If you are in the financial services industry, you really don't want to be publically calling for the head of Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein (Lloyd Blankfein news). The firm remains an inordinately powerful entity, and it will eventually likely survive this crisis. You don't want to run the risk of making powerful enemies.

But as an analyst at Rochdale Securities, Richard Bove (Richard Bove news) does not feel the need to be cautious. In a memo to clients obtained by Bloomberg Business Week, Bove noted that senior management failed to understand that the government has chosen to make Goldman Sachs "an example of all of the evils in the financial system that caused the 'Great Recession.'" And: "It should have understood the size and enormity of the forces being brought against it. It did not. Thus, its responses were weak and ineffectual." He also wrote that "high-level executives are going to have to be removed from their positions both in the management suite and from the board of directors."

He expects that the firm will pay a $1 billion (at least) fine to settle the SEC's (SEC news) charges. And yet he's still bullish on the stock. We've been speculating on how the board will react to these historic events. There has been no indication yet from the board of anything other than support for Blankfein and others, but it's still early.

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