To me the customers made out this time, the dealers didn't.

When I look at the losses the dealers are taking, I keep wondering how the heck they all got caught. Think of it like this -- if this merchandise were equities, you would ask: How did Merrill (NYSE: MER) (Cramer's Take) and Citigroup (NYSE: C) (Cramer's Take) get caught owning so much stock?

That's why we have to be shocked at the losses at Citigroup and Merrill. It was like they were making a big bet on housing and just masking themselves as dealers.

Now it is true that they were merchandizing and got caught. Prince was such an idiot. I hectored this guy and the board for a year, but all they did was stand by and applaud him. He probably had no inventory controls because he never understood the instruments anyway. That's OK, they were hard to understand. But he was the CEO, for heaven's sake.

Continue reading Cramer on BloggingStocks: This time the customers won

Cramer on BloggingStocks: This time the customers won originally appeared on BloggingStocks on Tue, 15 Jan 2008 09:04:00 EST. Please see our terms for use of feeds.

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Newspaper wrap-up 4-26-07: Bristol-Myers makes Cornelius permanent CEO originally appeared on BloggingStocks on Thu, 26 Apr 2007 09:15:00 EST. Please see our terms for use of feeds.