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Richard Bove Defends Too-Big-to-Fail Banks

Veteran analyst Richard Bove defends a reviled industry
Richard Bove Defends Too-Big-to-Fail Banks
Photograph by Jason Henry for Bloomberg Businessweek

“I can’t convey to you how angry I get,” Richard X. Bove says. “What we’re doing is wrong, and it’s going to hurt everyone in this country.”

One of the most visible bank analysts in the U.S. is sitting in his library at home, describing the anguish he feels when big banks are in the headlines. “My stomach is shot because I get so upset,” he says. “Something will come out in the press, and I’ll read it and start walking around, and about three o’clock in the morning I finally stop, because I get tired enough that I can go to sleep.”