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Who Is The Worst CEO?Mad Money needed new inductees for its
Wall of Shame, so we asked viewers for
nominations.
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], would be stepping down at year’s end. Zander, a member of Cramer’s Hall of Shame -- where the worst CEOs are relegated until they decide to quit in order to spend more time with their families -- has deserved to go since he got MOT’s share of the cell phone market down to just 13%, Cramer said.
To replace Zander on the list, Cramer picked Sprint’s [S
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] acting CEO Paul Saleh. At the helm of Sprint, Saleh blew it by rejecting a $5 billion investment from SK Telecom that would have made former Nextel CEO Tim Donahue, someone who “actually knows what he’s doing,” according to Cramer, the head of the merged Sprint-Nextel. For that, Saleh has got to go, Cramer said.
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For next week, Cramer said to "let it ride" with the financials. He thinks the banks have bottomed, and it's time to start buying again. Typically, Cramer is a proponent of taking profits, but this time he thinks the bank stocks will continue to build on this week's gains. He would pick up Bank of America [BAC
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], Wachovia [WB
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] and continue buying Citigroup [C
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] and Goldman Sachs [GS
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]. In fact, Cramer is so confident in this sector that he even recommended Countrywide [CFC
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].
His favorite, though, continues to be the big-dividend-yielding Annaly Capital [NLY
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]. This is the purest play there is on the Fed cutting rates, Cramer said. NLY can buy bad mortgages on the cheap, but it never got involved with those treacherous structured investment vehicles or collateralized debt obligations and can now pick and choose among the rubble.
The bottom line? Cramer thinks the downside has been put into the financials. If the Fed keeps cutting, expect these names to go much higher.
Jim's charitable trust owns Goldman Sachs and Citigroup.
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