Now we’re talking. I love it when people get a bit riled up and start to say what they really think. Here, I think Bove is right. Moody’s, ever late to the party, is make this call now, where were they three years ago when all the banks were failing apart? I don’t think Ben Bernanke or anybody at the federal reserve would let Bank of America fail.
“That is so absurd I can’t believe anyone would even write it. This is the largest bank in the United States,” said Bove of Bank of America. “It has business with one out of every five households in the country. The assumption is that the United States government would allow this bank to go under and pull all of those other people under with it!”
“In my view, I think Moody’s has lost its mind,” said Bove, known for his outspoken views.