RECENT POSTS
- iPad 3, iTV and iPhone 5 Should Drive Apple to $665: Money Pros
- Options Trader Scores Big on Diamond Foods Selloff
- Top Fashion Stocks for 2012
- Your First Move For Thursday February 9th
- Pros Bullish On Visa, Even After It Hits a New High
- Semantics Suggest Higher Bid Ahead for Illumina: Finerman
- Premium Commanded by Whole Foods Ridiculous, or Surprisingly Modest?
- Cisco's Got Room to Run: Money Pros
FAST MONEY FEATURES
FAST MONEY POLLGet in the post game. Respond to our "Question of the Day" right now.
FULL SHOWSMissed an episode of Fast Money? Watch the latest show here.
HEDGE FUND TRADE OF THE WEEKWhich names are generating the most chatter across the hedge fund community this week?
CALL TO THE FLOOR | CEO EXTRACheck out our library of CEO interviews; conversations from TV as well as web exclusives.
TRADE SCHOOLGrab a pencil because school is in session and the Fast Money traders are teaching class.
FAST MONEY PODCASTS
Download Fast Money onto your MP3 Player.
FAST MONEY WIDGETGrab this all-in-one application and get recaps of the show sent right to your desktop or blog.
SHOP FOR FAST MONEY MERCHANDISEGet your game on with Fast Money gear.
FAST MONEY SLIDESHOWS!Check out our scrapbook. These "pix" are guaranteed winners.
NEWSLETTERSign up for our daily newsletter!
FAST MONEY MOBILE ALERTSGet advanced information about the next Fast Money.
Text Size 
 |
On Friday the bank found itself grappling with a broken marriage proposal after rival Wells Fargo [WFC Loading... ()
] agreed to buy Wachovia [WB
Loading...
()
] for about $15.1 billion, thwarting a planned union with Citigroup [C
Loading...
()
].However, like so many suitors, Wells Fargo could be in for a fight. Citigroup is considering its options and may file a lawsuit to break up the Wachovia-Wells Fargo deal, which came together quickly overnight.
Citigroup said it had an exclusivity agreement with Wachovia to prevent them from finding other possible buyers.
Considering the Street is littered with broken promises, what does it mean going forward?
Ladenburg Thalman analyst Dick Bove tells us if he were building a portfolio right now he'd take a huge position in Citigroup. And "I would buy PNC, BB&T, and Bank of American," he says on Fast Money.
As you can guess he’s somewhat bullish on financials. In fact Bove thinks the headlines should read banks are bouncing bank.
"Keep in mind that Wells Fargo, JP Morgan [JPM
Loading...
()
], BB&T [BBT
Loading...
()
], USB [USB
Loading...
()
], Bank of America [BAC
Loading...
()
], and PNC Financial [PNC
Loading...
()
] are all up 75% from their lows,” he says.
You want to know why? “Most of the information being pushed out about banks not making loans is simply dead wrong.”
"It’s baloney that banks won’t lend to each other. When the LIBOR rate is 2% they’re lending. There is so much misinformation about this industry it boggles the mind.”
By misinformation he means that too many financial services firms are being called banks, when by strict definition they're really not.
“You’ve got to separate the commercial banking sector from the non-banks. You’ve had thrifts go down, investment banks go down and mortagage companies go down, but a major commercial bank has not gone down," Bove tells the traders. "These companies are not in the trouble that the Secretary of the Treasury claims they are… the magnitude is being overstated in a huge fashion.”
What do you think? We want to know!
- Top Fashion Stocks for 2012
- Pros Bullish On Visa, Even After It Hits a New High
- Semantics Suggest Higher Bid Ahead for Illumina: Finerman
- Premium Commanded by Whole Foods Ridiculous, or Surprisingly Modest?
- Caesar’s IPO Might Not Be a Good Bet, Pros Say
- Mega-Commodities Deal Puts Resource Stocks in Play
- Your Questions About… Starbucks, Norfolk Southern and More
- Dan Nathan’s Options Play On Apple HDTV Spike
- What Plays Tim Seymour Is Watching In Russia
- After Nailing Facebook, Top Strategist Makes Next Big Prediction
_____________________________________________________
Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send your e-mail to .
Trader disclosure: On Oct. 3, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Karabell Owns (AAPL), (AGU), (BHP), (GOOG), (JPM), (MS), (RIMM); Seymour Owns (AAPL), (INTC), (MER); Terranova Owns (AAPL), (EOG), (FCX), (FTO), (GS), (MA), (NOV), (POT), (X), (VLO)
Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW)
, (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC), (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE), (FSMXX); Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns Seagate Technology Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Gartman Owns (CME), (KBE), (SDS)
GE Is The Parent Company Of CNBC
Data is a real-time snapshot *Data is delayed at least 15 minutes
