• Pivotfarm
    04/18/2014 - 12:44
    Peering in from the outside or through the looking glass at what’s going down on the other side is always a distortion of reality. We sit here in the west looking at the development, the changes and...

Dick Bove

RobotTrader's picture

Shanked, Then Cranked. Another Banner Day for Goldman





Yet another day where Goldman scored huge once again. Where is Dick Bove today? No doubt, he must be luxuriating in an Opium Den and Massage Parlor somewhere in Chinatown, cavorting with 17-year old Asian Exotica, after receiving a hefty payout from the Prop Desk boys at Goldman..

 


Tyler Durden's picture

Dick Bove's Instamath Gets Him In Trouble, Will No Longer Grace TVs With "Instant Analysis" Presence





As Zero Hedge pointed out first, yesterday Dick Bove performed what should be a FINRA or SEC punishable act, by first pumping the stock of Wells Fargo live on pumpathon central CNBC, and subsequently downgrading it, causing a major market selloff. Today, Bove tries to backtrack and explains the foolishness of his actions, while telling all those stupid enough to follow his recommendations that he will no longer be providing "immediate earnings commentary" (whatever the hell that is) on air. If his "less than immediate commentary," such as his Buy call on Lehman weeks before the bank filed for bankruptcy, is any indication, perhaps Mr. Bove should consider dropping the "commentary" business period.

 


Tyler Durden's picture

Dick Bove States "Wells Fargo Is Proving Itself To Be A Standout" Nine Hours Before He Downgrades To A Sell





Can someone please explain why Mr. Bove noted on CNBC that Wells Fargo is proving "itself to be a standout" in the banking industry (2:30 into the clip), that it would help push the market higher, and that is it the big winner in today's earnings derby, a mere nine hours before he ends up downgrading the company to a SELL? Perhaps, the SEC can advise on that particular conundrum.

 


Tyler Durden's picture

Market Tanks After Dick Bove Downgrades WFC





If this is the kind of garbage data that moves the market, then fuck this shit. Click here for a primer on Dick Bove.

 


Tyler Durden's picture

CIT Launches Two Parallel Restructuring Processes, One Of Which Is Solicitation For Prepackaged Bankruptcy





In a press release just issued, CIT has announced it is launching two parallel restructuring processes, spearheaded by company advisors Evercore (headed by former disgraced Deputy Secretary of the Treasury, Roger Altman), Morgan Stanley and FTI consulting. One of these will be a variety of exchange offers geared to provide a $5.7 billion (at least) reduction in the firm's debt load; in return tendering bondholders would receive a pro rata share of new 4 to 8 year secured notes, and/or shares of newly issued voting stock. We presume this means that any old/existing preferred/common stock become wiped out. In the second process CIT is soliciting bondholders to approve a pre-packaged plan of reorganization, so "the company can proceeds with a voluntary bankruptcy filing." Thus, the company has confirmed that, contrary to Jim Cramer's recommendations, its existing stock is now completely worthless. Dear Jim - you are now dishonorably inducted in the Dick Bove club of "advisors" who vociferously pitch companies merely days ahead of their bankruptcy filing. Welcome and enjoy your stay.

 


Tyler Durden's picture

Ohio Attorney General Cordray Joins BofA Litigation Club





“[Bank of America and Merrill Lynch] were concealing billions of dollars in losses with one hand and clearing the way for extravagant bonus payments with the other. This case gives the public pension funds and other shareholders a chance to stand up against Wall Street.” - Richard Cordray, Ohio Attorney General

 


Tyler Durden's picture

Moody's Discusses Liquidity Withdrawal and Bank Balance Sheet Risk





"Credit losses continue to put banks’ earnings and profitability under pressure, and the fact that banks’ debt profile is skewed towards short-term maturities makes them vulnerable to market volatility and swings in investor confidence...As we mentioned before, banks have not provisioned for the full amounts of loan and securities losses that they will incur over the coming year, which we expect to reach $470 billion in write-downs by the end of 2010. Approximately only half of this has been recognized to date and we expect earnings to be insufficient to offset these losses during that period, resulting in many banks being unprofitable. The risk premium on bank debt is unlikely to fall in such a context. If anything, it may actually increase, especially for long-term debt which already commands a significantly higher premium. This may, in fact, be the most vulnerable feature of the U.S. banking sector right now." - Moody's

