Mad Money

Why Do Good Things Happen to Bad Banks?

Will Hudson City Bancorp make a comeback in 2010?

City of Profits?

That’s the question Cramer was asking during Wednesday’s Mad Money. Despite withstanding the credit crisis of 2008, even scoffing at TARP money, Hudson City’s stock floundered last year.

The bank, a responsible lender that never deals in potentially dangerous subprime loans or adjustable-rate mortgages, fell behind the bellwethers. Goldman Sachs , Morgan Stanley , Bank of America , Wells Fargo and Huntington Bancshares all rallied in 2009, while Hudson City lagged the group.

From the looks of the stock prices, Cramer said, 2010 appears to be a lot like 2009. The banks that delivered the biggest losses and cut their dividends are seeing their share prices climb the most. And those with the steadiest dividends – even raising them every year since coming public as Hudson City has – are doing nothing at all.  

Cramer wondered if that would be the case for all of this new year. To find out, he turned to Hudson City CEO Ronald Hermance. Watch the video for the full interview.

Cramer’s charitable trust owns Bank of America and Goldman Sachs.

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