Jim Cramer's Mea Culpa
Remember when Jim Cramer recommended buying stock in Wachovia a couple of weeks ago? Yea, neither do we. But just in case the dozen or so examples of how embarrassingly misguided Jim Cramer usually is don't suffice (remember his enthusiastic support for Bear Stearns just before its collapse?) and you need further proof that taking financial advice from a cable news show isn't such a hot idea, feel free to take a moment to watch Cramer's overly dramatic apology from last night's broadcast of Mad Money. Two weeks ago Cramer welcomed Wachovia CEO Robert Steel to the show, who told the manic talk show host that his bank was doing great, prompting Cramer to describe Wachovia a "winner." We all now how that "winner" turned out, although Cramer seems to have already formulated his defense. He claims that Steel, a longtime pal, took "advantage" of him. Funny, that sounds familiar!