Dick Bove says End the Fed! the banks don't need it

Well I wish the Fed would go away because [the banks] don't need it. In other words, you basically have balance sheets which were built up because over the last three years, since the crisis we'll say began at the end of 2007, banks have raised a hundred billion dollars in the open market from investments in common equity and they've increased by $76 billion the retained earnings of the industry. So the industry has added $176 billion in capital, in addition to which the banks have shifted out of loans and they've increased their holdings of Treasuries and cash-like items. So they've completely restructured their balance sheets.

~Dick Bove, Rochdale Securities, CNBC interview, January 13, 2011