The war of words between 50 Cent and Kanye West is yesterday’s news — but it is ON between Jim Cramer and Citigroup CEO Chuck Prince, whom Cramer thinks should be fired, like, now. Under Prince’s reign, “Citigroup has been at the cutting edge of everything that is bad,” Cramer told Farnoosh Torabi of The Street today.
Cramer explained in his florid-faced, maniacal way that the bank has been one of the last big lenders to private equity companies, was active in putting together “awful” mortgage products, has been a very aggressive lenders “to a lot of people who shouldn’t be getting loans,” and moved into Japan at the absolute high. “Then the last thing he said was that hedge funds are the key things,” Cramer said of Prince. “Hedge funds peaked precisely when he bought them!” Alas, the Mad Money host (and New York contributor) mourns, The Prince is unlikely to be deposed anytime soon. “Corporate America is such an unfair place,” he said. “Lots of executives stay on. This isn’t like the NFL, where you get fired after a couple of losses.”
No Prince of the Citi [The Street]