I just read a research report from Dick Bove of Rochdale Securities that made me actually laugh out loud.  It has the most irony impaired title I have ever read — the bold, all caps, title Bove penned was:

WILL IGNORANCE, DECEIT, AND RAGE DESTROY THE FINANCIAL SYSTEM?

Someone should tell the boy its too late for “ignorance, deceit and rage,” as the financial sector has already destroyed financial system . . .

~~~

I just have to ask: WTF do these people get their ginormous cojones from? Do they have a tailor on call to let out their inseam to make room for their balls ? Talk about unmitigated gall — a research analyst from Wall Street is upset over anger destroying the financial system.  It would be funny if it wasn’t so god-damned pathetic . . .

rochdalesecurities

Category: Analysts, Bailouts, Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

46 Responses to “Most Irony-Impaired Wall Street Research Title. Ever.”

  1. jpm says:

    “WILL IGNORANCE … DESTROY THE FINANCIAL SYSTEM?”

    From *The* Dick Bove? Mr “Lehman won’t go down” himself? Commenting on ignorance?
    Imagine that.

    (Just how many insanely bad calls does that clown have to make before people stop paying any attention to him?)

  2. Charlatan says:

    Note that Jim Cramer is also shouting this morning in much the same way: “If speaking against Volcker and for banks making money is professional suicide, then so be it.” I wish I had a dollar for every time Cramer tried to play the role of the unfairly beset pundit just trying to stick up for Joe Investor. (I have a Starbucks card with $2.15 left on it. If anyone can tell me why Doug Kass continues to suck up to “El Capitan” Cramer, it’s yours.)

  3. Mannwich says:

    These jackals HAVE NO FREAKING clue. They honestly live in their own little bubble. I think that’s the next bubble to pop.

  4. Mannwich says:

    If these idiots keep sticking their finger in Main Street’s eye (and other not so nice places), I’m quite sure their bubble will be the next one to pop and that one could be the ugliest of them all in the end.

  5. the bohemian says:

    more from Dick-

    “Therefore, investors are voting. The election today is not at the poll booths, it is in the stock market. The decision is one of no confidence. The fear being expressed is that these politicos in their drive for personal power will destroy the financial system and drive the economy back into recession. We are on the edge of a politically driven stock market crash.”

    OK- he’s a douche bag- I guess in his pathetic excuse for a brain- the financial world must be coddled and wet nursed by the USG as represented by its political parties-

    or the market will crash-

    hello????????

  6. keithpiccirillo says:

    Bove is the “go to” guy in that space no?
    There’s a whole lot more to come.
    “Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited.”
    George Soros

  7. carleric says:

    Any deceit is easily found on the bank’s (of all types) balance sheets. Financial financials are simply black holes and anyone who buys “earnings” from these clowns deserve exactly what they will get (I hope).

  8. The Window Washer says:

    I think everyone is being unfair. I don’t you realize it’s his personal financial system.

    If you just think of the statment as being said by Homer Simpson it makes complete sense.

  9. the bohemian says:

    keith-

    that Soros quote is priceless

  10. Graphite says:

    Ignorance, deceit, and rage are GENERATIONAL BUYS!

  11. dead hobo says:

    Dick Bove of Rochdale Securities asked loudly:

    WILL IGNORANCE, DECEIT, AND RAGE DESTROY THE FINANCIAL SYSTEM?

    reply:
    ————-
    What a dumbfuck. I’ve always ignored this guy because I just didn’t care about what he said. At times he sounded OK, but a lot of times he sounded pompous about the obvious or pompous about the talking points of the day. While I didn’t read today’s missive, I think it is appropriate to say he is being pompous about the ambiguous.

    Jesus-fucking-h-christ, that sentence could be used to frame a book. Whose ignorance … book 1. Whose deceit … book 2. Whose rage … multiple magazine articles and lots of pissy blog entries.

    I’m going with ignorance by Uncle Stupid, deceit by (shit the list is too long), and rage by (shit the list is too long).

    BR, while the normal person would say you laugh at the obscure and esoteric, I would just say “thanks for giving me this opportunity to vent” and “shit, this guy sounds like a fucking moron”.

  12. Mannwich says:

    It must be easy being someone like Bove and others in the “club” (as George Carlin put it) where you can fuck up as much and as many times as you’d like and still land on your feet. The non-club members don’t have the luxury of being incompetent and still finding a job that pays top dollar (or any dollars). Heck, some of us get canned for being TOO competent. What a country.

  13. DL says:

    Dick Bove was on CNBC today saying that the stock market would crash if the Volcker plan became law.

  14. Mannwich says:

    @DL: Sounds like another extortion attempt by our craven market mavens.

