Mad Money

The Wall of Shame’s Newest Member

Wall of Shamer Jeffrey Peek, CIT Group CEO, which Cramer called “one of the worst lending institutions in the country,” finally did the right thing on Tuesday by tendering his resignation. Peek was “an amazing destroyer of shareholder value,” Cramer said, who watched his company’s stock drop from $37.60 when he first took the reins to today’s sub-$1 closing price.

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That means there’s a spot to be filled, and Cramer gave that honor to Fortress Investment Group Co-Chairman Wed Edens, the first two-time member of the Wall. What did Edens do this time? He was behind the “total disaster” of an IPO that was RailAmerica on Tuesday. Besides being a poorly structured deal, Fortress took half the proceeds. Not exactly the best way to run an IPO with so many other companies going public. Cramer went so far as to say that Edens could “kill the whole IPO market with this kind of destruction.” For these reasons, Edens is the newest member – again – of the Wall of Shame.

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