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Mad Mail: Why'd T. Boone Sell His Clean Energy Stake?

This letter ran yesterday, but here is Cramer’s updated response.

Jim: Mr. & Mrs. Pickens have just sold up to a million shares of Clean Energy. What kind of traitor-ish activity is that? They ask us to join them and we did and then they SELL!! --David

Cramer says: Mrs. Pickens called Cramer to say that the stock sold was hers alone and not Boone’s. She plans to use the money to support an animal-rights initiative on the California ballot in November.

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Jim: Last night on your show, you recommended that your viewers take some stock "off the table" while stocks rally. I have been buying some stock into the previous downturn, and to sell partial positions now would subject each position to the wash sale rule. Is that something I should pay attention to? By the way, I really think Secretary Paulson must TiVo your show for sound ideas on how to solve this crises, because the ideas they are implementing now are a complete break from their previous and totally failed hands-off approach to the economy. --Guthrie

Cramer says: “I’m not a tax guy. I am just telling you what I say economically. I don’t want you to get caught with too much inventory at the bottom. This is a very complex issue. You should consult your tax guy. But the idea is that I care about the fundamentals. In 2000, when I was telling people to sell Nasdaq left and right, over and over and over again all I heard about was tax. ‘I didn’t want to pay taxes.’ Well, you know, they lost everything and didn’t have any taxes to pay.”

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Dear Jim: Does the government rescue of the financial sector, including the temporary ban on short selling take Goldman Sachs out of the Sell Block? Thank you for all that you do, and remember that most of your enemies hate you because you are smarter, richer, and more famous than they are!! --Gary in California

Cramer says: “…Goldman was never in the Sell Block. I own that for my charitable trust…what I was saying is, is that you could understand that investment banks are now hated by the market. I didn’t sell. Remember, in the piece I said, ‘I don’t believe the market in this.’ But the market’s telling me to sell Goldman. I’m not listening.”

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Booyah: You are one of the most influential and most listened to financial advisors in this country. It appears the Fed listened to your naked short selling tirade and took your advice. Would it ever be in the cards for you to accept an SEC or Fed Reserve job if offered? This country needs you. --Chris

Cramer says: “It was the SEC that did it. They didn’t bring back the uptick rule. They at least decided to start enforcing the naked short rules. I don’t like what they did. They should never have banned short selling. Would I take a job? Yeah, I’d serve my country in a heartbeat. They won’t ask me. But I’d serve it in a heartbeat.”




Jim's charitable trust owns Goldman Sachs.

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