Bove Says US Banking System, Dollar to Benefit from Dubai Crisis
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Rochdale's controversial banking analyst, Dick Bove, has just made some comments on today's news related to Dubai World -- a story which is dominating today's market action.
In a note to clients, Bove said that U.S. banks' exposure to Dubai is "minimal" and that the dollar and the U.S. banking system will in fact benefit from the crisis. Still, Bove believes that the Dubai woes may lead to a "contraction" in the financial system.
Bove has previously taken flak from analysts and traders alike for recent his recent bullish calls on Citigroup (NYSE: C) and related to the Ken Lewis "issue" at BofA (NYSE: BAC).
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