Monday, December 5, 2011

"Is Dick Bové About To Freshen Up The Old Buy/Sell/Hold Analyst Ratings?" (XLF; BAC; C; JPM; WMT)

From DealBreaker:
Nothing official yet but it seems pretty clear that the following anecdote…:
We at American Banker knew we might take some heat when we decided to name a former Wal-Mart executive as our most innovative person in banking this year. Bankers and the retail behemoth have been frequently at odds, to say the least…When I picked up my ringing phone late Thursday, Dick Bove identified himself, told me he had to hang up soon for a conference call, and then, without a pause, launched into an impassioned monologue detailing his criticisms of Wal-Mart’s financial services operations. For seven minutes, he proceeded to lay out several criticisms of Wal-Mart and its long-nurtured efforts to get into banking by any means possible....MORE