Rafferty Capital bank analyst Dick Bove spoke with FOX Business Network’s (FBN) Charlie Gasparino about the JPMorgan Chase & Co (NYSE:JPM) legal battle with the government. Bove said, that JPMorgan Chase will be blackmailed by the government for “at least the next 5-7 years” if it doesn’t fight the charges.
Dick Bove on whether JPMorgan Chase will be blackmailed by the government forever:
“Well I would say at least the next 5-7 years. If you think about all the things that JPMorgan Chase & Co (NYSE:JPM) can no longer do, they can’t do proprietary trading, they can’t make investments in venture capital, they can’t sell mortgages to low income households. They no longer make student loans. They can’t go into the hedging market. They’re not allowed to do certain things in the over the counter markets that they were allowed to do before with derivatives. I mean the list goes on and on.”