Cramer's 'Mad Money Recap': Foster Wheeler: Setting the Record Straight

Cramer said Milchovich has never steered him wrong, and he doesn't feel Foster Wheeler is falling apart in the least.

Getting Whiffed on Schering-Plough

During this week, Cramer has talked about some of his blown calls and used them as a vehicle to help viewers learn from his mistakes. On this show, he talked about how he missed the top in Schering-Plough (SGP Quote), a stock he also owns for Action Alerts PLUS, on May 14, 2007.

At the time, Cramer was up almost 100% with his recommendations of Schering and his support of the company's CEO, Fred Hassan. Cramer said he blindly reiterated his buy on the stock on May 14 at $31.95 a share.

"Since then, this stock has been hammered and hammered mercilessly," he said. At its low, Schering was trading at just $13 a share after negative press reports emerged about the company's anti-cholesterol drug Vytorin.

Cramer explained that after the news broke, he mistakenly assumed the market wouldn't overreact to the news. Yet day after day, the stock just kept going lower.

Cramer said he also underestimated the power of The New York Times and its extensive coverage of the controversy.

Cramer said he also gave too much credit to Hassan, who purchased $2 million of Schering's stock at $18 a share just days after the news broke.

He said he never considered just how much the market and the media would over-react to this news.

"But my real mistake was greed," said Cramer. Despite recommending Schering at $16, he did not take a profit when the stock hit $31. Cramer said that rule No. 1 in his book is and always will be "bulls make money, bears make money, but pigs get slaughtered."