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Cramer: Feds Fumble Citi Stake

Booyah Jim!: Can you help me see through some of the fog around Citigroup? You were adamant that we should try to get in on the secondary offering and not buy in the aftermarket, but the market price is now lower than the secondary offering. I like Citi and don’t see it as a $3.15 stock, but my resolve is shaken. Is this a spec stock I should walk away from or should I hang with it? What do you see now that some of the mist is beginning to dissipate? Thank you for your insight and help for the small homegamer! –Del in South Dakota

Cramer says: “First of all, Del, it’s above where the deal came. So let’s just take that off the table. You’re not down on it if you bought the stock … but let’s talk about who is down on it: the United States government. Now, when this stock was at $5, I recommend sale of it. I didn’t just recommend sale of it to you if you bought it. I recommended sale of it to the government, because the government was up huge … But you know what? The government didn’t see to it to realize that they had a big gain for the American taxpayer. What they did instead was say, ‘You know what? Let’s see what happens. Maybe it’ll go up.’ … The US government has no right to play stock market whatsoever. When you have a big gain, you take it. I thought this was a completely shameless, shameless thing they did ... I want an apology to the American people that they went and left all this money on the table.”

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