I watched the episode of Mad Money when host Jim Cramer apologized for letting down his viewers by supporting Wachovia's Bob Steel.
He looked quite distraught when telling viewers to buy up the company stock two weeks earlier. Then Wachovia looked like it would be taken over by Citigroup in a deal that would have wiped out shareholders. This was the same day the U.S. House originally failed to pass the $700 billion bailout.
Cramer slapped Steel on the Wall of Shame, but
then the show learned of a Wachovia deal with Wells Fargo, which benefited shareholders. So, Cramer apologized again and removed Steel from the Wall of Shame.
But that raises the question, how much can we really trust what bank CEOs say?
