Jim (cont'd):      Brutal. If you own it like I do for my charitable trust, believe me, I feel your pain... But, at these levels, I've got to start believing that Foster Wheeler (FWLT*)... I know nothing's a bargain, but how about "cheap?"

Now, FWLT beat earnings by a penny when it reported last quarter. It wasn't like it had some big shortfall. It noted some delays and schedule slippage in its energy and chemical business, but the company has always been up front. The whole big run up to $80, it always mentioned things that were going wrong, and never talked about the things that were going right, because this is a company that doesn't hype itself...

It told us that 2009 will be a challenging environment for its power segment... No kidding... because customers are likely to be hesitant to commit large amounts of capital...

But there's good news here... Ray Milchovich, the company's CEO, who we thought was retiring... Remember, we were very concerned with that... we didn't want that... announced that he'll stay for another three years.

Now, get this... $1.3 billion in cash... $9 a share... A $20 stock?... Absurd?...

How about this?...

If earnings estimates for 2009 are cut in half, it's still cheap!

Foster Wheeler (FWLT*) has also indicated that it could win eight megaprojects in its energy and chemicals business...

I think we have to believe in Ray Milchovich's leadership, now that he's staying on... but we've got to acknowledge... a tough environment for Foster Wheeler... a tough environment for the stock market... maybe too tough... or, at least, it reflects too tough...

Don't take it from me... Let's hear from the Chairman and CEO of the company, Ray Milchovich himself... live and in person...

Mr. Milchovich, welcome back to Mad Money...

Jim's comments AFTER the interview:     Look, you want to wait until it sells at $8, through the $9 cash (value per share)?... Fine. Anything can happen, but I will tell you, this market is nuts!

[verbatim recap]