GSH1976

Dick Bove: Buy Banks, Avoid Brokers

Bove has not been dead right. He made the bearish call last August and has lived off of it. Shortly afterwards he became bullish. He called C the buy of the century when it was trading over $30. On 12/14/07 he said in reference to C "The dividend is not going to be cut. It is not even remotely possible that the dividend will be cut." Then he went on to say that bank dividends were not going to be cut and would actually INCREASE in 2008. That is not even a remote possibility.

He was on Bloomberg a little over a month ago and recommended that people buy LEH because they are thriving from the increase in refinancings. In case you haven't noticed refinancings spiked for about two weeks and have since plummeted. Great call Dick.

That is nothing compared to his recent recommendation to buy BSC. Yes BSC. Amazing that none of this was mentioned by CNBC.

Instead CNBC decides to put their spin on this by stating Dick Bove had JUST BECOME bullish. That could not be further from the truth.

Cramer on Bear Stearns, March 11: Stick Around

Even if the guy was asking about the money in his account at BSC, Cramer was still touting BSC as a takeover target when BSC was $70 and said the takeover would occur at a $40 PREMIUM!!!

I don't know how Jim does it. He makes one bad pick after another yet the naive investors keep coming back. You don't think CNBC protects him? Are his calls screened? Nah, CNBC is looking out for the best interests of the individual investors out there. What a farce.