Moody's 'Out of Its Mind,' Ratings Action 'Absurd': Bove

A

ASusilovic

Moody's downgrade of three major banks on the premise the U.S. government will not stand behind them if they fail is "absurd," said Rochdale Securities analyst Dick Bove.

...

"That is so absurd I can't believe anyone would even write it. This is the largest bank in the United States," said Bove of Bank of America. "It has business with one out of every five households in the country. The assumption is that the United States government would allow this bank to go under and pull all of those other people under with it!"

"In my view, I think Moody's has lost its mind," said Bove, known for his outspoken views.

http://www.cnbc.com/id/44613160

Can´t agree more on that...
 
I thought the new rules in frank and dodd planned for a bigger and better bail out if neccesary. This is absurd and can undermine confidence with foreign countries. Oth though, Obama isn't listening nor do his actions inspire confidence and perhaps Moody's or sumbody better do sumpin to wake these fkers.
 
Isn't Bove the idiot who proclaimed Citigroup a 'buy' at $22 a share (before the 10:1 reverse split)?

Bove is just a moron, a great contrarian indicator!

You Americans produce many of these 'Contrarian Indicator fools' much to the worlds benefit.

Thank you.:)
 
Dick Bove is one I can not stand, I can not even look at him talking. He rallied for the banks in 2007-2009 and called the bottom like 10 times.

He still has a job at BAC, guess that speaks volumes about how high the standards are at BAC.

What do these analysts do whole day other than yapp yapp yappp


Rating agencies are doing their job, this Bove needs to do his. I doubt he has produced anything of value his entire life, what a sad existence.
 
I remember Bove saying how Lehman was a 'screaming buy' and 'grossly undervalued' somewhere around the first week of September 2008 - a good 10 days before Lehman went under.

Take whatever anyone 'expert' says with a grain of salt.
 
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