Opening Segment #3:
'Outrage of the Day' and
'The Wall of Shame'
Friday, December 19, 2008
 

Jim's
rating on
this stock

STOCK
SYMBOL

Closing
price that
day

Full Company Name

C

7.02

Citigroup (C)

Price target to buy:   Under $7.00


Jim:      Tonight, I am outraged at myself...

Last week, I gave the Plaxy award for judgment, below and well short of the call of duty, to none other than Christopher Cox, who is the chairman of the SEC... Oh boy, but that was before the full implications of the Madoff incident...

And, now that we see how big a miss this was for Cox, it means I owe... I truly owe... the terrific, but cement headed wide receiver, Plaxico Burris one big-time sized apology... because there is absolutely nothing worse than comparing someone to Chris Cox!

I've been feeling guilty about this all week, frankly... I mean, think about... How many people did Plaxico shoot?... Just himself... If Cox had been just a responsible and incompetent, that would be one thing... Now, after sticking it to investors, Cox is throwing his entire agency under the bus...

In the ultimate act of selfishness and disloyalty... the way I see it... he is now blaming everyone at the SEC but himself for allowing Bernie Madoff to get away with alleged fraud for years and years and years... Heck of a leader...

See comments continued below...     

 

Market Results today:

Dow - 26

Nasdaq + 12

S&P 500:  + 3

Previous Page

Next Page

See all of tonight's stocks mentioned
on Yahoo! Finance,
here...

 
 

Friday, December 19, 2008
(Cont'd from above)...


Jim (cont'd):     

I'm sorry, the Cox SEC can't figure out Madoff's $50 billion alleged scam, but they can conduct an investigation of the two-bit, Keystone cops, insider trading conspiracy just announced yesterday that netted all of $4.8 million over four years, and which rewarded the tipper with nothing more than a Cartier watch and some stocking stuffers... unbelievable!

Meanwhile, Cox has rubberstamped opaque financials all along, not to mention favoring the short sellers over you...

Honestly, this business with Cox going to the press and just urinating all over the SEC... of course, that's what he's doing... he did it literally for years... now he's doing it verbally. I search for analogies in history, as always, and it is as if General Custer had sent the seventh Calvary ahead at Little Big Horn... so that he could stay behind and hold a press conference.

Great work, Chris...

As far as I'm concerned, Mary Shapiro, the new head of the SEC, can't head up the commission soon enough.

You know what?...

We are renaming the
Wall of Shame too... and, again, it's in his honor... From now on, it's going to be the "Cox-Madoff Memorial" Wall of Shame... to enshrine permanently the two men who define this disgraceful era...

 

▼   ▼   ▼   ▼   ▼

And speaking of the Wall... it's time for the benevolent, Mother Teresa, Bishop Tutu Cramer to appear... on this show right now... and take Vikram Pandit, of Citigroup (C), off the Wall...

That's right... I think the government's deal with Citigroup was the first deal that they've done that I actually want to invest alongside with... as an investable deal... not a punishment. Because it doesn't hurt existing shareholders, and it gives new shareholders a chance to bet that Pandit -- who hasn't even been CEO for a year -- can finally untangle what I would describe as the bowl of spaghetti he was handed a Chuck Prince, when he took over...

I was never a Chuck Prince fan... I believe he was installed by Eliot Spitzer as a way to punish Sandy Weil... and all he did was make things worse.

But I believe that Pandit can now begin the process of taking the tangled Angel hair pasta that is Citigroup, and pulling it apart.

Now, there's great value at Citigroup... it just hasn't been unlocked yet...

Oh no, what we do?...

We've got a vacancy at the top... of the Cox-Madoff Memorial Wall of Shame... we've got a vacancy... and that's just perfect, frankly, because I've got something for you...

Yup, I've got Strauss "Grand Theft Shareholder" Zelnick... the chairman of
Take-Two Interactive Software (TTWO), and he just turned himself the number one slot... he just leapfrogged over some of these other guys...

TTWO blew up the night before last. It's now $8.43. In February
Electronic Arts (ERTS) offered to buy the company for $25 a share. Zelnick said, "the deal provided insufficient value"... He must've been talking about himself... there is no way that he meant that for the shareholders...


Here's the bottom line...

▼   ▼   ▼   ▼   ▼

The Bottom Line!:     I am outraged at myself... for comparing Plaxico Burris to Chris Cox... and outraged at Strauss Zelnick for loading so much value be destroyed at Take-Two Interactive Software (TTWO)... but I suddenly have nothing but love for Vikram Pandit... and I think Citigroup (C) should be a buy, buy, buy, below seven dollars. Vikram, you're off the Cox-Madoff Wall of Shame... hallelujah, now go make us some money.


Read Jim's next Segment here  
    

 

Previous Page

Next Page

See all of tonight's stocks mentioned, on Yahoo! Finance, here...

Search for Jim's past comments about a specific stock.  Use ticker symbol or company name in quotes (e.g., GOOG or "Google")

© 2005-2009  MadMoneyRecap.com    About Us    Important Disclaimers      

Feedback here.