Cramer's 'Mad Money' Recap: Grilling Wells

Stumpf cited the company's recent $3 billion writedown, half of which was used to charge off loans and half of which was used to bolster reserves, as proof positive that the company is being candid about its bad loan exposure.

He acknowledged an increase in "Level 3" debt at the bank but he said it should be taken in perspective, noting it only represents 5.5% of the bank's assets.

The High-End Market

Is the high-end American consumer really tapped out? Cramer put that question to Jonathan Tisch, chairman and CEO of Loews Corp (L Quote).

Despite rumors to the contrary, Tisch said Loews' earnings are still up 2% to 3% from last year. He said that New York remains a strong market for the company, helped in part by a weakening dollar that is attracting overseas tourists.

In other areas of the country, the picture is not as rosy. According to Tisch, Hawaii is a "disaster," as the state is suffering from airlines cutting back on their total number of seats. He said Las Vegas is also in the same boat, suffering from too many rooms and lower gambling revenue overall.

Despite the patchy signs of weakness, Tisch said Loews is looking to expand its footprint. He said that competition for choice properties and hotels remains stiff due to increased demand from international investors.

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