Have you heard the one about the time Dick Bove walked into a Wells Fargo branch, and his banker walked out? Which was awkward, because Mr. Bove is the Rochdale Securities analyst who’s rarely met a bank stock he didn’t love. And apparently, marked the first in a series of poor customer service experiences that led Mr. Bove to vent in a note published yesterday: Read More
Whither Europe: Spain will request European aid for its failing banks on Saturday afternoon, Reuters reports. That comes after Fitch Ratings downgraded Spanish debt three notches yesterday, and ahead of Greek elections on June 17 which could thrust European markets into crisis mode. “The government of Spain has realized the seriousness of their problem,” Read More
Seeking redress: The bankruptcy trustee assigned to recover claims on MF Global’s U.S. brokerage unit pointed a finger at Jon S. Corzine, erstwhile CEO of the failed broker-dealer, in a 275-page report published yesterday. James Giddens, the trustee, may pursue claims of “breach of fiduciary duty and negligence” against Mr. Corzine and other officials, Read More
Hot on the heels of RXR Realty’s purchase of the Starrett-Lehigh Building for $900 million and the sale of 111 Eighth Avenue to Google for $1.8 billion, Bed Bath & Beyond’s building is on the block.
A partnership of Joseph Chetrit and Yair Levy, spearheaded by Charles Dayan from Bonjour Capital, bought the building for $289.8 million in 2005, according to city records. But with the trendy Chelsea office market enjoying a boom, driven in no small part by the tech bubble, the building could sell for around $500 million, according to some sources. Read More
Citigroup is finally getting its due, two years after Wells Fargo snatched adjustable-rate-mortgage disaster Wachovia from the megabank’s grasp. As part of a settlement over the propriety of the October 2008 Wells-Wachovia merger, Wells is paying Citigroup $100 million.
In September 2008, when the entire financial world seemed to be coming apart, an enfeebled Wachovia Read More
