BOO YAH!!!!

I'm not a big fan of Jim Cramer on CNBC... is this supposed to be investment advice or just entertainment?

But I happened to catch his show last evening, after a 777 point drop on the Dow...

Cramer's the guy with the sound effects, and practically every stock last evening was greeted with SELL!, SELL!, SELL!

The most fascinating segment, however, was his comments on Wachovia Bank, which was just taken over by CitiGroup.

Two weeks ago, Cramer had a personal friend on the show, the CEO of Wachovia Bank, who told viewers that the company had strong controls in place, and that "problem loans" only amounted to about $10 billion dollars.

Whoops!!!!!!!!!!!!!!!!!

Two weeks later, those problem loans had somehow mushroomed to about $42 billion dollars, and the company then promptly joined the deadpool.

What went wrong? Did the CEO intentionally mislead the investing public? Or was he just unaware of what was actually going on in his company?

Who knows?

The company is now essentially worthless.and Cramer has installed CEO Robert Steel on his show's "Wall of Shame".

It is rare to see a TV host eat humble pie, which is why you should definitely take a look at this show segment!

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Friday, October 3, 2008

Wachovia CEO Robert Steel is really getting a reputation on Wall Street!

Yesterday, according to a report on CNBC, Steel spent the day huddled with CitiGroup executives in New York... and somehow neglected to mention that Wells Fargo was thinking of opening up the auction and re-bidding for Wachovia.

Citigroup executives found out about this turn of events independently at around 2 AM this morning.

Makes you wonder if Robert Steel ever took a course on ethics, doesn't it?