Mad Mail: Does the Gov't Favor Citigroup?

Jim: I have been watching you for years on TV and you are one of the largest pro stock market TV commentators out there. I appreciate your comments on NBC for people to show some caution in these tough economic times. Do not let the people who are blaming you for the stock market going down get you down. What a joke everyone always needs to blame somebody for things that are difficult. If it were your fault it went down yesterday, you would be the one who drove it up for the last five years. --Steve in California

Cramer says: “…Every time I come out here I think about my words. I think very carefully about what I’m going to say. If I feel like I’m not having an impact, then I do get more emphatic. Last August of 2007, I went over the top emphatic with “They Know Nothing!” It was the best thing I ever did, and it was probably the thing that was most criticized that I’ve ever done…”

Jim: Is it me or does it seem that Citigroup has someone in the government on their side? The deal was broken by the FDIC and Citigroup got a sweet deal with the government (U.S. taxpayers) on the hook. The deal was never approved by Wachovia shareholders. The Wells Fargo deal is better for everybody (taxpayers, employees, shareholders). And now the government wants them to split up Wachovia. Something just doesn't seem right. --Kore

Cramer says: “You said it better than I can. I totally agree with your sentiment. I don’t understand it, but we’ve got an unelected official, Sheila Bair, who’s loved, like Bernanke’s loved, like all these people are loved…everyone thinks these people are geniuses. Do you mind, while the Western world crumbles that I actually question some of their actions?…I don’t understand how Wachovia got confiscated unless that we really need to save Citigroup…”

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