Cramer ‘Honors’ New Wall of Shame Member
Mad Money Wall of Shamer C. Dowd Ritter announced his retirement on Thursday, ending what Cramer described as “his catastrophic tenure as the CEO of Regions.”
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Over the course of Ritter’s time in the C-suite, Regions Financial plummeted 86% to $5.33 from $37.66. And that’s to say nothing of his personal use of the company jet – to take his family on vacation, no less – after accepting $3.5 billion in TARP.
Ritter’s permanent vacation leaves a vacancy on the Wall, one Cramer awarded to Fortress Investment Group’s founder and co-chairman, Wes Edens.
Cramer’s view of much of the private equity business these days is ambivalent at best, with KKR’s recent investor-unfriendly Dollar General IPO one reason why. But Edens, too, is guilty of “wrecking … shareholder value,” Cramer said.
The Mad Money host’s latest gripe? FIG announced that it won’t pay a dividend for the sixth consecutive quarter.
Edens should “take a cue from C. Dowd Ritter,” Cramer said, and retire.
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