  15. Transor Z says:

    BR, while the normal person would say you laugh at the obscure and esoteric, I would just say “thanks for giving me this opportunity to vent” and “shit, this guy sounds like a fucking moron”.

    DH, I second that.

    I’m wondering if we’re seeing the emergence of an ominous talking point — blame the bloggers and the malcontents for the Second Crash. It’s … just a second … I think there’s an armored personnel carrier unloading in front of my office. Strange. It’s probably nothing. And now my computer i

  16. dead hobo says:

    DL Says:
    January 25th, 2010 at 4:51 pm

    Dick Bove was on CNBC today saying that the stock market would crash if the Volcker plan became law.

    reply:
    ————–
    If they asked me, I would have said the Volcker plan would just say you can’t put the risk of public money on red just before someone on Wall Street spins the wheel. The Outrage! Wall Street with no public guarantees for trading losses or free money to play with. Since the mere mention of private risk remaining as private risk caused a 5% drop, I suspect the market will take a few hits if free money and Fed pumps go away.

  17. ToNYC says:

    IGNORANCE, DECEIT, and RAGE. The RAGE should be reserved for the Management who allow Mark-to-Model for Debt Securities. The dead don’t heal. Japanese banking solutions should stay there
    until they get it. IGNORANCE is not noticing that the Management has engaged in DECEIT. Any bond broker can tell you that putting a ticket in the drawer gets you out the door. That’s where the current crop of FED Management should go. Kindly Uncle Ben, Turbo-Tax Timmy, and Larry Summers, the Harvard reject, need to be going now. Get the hook before the audience takes then physically off the stage.

  18. Mannwich says:

    @Transor: C’mon now. Take the tin foil hat off. Put down that sharp pen and go take your meds. ;-)

  19. Fred C Dobbs says:

    I am saddened to see you needlessly attack another human being for not being as smart, bright, and over-dosed with testosterone as you. Is it because you have nothing new to say. Any fool could have written their own biased, selective history of what went wrong and why we have the current mess, and many have, some to fun and profit. Any fool can and have pointed out who was wrong when they said this or that. No one knows what any single thing might have been done to avoid the mess in the ’30s or the mess now. No placebo can be given a similar group when testing the efficacy of drugs. I prefer that you use your considerable intelligence to suggest and work for solutions to this mess. And, it would be nice to see you put your money where you mouth is. Regards

  20. Transor Z says:

    Thanks, Manny. I must have crashed my computer typing the word “Bilderberg” over and over again for 18 pages. And don’t worry. It wasn’t an APC. It was just a duck boat. :-)

  21. dead hobo says:

    Fred C Dobbs Says:
    January 25th, 2010 at 5:15 pm

    I am saddened to see you needlessly attack another human being for not being as smart, bright, and over-dosed with testosterone as you.

    reply:
    ————–
    Yeah, but he gets paid a lot of money for this shit. Is he pandering to an audience who believes he is offering value? Does he believe what he says? Is it OK to have an opinion that appears to a casual observer to blow with the wind?

    While what I just said applies to most pundits, this guy isn’t anything special.

  22. Mannwich says:

    Wow, Freddie. I’m not sure I quite know what to say. You’re right. I apologize. Time for me to put my “talents” (and testosterone) to good use to “work for solutions for this mess, since that’s clearly my job. What was I thinking?

  23. dead hobo says:

    Fred C Dobbs Says:
    January 25th, 2010 at 5:15 pm

    I am saddened to see you needlessly attack another human being for not being as smart, bright, and over-dosed with testosterone as you.

    reply:
    ———-
    Thanks, now I know my fucking problem.

  24. the bohemian says:

    fred-

    ok I give up- WTF are you talking about? Is Dick your uncle?

  25. GeorgeNYC says:

    I just want a simple yet detailed explanation as to what these allegedly “complex” financial instruments do and why they are as essential as oxygen to the survival of our species.

    The “rage” only comes in because there is a gun to our head and we are told that there in absolutely no choice but to agree with whatever is proposed otherwise the “world as we know it” will end. It seems to me more likely that the “word as they know it” will end and the rest of us will be hurt for a while but probably come survive doing much the same as what we are doing now.

    The only response seems to be that we are all too “stupid” to understand any of this. Sounds to me like the arrogance of medieval clergy rather than serious intellectual leadership.

    Please lay out an exact scenario where the failure to allow Goldman Sachs to engage in proprietary trading leads to a full blown nuclear winter. I mean really. Lay it out. Because if that is really true then we should be all over their asses every single moment of every single day with an army of government regulators to make sure that they do not inadvertently destroy the world.

    Guess the answer is really just “The World as THEY know i will end….

