CMGI Won't Be Taken Under

Plus, Greenspan finally gets more respect, but when will they let him get back to work?
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Looks like a possible do-over for

Lycos

(LCOS)

!

In a flabbergasting turn,

CMGI

(CMGI)

, the big Lycos shareholder, isn't going for this

"take under." Net bulls should rejoice. The hijacking of Lycos by someone from that slick, old Hollywood crowd, that computer illiterate group of nonbelievers, may be busted!

The biggest sea change in the Net was not so much that Lycos' Bob Davis got seduced by the attractiveness of going Hollywood, but that CMGI, some of the toughest minds in the Net business, were willing to go along. Frankly, this frightened the heck out of me. I had this vision of Lycos' network being worth a heck of a lot more than Diller's. Diamonds to zirconium doesn't cut it in my books.

This one-line statement, that CMGI doesn't buy into the Lycos sellout at these levels, is a chance to undo the whole horrible Net week.

Now, keep Davis away from the

Lands' Ends

(LE) - Get Report

and the

Lillian Vernons

(LVC)

, and be thankful that

Federated

(FD)

just bought

Fingerhut

(FHT)

. The only thing more stupid than merging with

Home Shopping

would be to go with the catalog industry!

Random musings:

At least these congressmen show

Greenspan

a little more respect than those haughty senators. Still though, what I wouldn't do for a Greenspan clone to park in front of committees like this so the real Greenspan can get his job done.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column by sending a letter to TheStreet.com.