Cramer's 'Mad Money' Recap: Sept. 15
Click here for an archive of Jim Cramer's Mad Money recaps.
In his post-mortem of a brutal day on Wall Street , Jim Cramer told viewers on his "Mad Money" TV show on Monday that the fall of Lehman Brothers (LEH), Merrill Lynch (symbol)and American International Group (AIG) demonstrated once again the need for market "transparency" and the height of CEO "arrogance and denial."
Cramer singled out Richard Fuld, Lehman's CEO, who, he said, passed up opportunity after opportunity to save his company. He said Fuld hurt his company by being so "self-absorbed," "self-interested" and "so sure of his company's future."For his failings, Cramer removed Fuld from his Wall of Shame, noting the CEO wasn't being removed because he was ousted but because he "drove his company to bankruptcy." By contrast, Cramer had kinder words for John Thain, Merrill Lynch's CEO. He said Thain did the most he could for his company, which has agreed to be purchased by Bank of America (BAC). Cramer said he had urged AIG to take action but said his advice fell on deaf ears. He said Robert Willumstad, the company's CEO, made the mistake of keeping silent on AIG's mortgage exposure and shunned the opportunity to sell when he had the chance. Cramer said the Securities and Exchange Commission complicated matters by not pushing for greater transparency as it did when when it dealt with E-Trade's (ETFC)'s problems. Cramer called today's historic market collapse "a disgraceful period in laissez-faire capitalism" that was marked by poor government oversight.
Cramer: The Fed and SEC Dropped the Ball
One on One With Wachovia's CEOCramer welcomed Wachovia (WB) CEO Robert Steel to the show to get his take on how financials got to this point - and how we can get out of it.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV