Leave it to Cramer to work even on a day of celebration such as this – but there’s work to be done. See, today he had to admit that there was a big name missing from the Wall of Shame: Citigroup’s Chuck Prince. You may be wondering how a man like Cramer, who’s heading into his third year of Mad Money – the number-two show on TV (because 24 isn’t all that great this season) – could have left the Clown Prince off the list. So to make up for the lapse, Prince is going straight to the top of the list.
And as a birthday surprise, Cramer has another announcement for you. He’s replacing Bank of America with Citigroup as his absolute favorite of the financials. Why? Because rumors alone of Prince being fired sent the stock up nine points – imagine what it would do if that actually happened! There are plenty of reasons to think that Prince is on his way out, but we’ll get to those in a minute. Let’s not overlook Citi’s juicy 4.5% yield as another great reason to own the stock. It’s got the same return as a Treasury but with better tax treatment, not to mention great upside potential once Prince is out.