Monday, June 13, 2011

"Bove says Goldman hasn’t gotten him" (GS)

The stock is up 85 cents at $136.77.
As I said in last week's "Dick Bove Does an About-Face on Goldman (GS)":
For the life of me I'd swear that Rochdale told Dick to shut up and not pronounce publicly what the firm's clients are paying for....
Here's the latest via FT Alphaville:
Rochdale Securities banking analyst Dick Bove is mildly annoyed this Monday.

Having reversed his position on Goldman Sachs and its alleged subprime short after Andrew Ross-Sorkin sprang to the bank’s defence last week — it seems Bove has become the focus of some criticism.

(Avid Bovelytes will recall the analyst originally slapped a sell recommendation on Goldman back in May, largely on the back of Rolling Stone writer Matt Taibbi’s vociferous take on the Senate report).
Anyway, here’s the drama from Bove’s latest note:
A few days ago, I published the following paragraph:
“It is becoming increasingly apparent that a terrible wrong may have been done to Goldman Sachs. Evidence is now mounting that the company did not have a net short position at the crucial time under study and that the Senate Committee may have misread the numbers. It is also becoming apparent that Mr. Blankfein did not misrepresent to the Senate Committee because Goldman was not net short at the time the firm was accused of misrepresenting its position.”...MORE