The banks had their stress tests yesterday.
We almost forgot since everyone is talking about the Greg Smith ‘Why I’m Leaving Goldman’ NYT op-ed this morning.
Dick Bove was on Bloomberg with Margaret Brennan this morning talking about how banks proved their worth after the (mostly) successful stress tests. But since the topic of the morning really is Smith’s op-ed, Brennan had to ask him what he thought about it.
In short, Bove said that Goldman clients already know that the firm is looking to make a buck (“more rapacious”) and they still do business with them. As for investors, if they’re looking for a company that’s going to make money no matter what… well, there it is.
Watch the video below: