BROWSE BY TOPIC
Stories of Interest
- Credit Suisse Fully Compliant on Sanctions: CEO
- Ex-UBS Metals Trader Beats Spoofing Conspiracy Charge
- Investment Advisor, WCAS Management Corp, To Pay Nearly $800K Over Conflicts of Interest
- Altaba, fka Yahoo!, to Pay $35Mn for Failing to Disclose Massive Cybersecurity Breach - SEC
- SEC Formerly Bars Martin Shkreli from Industry
- HF Billionaire Steve Cohen Buying Into Fintech Start-Ups
- Deutsche Bank Is Weighing Massive Cuts in Its U.S. Cash Equities Unit
- Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89
- Goldman Sachs Makes First Hire in Cryptocurrency Markets Unit
- Special FINRA Election to Fill Large Firm Governor Vacancy
- Chicago-Based Investment Adviser Sentenced to 151 Months in Prison - SEC
- Dun & Bradstreet Hit With FCPA Violations - SEC
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Shock and Awe, Then Criticism: The Firing of Preet Bharara
'Should Be Hung by His Heels' – Wall Street Analyst Dick Bove
Shock and awe – a term popularized during the George W. term in office - followed Friday’s requested resignation and Saturday’s firing of U.S. Attorney Preet Bharara. Even Ken Langone, who served as a NYSE director and defended former NYSE Chairman Richard Grasso against NY AG Eliot Spitzer, had words of praise saying Bharara should run for governor or mayor.
But criticism quickly followed the shock and awe – very prominently from respected banking analyst Dick Bove. The equity analyst with Rafferty Capital Markets criticized the Bharara for using threats of criminal prosecution and other strong-armed tactics to elicit large settlements from Wall Street firms, hedge funders and other financial types.
"Preet Bharara in my view should be hung by his heels. That guy was an expert in doing this type of thing," Bove said, later adding that "this great guy deserves to be kicked in the a-- and removed."
Bove, a strong Wall Street defender, particularly believed that Bharara pushed too hard and impeded an industry the U.S. economy needs to survive.
[Financialish: Notwithstanding Bove's comments, which we believe to be true, It’s interesting to see how well so many Wall Street firms have managed to flourish, despite having had to pay out billions in government settlements. Of course, several Euro-banks continue to struggle under the weight of having to balance prospective multi-billion settlements against the uncertain prospects of earnings.]
In any case, change will happen and, like everything else, we’ll move on.