Mad Mail: Cramer's Outraged By C's Board Shake-Up
On Monday, Cramer was outraged at Citigroup’s board shake-up, with three former members of its audit committee stepping aside. He reminded investors that the role of the board is to make sure companies decisions are in the best interests of you, of shareholders by managing risk and oversight.
“These announcements,” Cramer said, “merely acknowledge a shuffling along, moving on with no real accountability. There is no stigma attached to what I see as their behavior of falling asleep at the wheel.”
The Mad Money host asked where the accountability is. “This action by Citi," Cramer said, "was just dead wrong.”
Dear Jim: I've been in the house of pain with a small position in The Hain Celestial Group. I’ve been reading headlines about Martha Stewart putting her name on fresh meats and Whole Foods Market indicating that people are willing to pay more for organic food, even during a recession. I think if Mrs. Obama's campaign against obesity involves education for parents about hydrogenated fats and high fructose corn syrup, two ingredients I don't see in HAIN products, then the company could gain market share. Should I cut my losses & get out, or do you think the stock will recover? Thanks for all you do. – Cathy, Potomac, MT
Cramer Says: “Stay with HAIN. Everything you said was true. It has been a disappointment. That last quarter was disappointing. The forecast came down, it shouldn’t have. Whole Foods is on a major ramp now, I think HAIN can follow them. Whole Foods by the way is really on fire.”
Booyah Jim!: Thanks for all the entertainment and education you provide us ordinary people. I have been following you for about three years now and have read all your books. Keep up the good work. General Motors recently announced that they will close out the Hummer line. Instead of letting the Hummer line die out, why doesn’t somebody buy it and switch all the Hummers to run on natural gas? It seems to me that this would be a great way to show the country the potential value of our domestic natural gas resources.
Am I missing something? -Jim in Reno.
Cramer Says: “You’re not missing something. But, it would be psychological. …We do not have the infrastructure. And, by the way, no one wants the Hummer because it frankly is viewed as a gas guzzler. I don’t know if you can change the reputation all that easily.”
Jim: A cold and snowy Buckeye Booyah. Not long ago, you featured a chart of Seagate Technology Holdings and threw it in the Sell Block. I took your advice and sold shortly after only to watch the stock move higher. Now that it is coming back down to earth again, I've been thinking of buying my position back. What are your thoughts now after its big move? Thanks for all that you do. –Josh
Cramer: “I think Seagate in the end will prove to be too cheap. I frankly don’t want to sell the stock. …it’s not too late. If you sold it, buy it back. And if you’re thinking of selling it hold on to it.”
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