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.”
Reputed short-seller Spruce Point Capital Management released its latest short report this week. The firm is shorting Canadian dairy and grocery manufacturer Saputo. Spruce Point chief Ben Axler believes the company is entering a phase of declining growth and highlights the financial stress and growing challenges he sees it facing, not only in Canada but Read More