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Wall Street vet plays apologist in new big banks book

Outspoken financial analyst Dick Bove is banking on, well, banks.

The industry pundit plays apologist for big financial institutions like JPMorgan, Bank of America and Citigroup in his debut book, “Guardians of Prosperity: Why America Needs Big Banks.”

Playing down the fact that these same institutions nearly toppled the world’s — not just the US’s — economy, veteran Wall St. expert Bove is nostalgic for simpler times in American history, when bankers were revered.

While the analyst agrees with policies that would deem some banks to be “too big to fail,” he characterizes sprawling institutions like JPMorgan as the lifeblood of US prosperity in his 288-page tome, which hits bookshelves and Amazon Dec. 26, just missing out on being this year’s stocking stuffer.

Taking a decidedly shareholder perspective, Bove blames the press for much of the perception of banks as greedy fat cats willing to foreclose on blue-collar Americans at the drop of a hat.

At the same time, he seems to play down bankers’ role in the 2008 credit crisis.

“The public has been misled into thinking that the way to guarantee the safety and soundness of our financial system is by carving up and weakening the banks,” he writes.

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Source: NY Post

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Posted by on September 22, 2013. Filed under NY News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.