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Wednesday, April 7, 2010 as of 11:14 AM ET

  • July 22, 2008 09:09 AM UTC by Liz Claman

    Bring in the lawyers!!!!


    It was only a matter of time. 

    Not to get too psycho-babble here, but indulge me…I’m from California.   I’ve been thinking that, just like the Kubler-Ross "5 Stages of Grief" (Denial, Anger, Bargaining, Depression and Acceptance) , there are 5 stages of a stock market bubble popping and I’ve decided LAWSUITS are, oh, let’s say Stage 3 out of 5.

    We reached the beginning of that stage yesterday when BankAtlantic (BBX) of Ft. Lauderdale filed suit against banking analyst, Dick Bove of Ladenberg Thalmann for defamation and negligence involving Bove’s analyst report he wrote last week entitled, "Who’s Next."  Bove’s report explored the idea that, among other names out there, BankAtlantic has capital (money) levels too close to a dangerous edge.  So he put together a watch-list that included BankAtlantic. In the suit, BankAtlantic charges Bove’s analysis is flawed and hence, "meaningless."  BankAtlantic complains that Bove’s report turned viral—meaning, it was picked up by other analysts and journalists and has caused further damage. 

    Just to let you guys know how this works, news of the suit broke just after 2pm ET. Every business network ran news flashes about it but our team at Fox Business was way ahead of the pack.  Less than an hour later, we had gotten Bove in front of our cameras and our viewers first, telling me on Countdown to the Closing Bell that his firm’s lawyers said he couldn’t say anything yet but he was dying to tell the story.  I backed out the proverbial journalistic car and drove it in another way, asking if there was anything in his research he would do differently today. Bove stood firm and said he would change NOTHING. He fully stands by his research.  (the clip is below, check it out)

    As the story and lawsuit play out over the next few months, here’s why this stage is significant.  We’re now in the blame game part of this "housing-credit-subprime-alt-A-oh-wait-prime-loans-are-now-starting-to-fail-too"  drama.  It’s the Dot-com Implosion Pt. Deux.  The problem is, it seems to be way more widespread than the internet fizzle.  This one affects legions more investors, many of whom might have never been directly invested in the names in question.   I predict this is only the first of many lawsuits. The next ‘tranche’ will be different: investors angry at what I’m calling "Reverse-Bove" analysts: analysts who just months before the bubble pop were issuing "buy" ratings on brokerages, homebuilders and mortgage companies which just a few short months later are the same companies swimming in a roiling sea of foreclosures and red-ink. 

    So here’s what I’d love from you, readers.  I know what *I* think are the other 4 stages of this bubble popping but I’d love your ideas too.  I think we can all agree that DENIAL is the first stage, as in, "This is just a short-term pullback—a definite ‘buy-on-the-dip’ opportunity, I tell ya!!!"  But what about the other stages? Can’t wait to hear your thoughts so, comment away and have fun with it.

    Here’s the clip. See you at 2pm on Fox Business!!!


    NAMI Asks NPR to Take Action to Protect Against Hostile Work Environment in Wake of Juan Williams Comments

    Wireless News November 4, 2010

    Wireless News 11-04-2010 NAMI Asks NPR to Take Action to Protect Against Hostile Work Environment in Wake of Juan Williams Comments Type: News

    The National Alliance on Mental Illness (NAMI) has warned National Public Radio (NPR) that a remark made by NPR’s CEO in the firing of senior correspondent Juan Williams may violate the letter or spirit of the Americans with Disabilities Act (ADA).

    In this week’s NAMI Blog, NAMI Executive Director Michael Fitzpatrick shares the text of a letter sent to NPR president and CEO Vivian Schiller, calling on NPR to adopt a plan no later than its board meeting scheduled in November to "educate and reassure" managers and employees about ADA protections in the workplace for people with mental health concerns.

    After firing Williams for talking about Muslims during a Fox TV News program, Schiller told news media that Williams’ personal feelings should have been kept between himself and his "psychiatrist or publicist; take your pick." Williams responded that he did not have a psychiatrist. website hostile work environment

    Schiller later apologized for the "thoughtless remark," but NAMI called it an "outrageous" statement.

    "NAMI remains greatly concerned about the cruel signal the incident has sent to millions of Americans; and its chilling effect both on people seeking help for mental health concerns and their expectation of privacy and support in employment relationships," said Fitzpatrick.

    NAMI said it warned Schiller the remark "may violate the letter and/or spirit of the Americans with Disabilities Act (ADA) — risking creation of a hostile work environment, flowing from the top down through NPR and its affiliates for any employee who lives with mental illness." this web site hostile work environment

    In the NAMI Blog, Fitzpatrick further noted: "Once again, someone has played ‘the stigma card,’ suggesting mental illness to discredit a person rather than debating issues on their merits."

    Fitzpatrick told Schiller the remark was "sadly inconsistent with NPR’s own stellar record of reporting fairly, accurately and compassionately on issues related to mental illness."

    The NAMI letter to Schiller was copied to NPR’s Vice-President for Legal Affairs and General Counsel, Joyce Slocum.

    NAMI is a grassroots mental health organization dedicated to improving the lives of individuals and families affected by mental illness.

    More information:

    ((Comments on this story may be sent to


Eric Wilhelmson

Liz, Actually only the last stage of the original five should be changed so that the new list would now be: Denial, Anger, Bargaining, Depression, Stick-the-US-taxpayer-with-the-bill.

July 24, 2008 at 4:00 pm


1. Denial (no problems whatsoever) 2. More denial (okay, so there is a small problem, but things will work themselves out in six months) 3. More denial (how much lower can these stocks actually go?) 4. Panic (denial stage is over. Fed/government collude to prop the system up, we see a dead cat bounce, and pollyanna wall street cheerleaders try to sell that this bear market is over.) 5. More panic (inflation wreaks havoc and fed can no longer ignore it. we set up for an even bigger correction because of all the bail outs we put in place. foreign central banks dump dollars. interest rates sky rocket. financials go down the drain and big ticket items finally get affordable for all of those responsible people who waited on the sidelines all these years to purchase a home.)

July 23, 2008 at 11:13 am


The Key to your "Article" is "Prime Loan's", see "Amex's" comment's for it's "Profit's Shortfall"! The Future is "Uncrtain"!

July 22, 2008 at 4:04 pm

Frank D. Palumbo

Hi Liz, Great Clip. I'm a staunch, take care of your own issues and avoid foolish expenditures - Conservative, but I know how this is gonna go: 2) Blame Cheney 3) Blame Rove 4) Impeach Bush. Thanks Frank P.

July 22, 2008 at 11:40 am


Now this is interesting. Makes one wonder if Senator Schumer could be sued by the shareholders of Indymac of Pasadena.California, for causing the panic on the bank when he released his letter on the subject? It gives one the perception of inside information where he could've gone after banks in his New York City but begs the question why a California bank? What was the motivation?

July 22, 2008 at 11:00 am

about this blog

  • Liz Claman joined FOX Business Network (FBN) as an anchor in October 2007. Her debut included an exclusive interview with Berkshire Hathaway CEO and legendary investor Warren Buffett.

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