Tags: Bove | Mad | Afraid

Equity Analyst Dick Bove: ‘I'm Mad Because I'm Afraid’

Friday, 14 Oct 2011 01:09 PM

Fortune describes Dick Bove, an equity analyst at Rochdale Securities, as a man with a fairly genial demeanor. However, the publication notes that he has been dishing out a lot of vitriol in recent weeks. The reason, Bove says, is that he is mad.

“Bove is a stock picker by occupation,” Fortune says. But, “he has become: a vociferous — and lonely — defender of an industry that it has become very fashionable to hate,” the publication adds.

Of Moody's downgrading Bank of America, Bove told CNBC, “that is so absurd I can't believe anyone would even write it." He topped that off by adding, “in my view, I think Moody's has lost its mind.”

In another CNBC article published after the announcement of Operation Twist, he said, “as the Federal Reserve has embarked on its latest effort to stimulate the economy, the central bank instead has further sapped banks' ability to bring about needed growth.”

Dick-Bove-3-thumb-200.jpg
Dick Bove
(Rochdale file photo)
Bove acknowledges that he has changed and he admits that a couple of decades ago he wouldn't have made some of the statements he's making.

“I'm getting mad and that's leaching into the things that I write,” he told Fortune. “And in searching out why I'm so mad, I realize that it's because I'm afraid. We're moving in a direction that is extremely harmful to the economy and the American public."

Bove believes that blame for the past economic crisis is being unfairly pinned on the financial sector.

“People complain that they haven't been punished. But there is no more Bear Stearns. There's no more Lehman Brothers. There's no more Merrill Lynch. All the guys who ran these places are gone. There are only two people left on Wall Street: Lloyd Blankfein and Jamie Dimon,” he told Fortune.

The decisions coming out of Washington and then the seeming bewilderment at the after effects — or the lack thereof — have also got him riled up.

“Washington policy makers have broken the back of the US banking system and don't even know it,” he told CNBC.

He blames decisions by policy makers, such as low interest rates and price controls on banking services, for removing banks from the lending process.

“People like President Obama are harping on about Wall Street. They are inciting people to riot. And they will," he told Fortune.

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Fortune describes Dick Bove, an equity analyst at Rochdale Securities, as a man with a fairly genial demeanor. However, the publication notes that he has been dishing out a lot of vitriol in recent weeks. The reason, Bove says, is that he is mad. Bove is a stock picker by...
Bove,Mad,Afraid
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2011-09-14
Friday, 14 Oct 2011 01:09 PM
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