The Securities and Exchange Commission’s case against Goldman Sachs is weak, but the crisis has ominous implications and is a "death wish" for the financial system, says star bank analyst Dick Bove of Rochdale Securities.
“It’s setting the stage for collapse (of our financial system) one more time,” he said in a research report.
Bove says media coverage so far has neglected to elucidate the demand side of the story.
The subprime mortgage security created by Goldman “was not a retail product sold to unsophisticated investors,” he pointed out. (more)
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