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Tuesday,
October 22, 2008
(Cont'd from
above)...
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Jim:
Alright, if we want
to restore
confidence in the
market… if we don’t
want people feeling
like it is a
corrupt, rigged
game… where the
dealers guys like
Jimmy Cain, and Dick
Fold, and John
Thain… take home
billions while
regular people lose
their life savings…
then witch hunts are
exactly what we
need… and unlike OZ…
I don’t see Glenda
or any other good
witch hanging out
here.. I only want
to hear two words
coming out of Eric
Holder’s mouth when
he is talking about
Wall Street… special
and prosecutor… I
want a special
prosecutors office
for financial
crimes… and it has
got to do nothing
but indict… and this
would have the added
advantage of
creating a bunch of
white collar jobs
for out of work
lawyers… what do we
really need… we need
kangaroo courts…
with rubber stamp
run away grand
juries… we need to
get the photocopy
machines working
overtime printing
indictments… get me
Kinko’s on the
phone… we need Erick
Holder or the
special prosecutor I
want him to appoint
to start invoking
RICO… I am not
talking about Rico
rum for heavens
sake… or Rico
Ricardo… or Cramer
fave Captain Morgan
for that matter… I
mean the RICO act…
we go after these
guys for
racketeering for
criminal conspiracy
to destroy your
401K… no remember, I
am actually a
lawyer… I don’t just
play one on TV…
which probably makes
me the best person
on earth to tell our
new Attorney General
how to handle these
Wall Street
gangsters… although
I did write my
evidence exam on
Perry Mason because
I cut so many
classes… still got a
B… thanks Paul
Drake.
We need a special
prosecutor bring in
the underlings…
threaten to indict
them as accessories…
get a lot of trumped
up testimony going…
what do we really
need… we need the
sham of due
process…. the dross
of defense
witnesses… and the
charade of evidence…
and while we are at
it… we need to think
that whole 8th
Amendment gig…
because we need some
creative punishment…
how about putting
these guys in the
stocks across the
street from where we
trade stocks… wave
the white collar
water boring… get me
Jack Barron on the
phone… the people
are demanding this…
who are we to deny
them… also, and this
is of the utmost of
importance… everyone
who prosecutes these
cases must take a 4
year oath against
working for Wall
Street firms… we
can’t have anybody
throwing these cases
because there is a
revolving door ….
that lets them make
tons and tons of
money by favoring
the defendants… too
tempting… we need
this to be every bit
as honest as Super
Bowl gambling… Eric
Holder don’t make
the people angry… we
need a special
prosecutor to clean
things up… you know
what… I will play
Tyrone Power… heck,
I will even Marlena
Dietrich… let me be
the witness for the
prosecution...
Alright, now to some
Mad Mail...
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Jim's
rating on
this stock |
STOCK
SYMBOL |
Closing
price that
day |
Full Company Name & Jim's
Comments: |
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FO |
32.18 |
Mad Mail question:
Fortune Brands (FO)
Q: A big Hoosier
booooo-yaaaaaaaah to you! Thank you for
the show. I consider you an elixir for
the turmoil and heartaches of today’s
market. Your insight and commentary keep
me in the game. My question for you is
regarding Fortune Brands - with the
S&P’s downgrade to a “notch above junk,”
should I stay in or get out? Thank you
for all that you are doing. You are the
voice of reason in this constant state
of flux.
- KevMO in Indiana
Jim: Well then KevMo,
I am going to come clean… we have had
Bruce Carbonari, the CEO of Fortune
Brands on… I think he has talked a
really good game each time… and I think
he… I think he has done us a disservice…
I think the stock has been a loser… and
I wish that he had been more cautious…
sometimes I feel like should I have
CEO’s on… I am sure he is a nice man…
but you know what… the stock is down
hideously… and now I am even concerned
about the dividend… I know that it has
got an accidental high yield.. I would
like him to come on right now and say
hey listen that dividend is safe… and I
would also like him to explain how he
misses the quarter by a mile… and yet
continually talks about taking market
share… so no… I am depressed KevMo… I am
depressed because I bring my CEO’s on, I
want them to deliver… and I feel like I
burned people… it is my show… and my
name… he can say whatever he wants on my
show… but I feel scalded by Fortune
Brands.
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M |
8.83 |
Mad Mail question:
Macy's
(M)
Q: You routinely
recommend stocks with dividends in the
range
Macy's
(M)
reduced theirs to, yet you
slammed the reduction. It says a lot
that the dividend was not eliminated,
but did you mention that? How much of
the market’s reaction can be attributed
to Macy’s actions compared with your
grandstanding on national television? Is
this the sort of temperance you would
bring to the various government
positions you constantly promote
yourself for?
- Ex Fan, Florida
Jim: Okay listen to
me ex fan… I tell people when Macy’s got
that credit agreement to sell Macy’s… I
do no think that Macy’s balance sheet is
that good… I am concerned about Macy’s…
I do not know exactly what I am supposed
to do… I told people to sell it into the
strength… then they cut the dividend… I
told people to stay away… I am concerned
about it… what am I supposed to do say I
love it… hey, I really don’t like the
company, I think it is doing badly, I
don’t think retail is doing that good…
but buy, buy, buy… I am sorry… if that
is the kind of thing you want go put on
those other clowns.
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[verbatim recap]
[end of segment]
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