NY AG prosecutes banksters for mortgage fraud; Analyst says banks should move their HQs

[marmar]

http://247wallst.com/2012/10/03/analyst-suggests-banks-abandon-new-york/


from 24/7WallStreet:



Infamous bank analyst Dick Bove believes that banks are treated so badly by the State of New York that they should abandon the location and move to alternate places. After the New York Attorney General filed suit against J.P. Morgan Chase & Co. on issues of the sales of mortgage-backed paper, Bove, who works at Rochdale Securities, wrote:

Management should consider the benefits of moving their headquarters elsewhere. Shareholders should not be forced to pay for continuous lawsuits because these banks are in New York.

If the industry was located in Charlotte, North Carolina it would not be facing constant hostility, it would be supported by a government that wants its business.

The financial services sector is already bleeding jobs in New York City. In the unlikely event that they take Bove’s advice, that would worsen.

-- Douglas A. McIntyre

[xchrom]

1. Du rec. Nt

[hifiguy]

2. Go to your libertarian paradise, vampire squid.

I'm sure there is plenty of cheap real estate in Somalia.

[ProgressiveProfessor]

3. Given the level of connectivity available, other than tradition, there is not much reason

for them to be in NYC.