Dick Bove Tells Fox Business That Bank Of America "Can Go To One Dollar And It Won't Need To Raise Capital" In Order To Survive

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports while most traders are betting that Bank of America “will not be able to survive unless it gets new capital” Rochdale Securities financial analyst Richard Bove tells Gasparino they will not have to raise capital. He told Gasparino that “BAC can go to one dollar and it won't need to raise capital.” Excerpts from the report are below, courtesy of Fox Business Network.

On whether Bank of America will be able to survive without more capital:

“All the banks are down today there is no doubt about that. Talking to traders, there is a concerted bet that B of A will not be able to survive unless it gets new capital. They believe when you add up all the stuff going on; there is a new AIG litigation, other litigation out there. This is a CEO who is a very competent guy but he doesn't instill confidence in investors. The stock today is getting crushed. Analyst Dick Bove is a bull on the stock. Bove says they will not have to raise capital. He told us quote, ‘BAC can go to one dollar and it won't need to raise capital.' Obviously most investors today are not betting on that.”