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Rochdale's Dick Bove cuts his rating on Goldman Sachs (GS -3.3%) to Sell from Neutral and lowers...

Rochdale's Dick Bove cuts his rating on Goldman Sachs (GS -3.3%) to Sell from Neutral and lowers the price target to $120 from $163, citing "pressure on the Justice Department to bring a criminal lawsuit against Goldman." Bove also refers to Matt Taibbi's new slam on the bank, but "this time the attack is backed by a 650-page Senate report signed by both a Democrat and a Republican."
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Comments (17)
  • Paul Nelson
    , contributor
    Comments (225) | Send Message
     
    Go get them!!!
    12 May 2011, 10:43 AM Reply Like
  • wyostocks
    , contributor
    Comments (8852) | Send Message
     
    This smells like a Microsoft style witch hunt.
    12 May 2011, 10:45 AM Reply Like
  • winstonc
    , contributor
    Comments (215) | Send Message
     
    Its about time - and this is no witch hunt. Read today's article on GS in Rolling Stone and go figure it out for yourselves. Why we are not in massed demonstrations against the outright robbery of the nation's and planet's wealth by these stinkheads is just beyond me. How does anyone expect the common man to toe the line when the Blankfeins of the world demolish law and the wealth of nations, and then stand up in the crowd to crow about it? Make an example of the big crooks, and the small ones will hide under a rock.
    12 May 2011, 11:00 AM Reply Like
  • 22028
    , contributor
    Comments (18) | Send Message
     
    They are above the law - they will as ALWAYS simply neither admit nore deny any wrong doing, pay a slap on the wrist fine while moving onto the next crime. It is called "legal organized crime" for those of you who have been living under a rock. It is literally the best business model imaginable in a capitalist system.
    12 May 2011, 11:04 AM Reply Like
  • WMARKW
    , contributor
    Comments (10484) | Send Message
     
    GS will just agree to pay a big fine and all will be well. That's how the big boys work. The fine will be paid out of the TARP money or the AIG pay off of 100 cents on the dollar for their CDS. No big deal...right?
    12 May 2011, 11:05 AM Reply Like
  • Ken Hasner
    , contributor
    Comments (425) | Send Message
     
    Enough about Goldman already. Nothing substantive will ever happen to the banks in America (and just why are they still a bank anyway ?), The will pay a fine, their bonus payouts will be as big as ever and the shareholders will continue to get screwed each time some congressman tries to make political hay by attacking them (rightly or wrongly). Keep your eyes on the ball because while you all are salivating over GS's demise and Bin Laden's funeral, the rug is being pulled out from under the markets and it won't matter much in the end what happens to a few over zealous and already extremely wealthy execs.
    12 May 2011, 11:16 AM Reply Like
  • J 457
    , contributor
    Comments (972) | Send Message
     
    Absolutely! Once the POMO money stops, and volume/liquidity continues to shrink, all it will take is a few pieces of bad news to send the markets back to where they belong. I'd say DOW 8,000-9,000 or so. Let's face it, the retail investor is still barley dipping their toe in this market. We're all tempted to participate in big gains, but we also realize this market is controlled by others, and the risk to loose it all still outweighs the possibility of making a return- at least at this point. Those with gains will not risk loosing them and will sell, sell, sell. But there will be no POMO to buy buy buy, so market will go down down down.
    12 May 2011, 12:40 PM Reply Like
  • tigersam
    , contributor
    Comments (1711) | Send Message
     
    I am waiting for 10K DOW. Then I am ready to backup my truck.

     

    J457,

     

    Your mouth to god's ear.
    12 May 2011, 12:46 PM Reply Like
  • davidingeorgia
    , contributor
    Comments (2713) | Send Message
     
    Dick Bove? Goldman Sachs? No thanks on both.
    12 May 2011, 12:17 PM Reply Like
  • tigersam
    , contributor
    Comments (1711) | Send Message
     
    Finally Dick Bove threw the towel on Goldman. Now you can buy Goldman. I am surprise witch Meredeth is quite lately. Goverment must have started inquiry in her for munies.
    12 May 2011, 12:21 PM Reply Like
  • winstonc
    , contributor
    Comments (215) | Send Message
     
    If we stop playing poker with thieves and cheats, they'll have to fold and go away.
    Investors who knowingly commit funds to be managed or advised by the likes of GS and JPM are complicit in their crimes and no better than the lowest HFM on Wall Street, not to mention plain ol' gullible.

     

    Invest with companies that have integrity. Period.
    13 May 2011, 12:03 PM Reply Like
  • greenmonkey
    , contributor
    Comments (21) | Send Message
     
    The last time I remember Dick Bove downgrading a financial stock to sell was when he downgraded WFC on Oct/21, which was almost literally at the bottom. The stock proceeded to gain nearly 40% over the next 6 months, so I would take his advice with a grain of salt.

     

    www.bloomberg.com/apps...
    12 May 2011, 02:56 PM Reply Like
  • Ken Hasner
    , contributor
    Comments (425) | Send Message
     
    Are you saying we should go long salt ?
    12 May 2011, 03:23 PM Reply Like
  • WMARKW
    , contributor
    Comments (10484) | Send Message
     
    With our without iodine?
    12 May 2011, 04:33 PM Reply Like
  • tigersam
    , contributor
    Comments (1711) | Send Message
     
    Do not say loudly, government will put tax on it.
    12 May 2011, 04:39 PM Reply Like
  • jstratt
    , contributor
    Comments (3223) | Send Message
     
    GS is safe!

     

    They own the Government! Timmy is on the job and Hank before him.

     

    They have carte blanche to loot the country. Who could invent Flash trading? Who could could approve changing the law to allow pensions to be stolen legally?

     

    I remember when the US was the epitomy of integrity. It wasnt that long ago.
    12 May 2011, 10:24 PM Reply Like
  • WMARKW
    , contributor
    Comments (10484) | Send Message
     
    Foxes in the hen house. Someoe needs to hunting.
    13 May 2011, 06:51 PM Reply Like
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