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Richard Bove sued for defamation

By jim
Created Jul 22 2008 - 7:35am

Not too long ago, Ladenburg Thalmann bank analyst Richard Bove made headlines when he put out a list of the banks most likely to fail. There was a day when analyst research was basically limited to clients. These days, however, people pretty much expect it to be posted on the web. Sure enough, someone gave the report [1] to Dealbreaker. BankAtlantic, No. 10 on Bove's list, was not too happy. It sued him for defamation, reports the New York Times. The bank's view, of course, is that such commentary, especially when given a public airing, is irresponsible in that it could prompt a run on a bank that would make the bearish view almost self-fulfilling. Recall Sen. Charles Schumer's public comments about IndyMac. This may be a hard case legally for the bank, but it has made its point. Now, if it were to fail, that would complicate matters.   

For more:
- here's the New York Times article [2]

Related Articles:
Bove switches calls on top banks [2]
Does IndyMac presage a slew of failures? [2]
Analyst: Credit crisis is over [2]


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http://www.fiercefinance.com/story/richard-bove-sued-defamation/2008-07-22