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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