 


Tyler Durden's picture

Dick Bove Out With A "Buy" Rating On Wall Street Integrity, A Year After A Comparable Call On Lehman





If you thought the entire investing world had lost sight of Dick Bove after his Buy recommendation on Lehman stock on August 21, 2008... You were right. Which is why Dick can not contain his excitement at seeing media exposure after someone still apparently cares what the Rochdale analyst has to say.

 


Tyler Durden's picture

The Fed Sees Increasing Unemployment As A Positive For GDP





The economic mavens in DC have totally lost it. Now an increase in unemployment will allegedly lead to a rebound in GDP??? And just who is supposed to buy this garbage any more?

 


Tyler Durden's picture

H. Rodgin Cohen's (Failed?) Quest To Backstop Every Bank... Ever (And Usurp Geithner's Throne)





Over the past two weeks many banks issued press releases and opened up the PR spigot to indicate just how stable they all are now that a few have managed to pay down their TARP commitments. This of course, is nothing but a complete farce, and simply yet another chapter in the "consumer confidence" game played by the administration and its financial underlings. In order to see just how much the banking system depends on the continued unlimited wallet of taxpayers and Geithner's printing presses, and how much certain law firms continue to depend on the somewhat less limited wallet of Wall Street, I present an October 31, 2008 letter recently obtained by Zero Hedge, in which Sullivan & Cromwell, Wall Street's #2 favorite law firm (or is that #1: I am sure Wachtell Lipton would have a few choice words with regard to that particular league table rating, although it may be hard pressed to match S&C's $241,975 in donations to the Democratic National Convention), goes to town to make sure that its well-deserving clients including Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Morgan Stanley, State Street and Wells Fargo get to not only have the taxpayers' cake (in perpetuity), but eat more and more of it each day.

 


Tyler Durden's picture

If Dick Bove Prognosticates In A Forrest And Nobody Cares, Did Dick Bove Prognosticate





-Bove revises Citigroup shr view to USD 0.14 from USD 0.13 for 2010, to USD 0.34 from USD 0.32 in 2011
-Bove sees USD 11bln Q2 gain from Smith Barney venture with Morgan Stanley
-Bove rates Citigroup buy

But again, when CNBC makes fun of you, have fun supergluing the few micro pieces of credibility you may find shattered on the floor.

 


Tyler Durden's picture

David Faber Openly Ridicules Dick Bove





Everyone else does, why should David be an exception. Fast fwd to 2:20 - "You want a good laugh, take a look at Dick Bove's latest report." Dick - when CNBC makes fun of you for smoking the "shutes" you know you have reached a new low on the propaganda pole. At least that DC advisory job beckons - better make use of it quick. The next election is in just over 3 years.

 


Tyler Durden's picture

California Soon To Get Junked By Moody's





In what is sure to blow Barney Frank's lid wide open, Moody's (never one too far behind competitor S&P, except when it comes to TALF ratings) announced earlier it was preparing a major, multi-notch rating downgrade of the state if it does not produce a budget any time soon.

 


Tyler Durden's picture

Frontrunning: June 19





  • Dick Bove, who still may be bullish on Lehman, says to Buy Citigroup, $4 Target, sees 2010 EPS of $0.13!
 


Tyler Durden's picture

Frontrunning: June 19





  • Dick Bove, who still may be bullish on Lehman, says to Buy Citigroup, $4 Target, sees 2010 EPS of $0.13!
  • Companies of Commercial real estate "billionaire" Halabi default on $1.9 billion in debt after 50% drop in property value (Bloomberg)
  • E.U. leaders say no more stimulus (Marketwatch)
  • The two sides of the inflation debate (Morgan Stanley)
 


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