Dick Bove, vice president at Rafferty Capital Markets, was not far off in his prediction about JPMorgan Chase’s (JPM) current situation and lowered his rating of the mega bank, blaming excessive government regulation.
"The attack against JPMorgan brings to the forefront another key issue that I have been arguing—i.e., banking regulators are pushing U.S. business away from this country to foreigners," Bove wrote in a research note.
Bove charged that regulators are actively harming the ability of U.S. banks to compete. "They are attacking the jobs of banking workers and the wealth of the American people," he wrote, calling regulation "totally out-of-control."
