×

Cramer: Goldman’s Libyan Investment Was 'Horrible'

Cramer said Tuesday he was astounded that Goldman Sachsinvested more than $1.3 billion from Libya’s sovereign-wealth fund in currency bets and other trades in 2008.

But the “Mad Money” host said, “These were strange times and there were a lot of strange bedfellows.”

Cramer said that during that time, there was a “marriage of convenience” between Libya and the U.S. He likened it to how the U.S. now trades with China, even though tensions between the two countries were high many years ago.

What Cramer was most surprised about, however, was the fact that the investment lost 98 percent of its value. “That was some of the worst investing I’ve ever seen,” he said.

In other world news, Germany announced its nuclear exit strategy Monday, but Cramer thinks shutting down nuclear reactors and moving toward renewable energies isn’t the right play for this European power.

“Germany is going to put itself in very negative position for worldwide growth if they are going to have that much that is alternative energy,” Cramer said Tuesday.

Germany plans to shut down all nuclear reactors by 2022, and said it plans to cut power use by 10 percent by 2020 and further expand the use of renewable energy. But Cramer thinks it is almost impossible to produce that much energy in a major industrialized country from renewables.

So what energy play does Cramer like?

Right now, he’s bullish on natural gas and oil. He likes National Oilwell Varco because it is makes drilling and production equipment.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com