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Cramer's 'Mad Money' Recap: It's Not 2008 (Final)

Risky Dividend

In uncertain times, you need to own certainty, Cramer told viewers, as he followed up on Veolia Environ (VE), a company that stumped him during an earlier show. Cramer said that while Veolia, an environmental water and waste management company, currently pays a hefty 12.5% dividend yield, the company's dividend is a huge red flag and one that should be avoided.

Veolia is currently a battleground stock, explained Cramer, with Citigroup (C) rating the stock a buy, while Morgan Stanley (MS) has a sell rating on Veolia shares.

Veolia has lost 22% of its value since the company reported a strategy shift in its strategy on Aug. 4. The company is currently a pastiche of over 2000 different companies all under one roof. After struggling to manage, let alone integrate, these entities that reside in 77 countries, Veolia decided to focus on just 44 countries and sell the other assets.

But Cramer noted that Veolia relies heavily on Europe, and suffers from many of the same problems as the continent does, including little clarity, being locked into unprofitable contracts and unable to control its costs.

Cramer said Veolia will likely see a dramatic cut in its dividend, which is extremely risky for its stock, which trades at a premium to the market. He said Veolia would be a decent environmental play if the company had its act together, but this market will not reward uncertainty.

Lightning Round

Cramer was bullish on EMC (EMC - Get Report).

He was bearish on Apple (AAPL - Get Report), Visteon (VC - Get Report), Frontier Communications (FTR - Get Report), SandRidge Energy (SD) and Ralcorp Holdings (RAH).

Closing Comments

In his "No Huddle Offense" segment, Cramer said "get it over with already," referring to Greece's default. Cramer said the markets secret want to rally, but that rally will come until Greece is resolved.

Cramer said the European banks have all said they have enough cash on hard to weather the storm, so "who needs more time?" He said doing anything other than letting Greece default is just plain silly given the effect they're having on the worlds' economies.

The Greek bonds need to be restructured, Cramer said pointedly, "get it over with."

--Written by Scott Rutt in Washington, D.C.

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