Top management at
must go, Jim Cramer said Friday on
"Stop Trading!" segment.
Cramer said the stock's 2.4% rise in heavy volume Friday points to investors' hope that either CEO Chuck Prince or finance chief Sallie Krawcheck is on the way out. Cramer said he would like to see both of them forced out, in favor of a combination of M&A head Ray McGuire and Vice Chairman Bob Rubin. He said their appointment would move the stock up to $55 from a recent $52.
But regardless of what's afoot, Cramer said Citi should by now have made a statement to the market about whether there is any basis for the unusual trading in the stock.
"I'm embarrassed for Citigroup," Cramer said. He said the
New York Stock Exchange
Securities and Exchange Commission
should prompt the bank to comment on the furious trading in its shares. Volume at midafternoon was more than three times the daily average.
Cramer added that Prince and Krawcheck would already be out if it weren't for the fact that top execs at big companies are the least accountable people in America.
"This is the worst-performing major financial in America," Cramer said of Citigroup. He went on to call Prince and Krawcheck "the least pro-shareholder executives since Al Dunlap," the disgraced former Sunbeam chief.
Cramer said he wouldn't buy
with the stock up 60% on the day in the 33-34 range. He'd wait for it to come back toward Thursday evening's 21 IPO pricing level to buy.
Cramer also castigated bears on
, saying the risks in subprime lending have been vastly overstated.
"As long as employment is good and interest rates are low, this is going to solve itself," Cramer said of the indications that some borrowers are having trouble repaying their loans. "Shorts, eat my shorts."
At the time of publication, Cramer had no positions in stocks mentioned.
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