This article turned my stomach.
The highly regarded bank analyst Richard X. Bove created a list of twenty banking related companies with problems. The analyst was ultimately correct the article seems to say; the bank holding company was approaching insolvency if I understand the Martin/Story 9/12/2010 NY Times article. Nevertheless, the bank sued the "little guy" independent bank analyst (who works from home!) and I note gleefully that the bank ultimately had to back off because the "little guy" seems to have been proven correct according to Martin/Story. I glumly note, however, that the "little guy" analyst is the ultimate "loser"; the "little guy" analyst is now sadled by $800,000 in legal defense costs and fees.
This is a chilling account of a seemingly retaliatory crusade of a wealthy bank owner and C.E.O.’s against an honest and straightforward "little guy". The players are "work from home" bank analyst Richard X. Bove and rich-guy big-shot BankAtlantic Bancorp C.E.O. Alan B. Levan. Mr. Levan is a Florida banker.
So much for freedom of speech. BankAtlantic’s C.E.O Alan B. Levan’s actions may be capable of the following interpretation: "You can speak freely and honestly about my company and its mistakes and mis-deeds, but we the wealthy and advantaged will destroy your life for having done so…."
Click on the link to the September 12, 2010 NY Times article authored by Andrew Martin and Lousie Story and grab the watebasket…you may need to vomit before you finish the article…
Note that if this blog post disappears, it may well be because one of Mr. Levan’s attorneys threatens me.