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Banking, finance, and taxes

Bove Could Care Less About Mack Leaving (MS, GS, JPM)

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By Douglas A. McIntyre Updated Published
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Morgan Stanley LogoDick Bove of Rochdale Securities does not care about John Mack leaving Morgan Stanley (NYSE: MS).  In fact. you might think he’s even glad to see some new blood managing the company.  Bove called the brokerage firm’s, a.k.a. bank holding company without a bank,  outlook positive.  He noted that Morgan Stanley’s balance sheet is under control and believes that the firm is ready for major gains.  He called the stock attractive and said it was poised to grow again.

The firm is not without problems as securities held and commercial real estate may drag down earnings.  But he does not think that these will be anywhere near the woes of the recent past.

Bove also believes that Morgan Stanley will be conservative and will not increase its risk-taking activities in trading.  In short, he believes that it may grow more than JPMorgan Chase & Co. (NYSE: JPM).  That is a far cry from that old Goldman Sachs Group Inc. (NYSE: GS) call where the larger and more successful firm downgraded the smaller noting effectively that Morgan Stanley was just not enough like Goldman.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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