    Well all things end. It is their nature.

  26. So Fred, it sounds like you are a “Hate the game, not the playas” kinda guy?

    (Or is that too smart and testerone-laden a comment for your tastes?)

  27. Moss says:

    Bove is no different than say Schiff on Gold, or Buffet on BRK being undervalued or PIMCO on the new normal or Kudlow on the attack on capitalism, or Krugman on deficits. They all talk their book. What is that called ‘career risk’?

  28. the bohemian says:

    the difference being Moss- that Bove is basically saying- if you don’t make this way easy for the banks- regardless that they brought on their own problems- then it will the politicians fault if there is another crash-

    and he’s blaming the people by default- because the actions to restrict the banks are do to public outrage-

    and Kudlow- yeah he was for the bank bailouts before he was against them- now he is born again and blames government- that businesses should be left alone to make their big money- but they would have been left alone had they not tanked the whole economy and bankrupted themselves-

    that’s the part he fails to make clear- basically he is saying – “so what”- back to business as usual

  29. the bohemian says:

    sorry “due to”

  30. DL says:

    Dead Hobo,

    Surely you knew you were blessed with high levels of testosterone.

    One can tell just from your picture.

  31. FrancoisT says:

    There is an Axiom of Faith among the Villagers, Wall Streeters and the political powers that be. It goes like this:

    “Whenever the “masses” (insert dripping contempt and snotty sarcasm here) express anger, they must be denied legitimacy, for it cannot be possible that said anger has any grounding in reality.”

    To which I say to those cited above: “Do insert you genitive appendages into the brown star of each other.”

  32. polizeros says:

    > And, it would be nice to see you put your money where you mouth is

    Psst. He did. And wrote a book about it.

  33. Moss says:

    From ZH, Grantham chimes in:
    Everyone in Congress, and anywhere else for that matter, knows prop desk trading (banks trading their own capital like a hedge fund) is a conflict of interest. They may or may not think it important or that it caused this or that problem, but they know it’s a real conflict. Congressmen, since when wasn’t conflict of interest and poor ethical standards reason enough to change the law? But since we bring it up, of course prop trading was indeed the rot at the heart of our financial problems (see last quarter’s Letter). Watching traders take home their $28 million bonus sent a powerful message to lowly salesmen and packagers of asset-backed securities, for example, to get out there and really take some risk. This rot spread to the very top, and pretty soon chairmen of boards were exhorting CEOs to leverage up and look more like some much more profitable rival that resembled a hedge fund rather than an investment bank. Thus encouraged – or intimidated – some CEOs just kept on dancing right off the cliff. Let’s
    learn from our near disaster. Viva Volcker!

  34. [...] financial blog The Big Picture I just read a research report from Dick Bove of Rochdale Securities that made me actually laugh out [...]

  35. OscarWildeDog says:

    Just remember…Nobody knows anything, at any time, ever. Believe half of what you see and nothing that you hear.

  36. Stillaway says:

    Could not Dick’s job be outsourced to someone in India for a 90% cost savings and without any impairment of irony?

  37. Rogue Medic says:

    Fred C. Dobbs appears to be engaging in a bit of sarcasm, but is running into a problem with Poe’s Law.

    Or this post became doubly ironic with his comment.

    I was interested in seeing the original of the eloquently tiled document, so I did a Google search for it. I have Googlepedia. The Googlepedia result for the search was Salvation. There is the image from the Sistine Chapel of God and Adam giving each other their High One salute. Usually Google searches do not need to come with a beverage alert.

    Fred C. Dobbs: Do you believe that stuff the old man was saying the other night at the Oso Negro about gold changin’ a man’s soul so’s he ain’t the same sort of man as he was before findin’ it? from The Treasure of the Sierra Madre.

  38. Rogue Medic says:

    Having the Googlepedia “Salvation” result pop up only worked when I initially searched under Google Scholar for “WILL IGNORANCE, DECEIT, AND RAGE DESTROY THE FINANCIAL SYSTEM?” then clicked on the regular web search. Of course, the first result is Most Irony-Impaired Wall Street Research Title. Ever.

  39. [...] The most irony-impaired Wall St research title – [...]

  40. Chris says:

    “Economic history is a never-ending series of episodes based on falsehoods and lies, not truths. It represents the path to big money. The object is to recognize the trend whose premise is false, ride that trend, and step off before it is discredited.”
    George Soros

    That quote is probably the most stupid investor advice ever. If you were able to spot a false trend, you would simply short it just before it is discredited. You don’t want to be caught with a long position in a false trend.

  41. Simon says:

    Irony impaired! Great term. I wonder if there is an English word anywhere that encompasses that meaning. I did a Google search for irony impaired and this post was second on the list. Mind you Google knows I visit this site a lot.

