Jim Cramer apologized Monday on "Mad Money" for recommending that his viewers buy Wachovia stock just two weeks ago, a recommendation he acknowledged was spurred by the appearance of his longtime friend and former boss, Wachovia CEO Bob Steel, on his program.
On September 15, Cramer had Steel on the show and later advised viewers to buy Wachovia stock. Watch:
Monday, Cramer said he "screwed up" because he "wasn't skeptical enough," admitting, "I let my judgment of Steel cloud my thinking about Wachovia." Watch (full comments below):
I let you down, cause I wasn't skeptical enough. I have to presume when it comes to banking right now there is no objective truth, just negative, just terrible things. I let my judgment of Steel cloud my thinking about Wachovia. Is he to blame? Did he take advantage of me? Perhaps yes. But ultimately I must be a firewall for you and this time I let the firewall down....MORE
Tuesday, September 30, 2008
Jim Cramer Admits: "I Screwed Up" In Recommending Wachovia Stock Two Weeks Ago Because I Liked The CEO
From the Huffington Post [!]: