Dick Bove Criticizes Financial Media on Bloomberg Radio
Dick Bove of Rochdale Securities is currently on Bloomberg Radio discussing the big US banks and banking regulations. In the interview, Bove has brought up the following issues:
-He sees a certain bias in media reporting banking industry. For example, the story about JP Morgan's (NYSE: JPM) hedges could have been done a lot better.
-Bove noted that the banks have an asset liability committee overseeing the operations and making sure that a bank has adequate capital. JP Morgan hedging trades were most likely ordered by its set liability committee. Hence, media should not make the assumption that there was a rogue trader at JPM.
- Bove also noted that the regulators don't necessarily understand savvy options trades and other financial instruments used by large banks.
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