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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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Thu, 03/07/2013 - 11:22 | 3308654 prains
prains's picture

Hi My name is Dick

Welcome to Shalom Depot

Thu, 03/07/2013 - 11:26 | 3308676 Bill the Cat
Bill the Cat's picture

Pftwpt!

Thu, 03/07/2013 - 11:40 | 3308741 Say What Again
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?

Thu, 03/07/2013 - 11:50 | 3308772 Pladizow
Pladizow's picture

His only competition are Kass and Cramer!

Thu, 03/07/2013 - 11:53 | 3308784 TruthInSunshine
TruthInSunshine's picture

Bove ain't got shit on one Ben S. Bernanke, bitchez:

Bernanke's fail blog, video power mix - YouTube
Thu, 03/07/2013 - 14:25 | 3309320 prains
prains's picture

Pftwpt!

 

My name is Dick and I approve your Pftwpt!

Thu, 03/07/2013 - 15:58 | 3309615 Carl Spackler
Carl Spackler's picture

Bill is that a hairball you coughed up?

I thought your signature quote was , "Ack !"

Thu, 03/07/2013 - 11:26 | 3308678 Say What Again
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!!!

 

Thu, 03/07/2013 - 16:01 | 3309640 Carl Spackler
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.

 

Thu, 03/07/2013 - 11:28 | 3308682 francis_sawyer
francis_sawyer's picture

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

Thu, 03/07/2013 - 11:37 | 3308727 ihedgemyhedges
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.......

Thu, 03/07/2013 - 11:45 | 3308753 Say What Again
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?

Thu, 03/07/2013 - 11:56 | 3308793 Desert Irish
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...

Thu, 03/07/2013 - 11:24 | 3308655 Abraxas
Abraxas's picture

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

Thu, 03/07/2013 - 11:25 | 3308665 Tsar Pointless
Tsar Pointless's picture

Thu, 03/07/2013 - 11:32 | 3308706 kliguy38
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.

Thu, 03/07/2013 - 11:50 | 3308765 Say What Again
Say What Again's picture

Carlin has explained this perfectly

http://www.youtube.com/watch?v=4jQT7_rVxAE

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

Thu, 03/07/2013 - 12:48 | 3309000 tango
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?   

Thu, 03/07/2013 - 16:04 | 3309660 Carl Spackler
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."

Thu, 03/07/2013 - 11:24 | 3308663 CharliePrince
CharliePrince's picture

hell i'll go cnbs  for 200$

Thu, 03/07/2013 - 11:28 | 3308689 Say What Again
Say What Again's picture

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

Thu, 03/07/2013 - 11:35 | 3308722 HD
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.

 

Thu, 03/07/2013 - 11:24 | 3308664 Cdad
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.  

Thu, 03/07/2013 - 11:25 | 3308667 Divided States ...
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.

Thu, 03/07/2013 - 11:31 | 3308701 Say What Again
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.

Thu, 03/07/2013 - 11:25 | 3308668 Terminus C
Terminus C's picture

Fraud or incompetence?

Thu, 03/07/2013 - 12:30 | 3308918 NotApplicable
NotApplicable's picture

Isn't plausible deniability a wonderful tool?

Thu, 03/07/2013 - 11:25 | 3308673 Miss Expectations
Miss Expectations's picture

Charlotte, NC Foreclosures (5,009 homes found):

http://www.trulia.com/NC/Charlotte/#for_sale/Charlotte,NC/foreclosure_lt/

Thu, 03/07/2013 - 11:25 | 3308674 azzhatter
azzhatter's picture

Dickless Bovine still likes Lehman. Buy buy buy

Thu, 03/07/2013 - 12:25 | 3308904 NotApplicable
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.

Thu, 03/07/2013 - 11:28 | 3308691 rlouis
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.

Thu, 03/07/2013 - 11:29 | 3308695 scatterbrains
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.

Thu, 03/07/2013 - 11:29 | 3308696 Winston Churchill
Winston Churchill's picture

Bovine flatulence in the morning.

Thu, 03/07/2013 - 11:33 | 3308710 GolfHatesMe
GolfHatesMe's picture

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

Thu, 03/07/2013 - 11:34 | 3308715 BrigstockBoy
BrigstockBoy's picture

Bove rhymes with Go the Fuck Away...

