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Monday, July 21, 2008
Banking Analyst Bove Stands Behind Banking Report
FOXBusiness
Ladenburg Thalmann banking analyst Richard Bove told FOX Business Network anchor Liz Claman on Monday that he stands behind the research that led to a defamation lawsuit filed against him and his firm.
BankAtlantic Bancorp filed a lawsuit in Florida seeking damages and alleging defamation and negligence stemming from Bove's recent report called Who Is Next?, which was written in the wake of the collapse of IndyMac Bancorp. Bove said he couldn't comment directly on the lawsuit or the allegations.
But he told Claman the research that led to the lawsuit was intended to show that the banking industry is in "much better shape" than most people think. "IndyMac had gone under and I was getting getting questions from clients concerning what was the state of the banking industry," he told Claman .
Bove said he created a formula that showed that about 95% of U.S. bank holding companies are fairly healthy. "We thought we were saying something positive."
FOX Translator
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
