Fire Losing Street CEOs

The Street's seething. I have never seen anything like it. I've got guys coming up to me at restaurants, at bars, in streets, in Manhattan, in Summit, N.J., all saying the same thing:

How can Jimmy Cayne keep his job? Why didn't they fire John Mack? How could Dick Fuld pay himself so much? How did Bob Rubin let this mess happen at Citigroup (C - commentary - Cramer's Take)? Who gave him a free pass? Where are the boards of directors of these companies? Do they really think that giving up the bonus is all that has to happen?

All of the criticism is deserved. Every bit of it.

Of course, in the media all I ever hear about is fun poked at Goldman (GS - commentary - Cramer's Take) and its bonus pool. But my friends and these shouter-outers aren't talking about Goldman, other than to say that they wish they worked there.

This is the most palpable anger I have ever seen. People in high-up positions calling their CEOs clowns and fools.

And they are right.

I will say for the record that I don't think a single important person who presided over losses like Bear's (BSC - commentary - Cramer's Take) or Citi's or Merrill's (MER - commentary - Cramer's Take) or Morgan's (MS - commentary - Cramer's Take) should be left standing at these firms. These are hideous, unforgivable losses and I can't believe that any of these people really believes he deserves to keep his job. This is Wall Street, for heaven's sake.

One of the things I always liked about Wall Street was that you were paid fortunes when you got it right. But there was an implicit bargain: you get it wrong, you are out.

These people should all be removed.

Now.

Fuld? He should return most of his bonus because it is ridiculous to be paid that much and still be as wrong about subprime as he was all year.

Goldman? Double 'em.

At the time of publication, Cramer was long Citigroup and Goldman Sachs.

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