Well, almost.

Thu, 03/07/2013 - 11:37 | 3308728 WaEver
WaEver's picture

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

RIP Aldous

Thu, 03/07/2013 - 11:49 | 3308754 Cognitive Dissonance
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.

Thu, 03/07/2013 - 11:39 | 3308740 mark mchugh
mark mchugh's picture

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

http://www.cnbc.com/id/23522110/Trade_Of_A_Lifetime

Anybody know how that worked out?

Thu, 03/07/2013 - 11:46 | 3308758 Cognitive Dissonance
Cognitive Dissonance's picture

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

Thu, 03/07/2013 - 11:51 | 3308778 mark mchugh
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...

Thu, 03/07/2013 - 12:06 | 3308817 Cognitive Dissonance
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.

Thu, 03/07/2013 - 12:52 | 3309017 mark mchugh
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.

Thu, 03/07/2013 - 16:09 | 3309688 Carl Spackler
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! 

Sat, 03/09/2013 - 01:07 | 3314285 mark mchugh
mark mchugh's picture

Thanks, Carl!

Thu, 03/07/2013 - 11:56 | 3308792 Cheyenne
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."

http://video.cnbc.com/gallery/?video=3000053488

Five days later, naturally, MF Global collapsed.

Thu, 03/07/2013 - 12:27 | 3308907 NotApplicable
NotApplicable's picture

If anything, the guy got a check that bounced.

Thu, 03/07/2013 - 11:44 | 3308747 TrumpXVI
TrumpXVI's picture

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

Thu, 03/07/2013 - 11:46 | 3308759 Cheyenne
Cheyenne's picture

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

Thu, 03/07/2013 - 11:52 | 3308782 Temporalist
Temporalist's picture

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

Thu, 03/07/2013 - 11:53 | 3308783 whoopsing
whoopsing's picture

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

Thu, 03/07/2013 - 12:03 | 3308797 eddiebe
eddiebe's picture

Ok., if any of you are unemployed and want a job where you can make half a million a year or more here is what you do:

You learn a bunch of words and abbreviations like GDP and CPI and EPS. You walk into a major bank and get an appointment with the personnel manager. Then you imperss said moron by stringing the mentioned letters together in totally random order or better yet, use them in a way that makes absolutely no economic  sense at all, and there you go. You will be hailed as a genius and hired on the spot for a top management position. 

No need to thank me, I do things like this all the time out of the goodness of my heart. 

Thu, 03/07/2013 - 12:29 | 3308913 NotApplicable
NotApplicable's picture

You forgot all of the college homo-erotic fraternity games one has to play. Apparently those are important in order to instill a sense of loyalty.

Thu, 03/07/2013 - 12:04 | 3308814 rosiescenario
rosiescenario's picture

I have always thought that the Feds bribed BofA to do this deal with CountryWide as everyone knew how bad things were for that lender and what sort of 'loans' they had made.

Perhaps part of the bailout was a payback to BofA for having done this prior deal? It all just makes sense in a fascist sense.

Thu, 03/07/2013 - 13:19 | 3309115 long-shorty
long-shorty's picture

I was almost tempted to listen to him this morning. What the hell is wrong with me?

99% of Wall Street is often wrong but never in doubt.

Thu, 03/07/2013 - 13:22 | 3309128 thismarketisrigged
thismarketisrigged's picture

fuck u dick bove u fucking douchebag.

 

this is the same douchebag that said a few months ago that he thought that the banks are going to be on a bull run for the next 14 years. fucking asshole

Thu, 03/07/2013 - 14:40 | 3309368 PAWNMAN
PAWNMAN's picture

An even more disgusting example is David Malpass, who was head of Bear Stearns when it blew. He still gets recycled on the financial comedy channels to sling his garbage. These guys are like Roaches, you just can't kill them off.

Thu, 03/07/2013 - 16:11 | 3309703 Carl Spackler
Carl Spackler's picture

Point of information...Jimmy was head of Bear Stearns when it blew.

Thu, 03/07/2013 - 16:10 | 3309693 Herkimer Jerkimer
Herkimer Jerkimer's picture

'

'

'

'

Financial payola.

 

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