March 24 (Bloomberg) — Richard Bernstein, chief U.S. quantative strategist, and David Rosenberg, the chief North American economist, are leaving Bank of America Corp., a company spokeswoman said.
Bernstein, 50, will start his own money management company after leaving in mid-April, and Rosenberg, a native of Canada who plans to leave in mid-May, will join Gluskin Sheff & Associates in Toronto, said a person familiar with the decisions. Bank of America spokeswoman Susan McCabe confirmed the departures.
“The wisdom and counsel that David and Rich provided clients, analysts and our businesses have enriched our franchise,” McCabe said today.
Both men are based in New York and were employees at Merrill Lynch & Co. before Charlotte, North Carolina-based Bank of America bought the Wall Street brokerage firm in January.
In a note to investors March 23, Bernstein advised selling bank shares. Removing distressed assets from banks’ balance sheets is a short-term solution that will prolong a resolution of the credit crisis, he said.
Rosenberg said March 9 that the Standard & Poor’s 500 Index may reach a low of 600 in October.
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…now we just need to know if Berstein has been holding a short position in financial stocks. His comments to sell indicate market manipulation in order to cover his short position.
Joe you read my mind. Why else would he tell everyone to sell Bank Stocks and then remarkably he quits BAC. Has the feel of criminal activity to me.
Maybe he didn’t leave voluntarily…
If he is holding a short position he has committed a crime. He is not that stupid…