GO
Loading...

Wall of Shame: Regions Financial CEO Ritter

On Monday, Cramer added Regions Financials CEO C. Dowd Ritter to the Mad Money Wall of Shame, letting the numbers state his case.

Ritter took over at Regions , once it had merged with AmSouth Bank, on Saturday, Nov. 4, 2006. On Monday, Nov. 6, the stock opened at $37.66. Today it’s at $4.07, an 89% loss. While all banks have suffered through the credit crisis, at least BB&T, another Southern regional, is down “only” 49%.

Regions Financial operates in Alabama, Tennessee, Mississippi, Louisiana and Florida. Sure, the Sunshine State was one of the hardest hit by the housing collapse, Cramer said, but that’s no excuse for all the bad loans on Ritter’s books. About 9%, or $8.6 billion worth, is under stress, with $4.1 billion to homebuilders and another $3.7 in home-equity loans.

Regions got a C on the Treasury Department’s stress test and now has to raise $2.5 billion to satisfy the government. So far, the company has generated $1.85 billion thanks to a secondary offering on May 20 priced at $4 a share. Cramer’s take? He wouldn’t touch RF as long as Ritter was in charge.

Who else should grace Mad Money’s Wall of Shame? E-mail us your suggestion at madmoney@cnbc.com.





Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

Contact Mad Money

  • Showtimes

    U.S.
    Monday - Friday 6p ET
    Australia
    Saturday 8a, 1p, 7p SYD
    Sunday 12a, 1a, 8a, 7p SYD
    New Zealand
    Saturday 10a, 3p, 9p NZ
    Sunday 2a, 3a, 10a, 9p NZ
  • Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

Mad Money Features

  • Grab the latest CNBC gear from the NBCUniversal Store!

  • Get a behind-the-scenes look at how Cramer formulates his investment advice. "Inside the Madness" is a column, which features e-mails and more with Cramer and his researcher Nicole Urken.

  • You’ve always wanted to hit the “Hallelujah!” button. Here’s your chance.

Mad Money Moments

Cramer's New Book