Banking, finance, and taxes
Cramer Attacks John Thain of Merrill Lynch (MER, NYX)
Published:
Last Updated:
On CNBC’s MAD MONEY tonight, Jim Cramer came out and added the Merrill Lynch (NYSE: MER) CEOJohn Thain to his "Wall of Shame" full of CEO’s that he wants to see go away.
He noted that the problems of Thain go all the way back to when Thain was CEO of the New York Stock Exchange (NYSE: NYX) for lying to him then about making up market share losses to NASDAQ.
Tonight Cramer called Thain’s Merrill Lynch tenure as essentially oneof misleading information. This is based upon saying that the firmdidn’t need dilution, wouldn’t do any dilutive financing, was hedgedagainst much risk, had CDO exposure under control, and more.
Last night we echoed some of the same after noting the Merrill Lynchcall of "We need no cash! We need cash!" after this $8.5 Billion 20%dilution financing.
We used to dislike much of Thain’s policiesourselves, except that it was more around his policies of keeping theexchanges open a full day rather than a half-day in front of holidays(despite thinking he’s a belt and suspenders guy).
Here was our own list of CEO’s that need to go for 2008 from earlier this year showing how many have gotten the boot.
Jon C. Ogg
July 29, 2008
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
