Monday, September 26, 2011

What's Going On Between Bloomberg and Rochdale's Dick Bove?

I'd swear Rochdale told Bove to shut up.
From FT Alphaville:
Bove vs Bloomberg
Does Rochdale Research’s Richard X. Bove have a slight axe to grind against Bloomberg or something? We ask the question because his latest note has just landed in our inbox. (H/T Tracy Alloway)
It’s an extraordinary rant about this week’s Bloomberg BusinessWeek editorial: The Flaws in Basel; In Defense of Millionaires. But don’t worry readers, it’s not any the less entertaining for that.

Bove, who famously solved the European debt crisis in 407 words, takes BusinessWeek to task, calling on the publication to defend its assertions and prove among other things that banks really did cause the recent financial crisis. Yep, that’s right. There really is someone out there who doesn’t blame the banks for our current plight.

And in a conclusion that might be troublesome if he ever appears on Bloomberg TV in the future, Bove claims that “yellow-dog” journalism is alive and well at the Borg.
There’s nothing quite like a banking apologist scorned, is there?
Selected highlights.
(Emphasis ours)
Opening remarks
This weekend I read the editorial that led off the current issue of Bloomberg Businessweek. Quite frankly, I was appalled at what appeared to me to be a misrepresentation of fact. Therefore, it makes sense to comment randomly on the statements made in this editorial and quite frankly to challenge Bloomberg to back up its statement with fact.
On Frequent financial disasters...MORE
For some reason I'm reminded of an arrest audio that a reader sent in a couple years ago:
"Dick X, Dick X, Dick X, check it out"
Here's the RECORDING, from what I understand it's pretty famous: