Word: bove
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Dates: during 2000-2009
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...Veteran analyst Richard Bove of Rochdale Securities, who had been recommending Citi's shares since the summer, downgraded the stock on news that it was going to repay TARP from a "buy" to a "sell" rating. "What does it do for the company? Management can increase [executive] salaries," says Bove, referring to the fact that Citi will now be free of the government's compensation rules. "What else? Nothing...
...raising all the capital to pay back TARP won't improve Citi's balance sheet either. In fact, it will do the opposite. Bove estimates that TARP repayment will lower the company's Tier 1 capital ratio to just over 11%, from a recent 12.8%. What's more, with the elimination of the government guarantee of Citi's riskiest assets, which could expose the bank to as much as $250 billion in additional losses, the bank's Tier 1 ratio will sink further, to 10%, according to Hensler. (See 10 big recession surprises...
...corporate juggernaut as a symbol of American economic and cultural chauvinism, and European nations in particular have viewed American-style fast food as an insult to their cherished national cuisines. Bermuda banned all fast-food restaurants to squelch a McDonald's planned for the island. A French farmer, Jose Bove, became something of a national hero in 1999 after he and a band of activists destroyed a McDonald's under construction to protest globalization and "bad food." The next year, a bomb detonated in a French McDonald's, killing a 27-year-old employee. No one claimed responsibility. (Read "Supersizing...
...processing payments and moving money around the world as two other bright spots. Earlier this month, Citi CEO Vikram Pandit said his bank was profitable in the first two months of the year. "M&A alone is not a big enough businesses to swing the bank," says analyst Richard Bove, who follows bank stocks at Rochdale Securities. "But put them all together, along with the fact that Citi's business is positioned to benefit from the recent drop in interest rates, and it makes a difference...
...hard not to root for a guy--even a filthy-rich guy--who loses his dream job by standing up for a colleague's wife. But veteran banking analyst Richard Bove of the brokerage firm Punk Ziegel says Dimon owed his big quarter to a billion dollars in onetime gains. "Apart from that, JPMorgan's results are just as bad as everybody else's," he says. He has similar concerns about Goldman Sachs. Bove's verdict: We're in the midst of a "systemic debt crisis" from which no one can emerge unscathed...