In a contrarian call, Ladenburg analyst Dick Bove blames Morgan Stanley’s (MS) troubles on much-beloved CEO John Mack:
It is quite possible that had Mr. Purcell remained in charge, Morgan Stanley would not have suffered a disastrous loss in the fourth quarter last year; its earnings would be much higher at present; and the firm would be in very strong position relative to its industry and not looking at a possible rating cut by Moody’s.
Adding injury to insult, Bove cut his 08 (from $4.80 to $4.34) and 09 ($5.64 to $5.14) EPS estimates as well.
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