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TheStreet.com's Jim Cramer says the sheer number of companies that need foreign capital will keep sovereign funds busy. By Jim Cramer We need more sheiks!
We need some for Citigroup (NYSE: C) (Cramer's Take) and for Merrill (NYSE: MER) (Cramer's Take) and for Bear (NYSE: BSC) (Cramer's Take). And how do you like the fact that Bear says it needs no money and yet everyone else does? How about that for chutzpa?
We need more sheiks for Countrywide (NYSE: CFC) (Cramer's Take) and for Washington Mutual (NYSE: WM) (Cramer's Take). We need sheiks for National City (NYSE: NCC) (Cramer's Take) and Key (NYSE: KEY) (Cramer's Take) and Huntington Bancshares (NASDAQ: HBAN) (Cramer's Take). Any sheiks around for Corus (NASDAQ: CORS) (Cramer's Take) or Downey (NYSE: DSL) (Cramer's Take) or for the Gang of Four -- or do people really believe that Warren Buffett wants to buy one of them? (My sources indicate that what he does want to do is provide some extremely profitable reinsurance to the gang of four).
Can Fannie Mae (NYSE: FNM) (Cramer's Take) and Freddie Mac (NYSE: FRE) (Cramer's Take) take sheik money. Is that sovereign to the sovereign? Sallie Mae's (NYSE: SLM) (Cramer's Take) a Mae but it can be sheik'd I think.
Will sheiks want to buy homebuilders? WCI (NYSE: WCI) (Cramer's Take) could use a sheik yesterday. Hovnanian's (NYSE: HOV) (Cramer's Take) got to get a couple of sheiks. That could be three sheiks to the wind.
Oh and of course, what we need right now is a sheik who can stare at the camera and ask "What's in your wallet?"
Because you can't get enough sheiks to offset the loan losses from Capital One (NYSE: COF) (Cramer's Take). Not at the pace they are going. And can you believe that they are still talking buyback? A year ago I told that company to preserve its capital. Told 'em off line. No, they wanted to buy stock back in the 70s and 80s.
They really have no idea what they are doing.
No problem. Like every other financial, the sheiks will have 'em covered.
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At the time of publication, Cramer was long Citigroup. Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO.
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Reader Comments (Page 1 of 1)
1-10-2008 @ 12:34PM
SKM said...
Cramer and his sheiks go together very well.
Just the thought alone ,that the "smart Wall Street boys" bundled CDO's and SIV's with worthless sub-prime mortgages and kept a lot and sold the rest, tickles my mind.
How "smart" can they be, when they are able to lose tens of billions of dollars in one quarter and more to come, endanger the financial system of America and the world and now go hat in hand to the sheiks to ask for money?
1-13-2008 @ 1:31PM
Tyrant of WallStreet said...
I agree with Cramer as well for the long term. But it is interesting to note that since Cayne's announcement of his resignation the Bear Stearns company has seen only positive gains in their stocks. But then again, all investment bankings have seen increases in stock since Jan 9th. In the end, like I stated, I agree with Cramer's assessment for the long term.