Reuters logo
Rochdale bank analyst Dick Bove likely to leave firm
December 14, 2012 / 8:06 PM / 5 years ago

Rochdale bank analyst Dick Bove likely to leave firm

NEW YORK, Dec 14 (Reuters) - Richard Bove, a well-known banking analyst with an independent voice who was once sued by a large Florida bank for defamation, appears to be moving on from Rochdale Securities LLC.

Bove told Reuters on Friday that he has not agreed to join any firm, including Cantor Fitzgerald, which was tweeted earlier in the day as the company he is moving to. But he left the door open as to his future.

Bove’s response to an e-mail query suggested a decision will be forthcoming.

“I am not able to discuss my plans until Tuesday of next week according to my lawyer,” Bove said, referring to Dec. 18.

Bove indicated last week that he is considering several job offers, according to media reports, after an unauthorized $1 billion trade in Apple shares in October saddled Rochdale with a $5 million loss.

Rochdale has been seeking a potential buyer, though the Stamford, Connecticut-based firm has been struggling to keep staff since the loss.

Bove was sued in July 2008 by BankAtlantic Bancorp, which accused the analyst of defaming the bank by mentioning its name in a research note titled “Who is Next?”

Bove’s report came two days after federal regulators seized IndyMac Bancorp Inc, a large mortgage lending specialist whose failure was part of an unfolding U.S. housing debacle that two months later exploded into a full-blown global financial crisis.

BankAtlantic was ranked in the bottom 20 percent of two metrics used to analyze 100 banking companies.

The analyst, a frequent guest on financial television, was early in warning that the problematic mortgage-backed securities many large U.S. banks held were ticking time bombs that eventually would have to be accounted for.

Bove resigned from Ladenburg Thalmann in 2009 following a disagreement over the settlement with BankAtlantic, now known as BBX Capital Corporation.

The lawsuit succeeded in intimidating Bove and forced him to leave Ladenburg Thalmann, the analyst told Reuters in 2009.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below