking.

Winston Churchill's picture

Bovine flatulence in the morning.

GolfHatesMe's picture

10:30 K.Henry loggin in - hey $3.0 -$3.75 Bill today.  Giddyup

BrigstockBoy's picture

Bove rhymes with Go the Fuck Away...

Well, almost.

WaEver's picture

we are a lot closer to a brave new world than most of us think

RIP Aldous

Cognitive Dissonance's picture

I beg to differ. This is already THE Brave New World.

<Just not quite the flavor you were expecting.>

The greatest (maybe) unintentional misdirection ever might just have been "Brave New World" and "1984". We have been waiting for "it" to arrive, paving the way for something different to stealthily invade.

mark mchugh's picture

Let's not forget Dick's bold Citigroup call in May 2008!

Anybody know how that worked out?

Cognitive Dissonance's picture

You have been on fire of late Mark. Keep up the great work.

mark mchugh's picture

Thanks CD.

Sometimes I feel so alone in these battles.

I really should be working, but some things, well, I just can't let go...

Cognitive Dissonance's picture

I do understand. Sometimes all that keeps me going is the encouragement and feedback I get in the comment section. I know other contributors sometimes feel this way as well. So you are not alone in the least.

Just remember that you are the catalyst, not the engine. You are not responsible for changing the world, just your part of it. And in that task you are doing an excellent job.

mark mchugh's picture

Again, thanks.

On that last topic, it's something I've done extensive research on. I started worrying about it a long time ago, so I did my homework.

Carl Spackler's picture

I agree with CD (another long-time voice whose thoughts, here, I will always read).

Keep up the good work.  You are on a roll, McHugh! 

Cheyenne's picture

Bove's MF Global call is likewise instant Hall of Fame material. On 10/26/11, he got a call from a guy in Switzerland asking if he still had time to get all his money out. Bove scoffed at the man's "extreme point of view."

Five days later, naturally, MF Global collapsed.

NotApplicable's picture

If anything, the guy got a check that bounced.

TrumpXVI's picture

Or, as his buddy Larry Kudow would say, "Find a bank you hate and BUY it!"

Cheyenne's picture

Bove's function on TV is to make the other shills seem remotely credible.

Temporalist's picture

Yes all the not so pretty girls like to hang out with the complete wreck so they are framed better. 

whoopsing's picture

Two dollar whore, two-hundred dollar whore, still a whore