    Hmmm irony impaired…. “total fucking idiot” is a wee bit crude. How about anti-irony or inironic or ironimune? Perhaps there is a street word with this meaning. Perhaps an new acronym like TFI but that just take us back to where we started.

  42. arthur.i says:

    I have a Russian friend who arrived in the U.S. on a tourist visa a couple of years before the Berlin Wall came down. She struggled for a few years as an illegal alien, but with hard work and some luck, overtime she found success in her life. She is now an American citizen. She likes to rant about how:

    “back then in the Soviet Union our lives were saturated by propaganda. Here in America there is now even more propaganda then what I experienced in the 80s in Moscow. The difference? Back then, we new we were being lied to, and that gave us some power. But here I see intelligent successful educated people not being able to see the lies, the half truths, the twisting of facts and utter broadcasts of falsehoods.”

    Maybe it is time for all Americans to read or re-read George Orwell’s Nineteen Eighty-Four.

    I have people I know calling me for financial advise. I have no experience in this area. They figure sense I was somewhat successful and retired early that I must know something about money. I don’t. As an amateur investor yes, as someone to give another advise no. Most of their money that is in the equities market is in their retirement accounts. They feel better that it has come back from the death pit of March 09 but they are afraid it may be headed back there. I tell them that I have no idea what will happen. To me it feels like a casino in Las Vegas, you know the house is going to win, you may or may not. Every time I say “what does your broker/financial service provider have to say about this their answer, and I am paraphrasing, is:

    “I wouldn’t trust that jerk off with an old chewed piece of gum”

    I say, then why are you with him/her? Always the same answer – “I don’t know”

    IMO, if this market starts to meaningfully retract, there are a lot of average middle to upper class citizens who collectively have hundreds of billions in the market through the retirement accounts and I don’t believe they have any interest in going on the downside ride of this financial Ponzi scheme. That could really accelerate a trend.

    Here in Europe where I spend most of my time, people can’t even grasp the concept that in the U.S the people have to rely on the stock market to secure their retirement. They thinking I am joking.

    IGNORANCE, DECEIT, and RAGE will Destroy the financial system. However it is The Masters Of The Universe and our Overlords of Wall Street (Deceit Street?) who posses this ignorance in abundance and who use the mighty sword of deceit against the masses and who carry a hateful rage towards moral and ethical standards of human society.

    Pay back is always a bitch.

  43. dead hobo says:

    DL Says:
    January 25th, 2010 at 6:32 pm

    Dead Hobo,

    Surely you knew you were blessed with high levels of testosterone.

    One can tell just from your picture.

    reply:
    —————
    No, I look more like my mother.

  44. schirimiester says:

    The only prob I have with this article is BR spelled CAJONES wrong……

  45. Low Budget Dave says:

    Public outrage can be a valuable tool. It was public outrage that forced Congress to investigate Wall Street during the Great Depression – and punish the cheats who did the most damage. The terrible shame is that there is so very little public outrage; and that it can be taken over so easily by teabaggers and redirected for their own political purposes.

    The “ruling class” has taken over our lives so thoroughly that any time someone gets upset at losing their life’s savings to a Ponzi scheme, the victims are accused of ignorance, class warfare, or whatever. The lesson from Cramer and Bove is that we should fork over our money and stop complaining and be happy for the lucky guy at Goldman who is allowed to steal our money.

    And when we rise up in righteous anger, it should be at the government for daring to impose regulations on Goldman.

  46. Fred C Dobbs says:

    Let’s look at the facts Barry supplies: 1) Dick Bove writes a report, but Barry fails to show us a copy of the report, 2) Someone writes a headline for the report “WILL IGNORANCE, DECEIT, AND RAGE DESTROY THE FINANCIAL SYSTEM?,” but we don’t know who wrote it, and we do know that writers don’t always write headlines for their stories published in newspapers and magazines, 3) the headline only asks a question, and does not make a statement, 4) Barry invites comments, 5) Barry gets comments, 6) many of the comments are ad hominem, a fallacy, many assume facts to support their arguments, which mean they have no basis in fact, another fallacy, and so on, 7) few comments ever try to answer the question the headline asks: WILL IGNORANCE, DECEIT, AND RAGE DESTROY THE FINANCIAL SYSTEM? My answer is: political ignorance, political deceit, and public rage may change but not destroy the financial system for no nation survive without a financial system of one sort or another. I personally hope the system is changed, and the gamblers from wall street thrown out of the banking business and banks put back in the hands of risk averse lenders that ran the system from the mid-30s until the mid-60s when not one bank, to my recollection, failed. Best Wishes to All