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Opening Segment #3: |
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'Outrage
of the Day'
and
'The Wall of
Shame' |
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Friday,
December 19, 2008 |
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Jim's
rating on
this stock |
STOCK
SYMBOL |
Closing
price that
day |
Full Company Name |
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C |
7.02 |
Citigroup (C)
Price target to buy:
Under $7.00
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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...
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See comments continued below...
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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...
▼ ▼
▼ ▼
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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...
▼ ▼
▼ ▼
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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
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