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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.