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Stories of Interest
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
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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.