Richard Bove Thinks That Citi's (C) Secondary Offering Is A Terrible Error

Richard Bove said on CNBC's Fast Money that he sees Citigroup's (NYSE: C) secondary offering as a terrible error which Vikram Pandit should have never done.

Bove met with Citi's (C) executives recently and they talked about the deal of this nature. Since he couldn't persuade them not to do the deal, he has put a "sell" on the stock.

Citigroup's (C) $20 billion equity offering is priced at $3.15 which is 10 cents below the government convert price. The price of its stock dropped 3.09% in the regular trading today, but then it continued its downturn in the after hours for additional 5%.

Richard Bove also said that instead of buying Citi (C), investors should take a look at Goldman Sachs (NYSE: GS) and JPMorgan (NYSE: JPM). Goldman Sachs (GS) gained 1.38% today, and JPMorgan (JPM) added 1.22%.