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Cramer on Citi

Despite saying Citigroup could be the buy for 2008, new CEO Vikram Pandit hasn’t taken the “bold action” Cramer expected. The stock is down just over $2, or about 7%, Tuesday after the U.S.’s largest bank announced almost $10 billion in fourth-quarter losses.

As much as Pandit seems to have accomplished in just five weeks – raising $12.5 billion in capital from a dividend cut, reorganization of the mortgage unit, layoffs and an $18 billion write-down – Cramer said he wants more. Citi should be able to find another $20 billion, according to the Mad Money host, and there should be a “repudiation of previous management.”

“Anyone who was involved with the Prince regime,” Cramer said, “it’s time for them to move on.”

Cramer’s advice for investors was to sell Citi’s common stock and buy the convertible preferred.

Switching gears to the ag complex, a “parabolic” jump like yesterday's is a sign to take profits, Cramer said. As much as he loves Monsanto , Mosaic , Bunge , Deere , Agco and others, “it’s enough. I don’t want people to lose these profits.”

Jim’s charitable trust owns Citigroup.

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