Financial bill fails to address real issues, analyst says

06/21/2010 | CNBC

Banking analyst Dick Bove said the financial-regulatory reform on which lawmakers are working would be so disastrous and damaging that Congress eventually would be forced to repeal it. Bove, an analyst at Rochdale Securities, said the changes would result in reduced competitiveness of financial institutions in the global system, loss of banking accounts for millions of consumers and other problems. "The Congress has created legislation to solve problems that may not exist and has not created legislation to deal with real problems," Bove wrote in a note to clients.

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