"I got this wrong," he said. "I expected bold action ... I didn't get bold action." Cramer was expecting CEO Vikram Pandit to take more writedowns this quarter to demonstrate that the bank was righting itself. "If you took all that capital ... I don't know why didn't you take out more of the bad."
Cramer added that saving triple-A rated bonds was a fool's errand. "Every other bit of triple-A ... is backed up by agency paper that you cannot afford. ... If you hide behind triple-A, it better be the American Automobile."
Pandit's management actions were not forceful enough either, Cramer believes. "I want to see
Japanese brokerage and Citi acquisition Nikko Cordial out ... I want to hear a repudiation of previous management. ... It's time for
board member Bob
Rubin to move on."
The action by Citigroup was not decisive enough. "There was a chance the stock could've been up today. ... The stock could've been up if
Pandit went clean clean clean," Cramer said. "I just wanted bold statements. I'm not asking for Jack Bauer."
Cramer recommended trading out of Citi common stock and buying convertible preferred shares. "I would love to be able to swap this," he said.
Cramer concluded the segment by issuing caution about a pick he'd been plugging for a long time: "Agriculture went parabolic yesterday. ... When stocks go parabolic, meaning they went up $8 like
... If you don't take something off the table, you're going to get hurt."
The entire agriculture sector is too hot lately, Cramer added, saying to watch out for stocks such as
Archer Daniels Midland
"I like this group, but it's enough." Cramer cautioned. "This market's too hard. I don't want people to lose these profits. ... Yesterday's parabolic move is too dangerous for me."
At the time of publication, Cramer was long Citigroup.
Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
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