Fears over the European debt crisis sent the market lower Monday, with financial stocks leading the way, but Rochdale Securities' Dick Bove told Larry Kudlow what’s happening in the euro zone is actually helping banks.
“The irony of what’s going on right now is that the banks are benefiting at the moment from what’s going on in Europe,” he said. “The European banks are selling American assets to American banks at discounted prices which is creating a benefit for the American banks.”
The fact of the matter is banking companies are in pretty good shape, Bove noted....MORE
Wednesday, November 16, 2011
"US Banks Benefiting From European Crisis: Dick Bove" (XLF; JPM; USB; MS)