Washington still can’t seem to get this banking thing right. That was the focus on Cramer’s Outrage Monday.
Treasury Secretary Geithner’s decision to forsake Citigroup’s preferred shareholders could have disastrous consequences for Bank of America , the Mad Money host said, and maybe even US Bancorp and Wells Fargo , too.
Cramer reiterated his forbearance plan to save the banks, in which the government would give money to ailing financial institutions in exchange for a promissory note of sorts to pay that money back. Instead of Washington trying to run a company like Citi, which Cramer said Geithner and friends just couldn’t, this plan allows banks to solve their own problems in the private sector. It got us out of the savings-and-loan crisis, and Cramer thinks it could work again.
Hey, we could instead go the Bolshevik route, fully confiscating banks. That seemed to work out well, right? Watch the videofor Cramer’s explanation of that revolutionary move.
Cramer's charitable trust owns Wells Fargo.
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