The Mad Money host was referring at least in part to Thain’s troubles as Merrill’s CEO, which included everything from apparent billion-dollar losses, large employee bonuses and a million-dollar office renovation, The New York Times reported. While Cramer didn’t say specifically that CIT would regret its decision, he wasn’t exactly praising the move either.
“All I can tell you is, is that he does great everywhere he goes,” Cramer said. “And if there was a stock called Thain, Inc., I would file a 13D position because I know he will do great.”
“How do the other people do who work with him?” Cramer continued. “I’m a diplomat.”
Cramer also commented on Polo Ralph Lauren’s earnings conference call last week, saying that it was “bad.” But he pushed back against what he saw as an overreaction by Wall Street, which seemed to dislike the company having to take back control from a licensor in Asia.
But this kind of action is nothing new to Polo Ralph Lauren, Cramer said, “It’s what they do.” And the company has a history of spending big money to turn struggling divisions into successes. Even more to the point, though, Cramer said, RL had warned analysts that this was going to happen, so he can’t understand investors’ response.
“This quarter is not going to be good,” Cramer admitted. “But I do believe that you have now seen the worst, and it’s time to be thinking about buying this stock again.”
Lastly, Cramer railed against what he said was yet another New York Times story attacking Goldman Sachs. The piece, which ran Sunday, describes the fight between Goldman and American International Group over money owed from insurance contracts on mortgage securities. The billions that AIG paid Goldman, the article states, “helped put it in a precarious financial position by bleeding much-needed cash. That ultimately provoked the government to step in.”
“How many times do we have to read these stories?” Cramer asked. “How many things did Goldman bring down?”
Cramer said the Times’ coverage has painted Goldman as “the source of all evil.”
Cramer's charitable trust owns Goldman Sachs.
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