Jim Cramer: “I Screwed Up. I Apologize”


By Chris Ariens Comment

CNBC’s Jim Cramer made an on-air apology last night for recommending Wachovia stock just two weeks ago. The recommendation followed an appearance by the bank’s CEO Robert Steel.

On Sept. 15, the day Steel appeared on the Mad Money, Wachovia stock closed at $10.71/share. Yesterday it closed at $1.84/share. Below is the clip from Sept. 15. And after the jump, Cramer’s apology: “I let you down, because I wasn’t skeptical enough.”

The NYTimes’ Andrew Ross Sorkin has the backstory on Cramer and Steel.

And perhaps Cramer’s recommendation should have come during last night’s show. At last check, Wachovia is up 74% from yesterday’s close.