In June of this year, Richard Bove, a banking analyst at an American brokerage, Rochdale Securities, wrote an upbeat research report on Citigroup, the distressed giant banking conglomerate. Though he works for a small company, the white-bearded Bove has a big following. His opinionated stance and regular cable television appearances have made him one of Wall Street’s best-known commentators on the financial crisis.
Bove argued that Citigroup’s shares, then trading at just $3 each, could more than quadruple in coming years. This was, to say the least, bold. The bank has been one of the biggest casualties of the crisis,…
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