Bove speculated that the timing of Cruz's departure suggests there might be a sizeable write-off coming for the firm, reminiscent of the scenario that played out with Warren Spector's exit from Bear Stearns (See " Bear Claws Out Co-President").
And Chicago really would be exceptional if it could work out how to turn itself around, implement its ideas and see them bear fruit all within two years.
Guys who are long never want to see a bear case get built for their holdings, but John Ayling, an analyst at Morningstar, has a painful two star rating on the stock.