FAIL: Jim Cramer Recommended Buying Wachovia Stock 2 Weeks Ago

[One Sweet World]

Via TV Newser:

CNBC's Jim Cramer made an on-air apology last night for recommending Wachovia stock just two weeks ago. The recommendation followed an appearance by the bank's CEO Robert Steel.

On Sept. 15, the day Steel appeared on the Mad Money, Wachovia stock closed at $10.71/share. Yesterday it closed at $1.84/share. Below is the clip from Sept. 15. And after the jump, Cramer's apology: "I let you down, because I wasn't skeptical enough."

[Tandalayo_Scheisskopf]

1. Why is there not a law...

Against these clowns touting stocks and other investments on TV? People being who they are, they will not do due diligence, just listen to screaming clowns and make an order.

[CreekDog]

2. Anyone who listens for stock tips on a national tv show has got problems

:eyes:

[berni_mccoy]

3. You just don't know how to listen to Cramer... whatever he says you should do...

Do the complete opposite.

If you would have sold or shorted Wachovia two weeks ago... :-)

[indepat]

4. I caught Kramer lambasting Steel following Citicorp's purchase of Wachovia's banking operations:

it would be easy to determine the value of a bank's stock if one only knew how much loss were still being carried on its books. I would proffer that any bank, commercial or investment, that carries known losses on its books, as Steel seemingly did when talking to Cramer, is committing securities fraud upon the investing public. But then, is that not what much of Wall Street is all about? :P