Despite a ranking of fifth among all analysts and first among those specializing in banks and thrifts, Richard X. Bove may be the next analyst to tank and hit rock bottom. He underestimated the financial troubles of Bear Stearns in 2007 and raised his rating of their stick, leading some investors to lose big time. In July 2008, after publication of the report "Who is Next?" in which Bove described the financial situation of banks he reported to be in the "Danger Zone," Richard X. Bove found himself on the legal defense. Bove used holding company data to formulate his conclusions, which is a key point in the upcoming defamation suit against him and his firm, Ladenburg Thalmann. BankAtlantic, one of the subjects of Bove's report has sued him, charging that Bove's conclusions were based on incomplete information and damaging. Ah, the perils of the market! Stay tuned for the sequel - Trouble with Bears, Bulls, and Bove.
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Despite a ranking of fifth among all analysts and first among those specializing in banks and thrifts, Richard X. Bove may be the next analyst to tank and hit rock bottom. He underestimated the financial troubles of Bear Stearns in 2007 and raised his rating of their stick, leading some investors to lose big time. In July 2008, after publication of the report "Who is Next?" in which Bove described the financial situation of banks he reported to be in the "Danger Zone," Richard X. Bove found himself on the legal defense. Bove used holding company data to formulate his conclusions, which is a key point in the upcoming defamation suit against him and his firm, Ladenburg Thalmann. BankAtlantic, one of the subjects of Bove's report has sued him, charging that Bove's conclusions were based on incomplete information and damaging. Ah, the perils of the market! Stay tuned for the sequel - Trouble with Bears, Bulls, and Bove.