‘Mass Hysteria’ Hurt Financial-Reform Law, Bove Says: Tom Keene

Legislators who don’t understand the banking industry and a sense of “mass hysteria” led to the passage of a financial-reform law that will hurt U.S. consumers, said Richard Bove, an analyst at Rochdale Securities.

“We went into a period of mass hysteria,” Lutz, Florida- based Bove said in a radio interview today with Tom Keene on “Bloomberg Surveillance.” “Every American will discover over the next 12 months that every service that he receives from banks in the United States now will cost more and there will be fewer services available.”