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Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
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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.