On tonight’s MAD MONEY on CNBC, Jim Cramer is going to replace Bank of America (BAC) with CITIGROUP (C) as his favorite banking stock because of Chuck Prince. This is because he thinks it can run $9.00 when Chuck Prince is fired. Besides the $26 million last year, Prince has made more than $93 million while his stock has moved only 3.7% and the banking index is up huge. And now the bid to buy Nikko Cordial in a bidding war against themselves is bad. Cramer says that he was wrong to let Chuck Prince escape from the hangman and he is back as the #1 CEO ON THE WALL OF SHAME.
If this sounds familiar to you, it may be because Chuck Prince is one of our 10 CEO’s THAT NEED TO LEAVE that still hasn’t been fired. 4 of our 10 CEO’s are out (3 fired, 1-Panero of XMSR is leaving after the merger), so Prince is one of our remaining 6. Here is what we said as to why Prince needs to leave Citigroup and here is our full list of the 10 CEO’s whose stocks would rise if they left with a brief description.
On my interview on CNBC, I even noted that Wall Street was wheeling Chuck Prince’s casket down the street and he hasn’t shown up for his own funeral.
Jon C. Ogg
March 14, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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