'Mad Mail'

General question...

Q:      Cramer, When the US government converts their preferred bank stock to common, does that put the remaining “private” preferred shareholders ahead of the government in debt hierarchy? In other words, are the preferred shareholders being helped by this action?
   -- Rick

Jim:    One of the reasons that the world has now come around to my view on Tim Geithner is that he hasn’t given us any clarity on the preferreds… and he hasn’t give us any clarity on anything… remember, they cancelled the Fannie Mae and Freddie Mac preferred… that was horrible… then they wipe out Lehman Brothers… then they help AIG… it is so inconsistent, we don’t know… this is the reason why Geithner is disliked… we don’t know the answer to your question… I would love to be able to answer it… he better start answering it soon.

'Mad Mail'

General question...


Q:      Jim,
I think you should add an “I Screwed Up” button to your soundboard. Both Obama and Geithner used the term within a few days of each other - Obama in regards to Daschle and Geithner in regards to his taxes. I think the term best fits Obama for having Geithner make an hour long speech about the banking bailout plan without giving or possibly even having any concrete details.
   -- Jeff

Jim:    Look… I know I did this a lot with the Bush administration… I told them what they should do, that they should slice rates… that a lot of firms were going to fail… that a lot of homeowners were going to lose their homes… I was completely and utterly ignored… and laughed at, scoffed, and considered to be a dooms-sayer… I have now offered nothing but solutions since then… they have been completely ignored… but I am not going to stop… because this show is about solutions… it is not about carping… I appreciate that you want me to carp about these guys… I just want to have solutions and be constructive… and my plan is better than what they have… now, the fact is, that because I have a TV show… maybe if I like came down to Washington, and just gave up my job, and just picket… I don’t even know what would make them take me seriously anymore… I don’t even know… but I am going to keep offering solutions because I know they are right.

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Bank of Montreal (BMO)

Q:      Jim,
I know what you think about a lot of the US banks, but there seems to be some great buys north of the border with Bank of Montreal at around 10% return and RBC at around 7.5%. I am wondering what you think of those (or any of the 5 Canadian big ones) for the banking portion of my portfolio?
   -- Troy

Jim:    Forget it Jake… it is China town… I don’t want any bank stocks… if you want to own a financial you can own Visa… or you can own Mastercard… or you can own Golden Slacks… we are not going to recommend banks here… I am not carping… I am offering solutions… Obama I know you watch the darn show… come on give me a break.

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Royal Bank of Canada (RY)

See BMO comments above for:
RY

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Visa Inc. (V)

See BMO comments above for:
V

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Mastercard (MA)

See BMO comments above for:
MA

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Goldman Sachs (GS*)

See BMO comments above for:
GS*