After days of pondering, Jim Cramer officially pasted AT & T’s current and former directors on the Wall of Shame of “Mad Money.”
“Welcome to the Wall of Shame, Randall Stephenson and John Stanky,” CNBC’s moderator said Thursday, a few days after the telecom giant announced that it would separate from WarnerMedia. “Thank you for everything.”
The entertainment company merged with Discovery three years after AT & T and, under Stevenson’s leadership, acquired Time Warner in a $ 85 billion deal.
“When the rich are wondering why taxes are going up, and when they are wondering why they aren’t so popular, I want them to see these two names,” Cramer said. “They are powerful and tough people who defend their actions to the end … but there is no defense against stupidity or corrupt indifference.”
Earlier this week, Cramer accused the acquisition of Time Warner as “one of the stupidest mergers in recent history,” and even considered putting the entire Dallas-based board of directors on the wall of shame. It was. He urged them to reduce their retirement pay to Stevenson, who resigned in a $ 64 million package last year.
He said that the most angry thing about the spin-off and the subsequent decline in stock prices was that it harmed dividend-minded investors. The company, which had paid a 7% dividend as of Thursday, said it would “resize” its shareholder payments after the deal was closed.
“The people who own AT & T aren’t chasing growth, they’re widow, orphans, and grandmas in need of income,” Kramer said. “They are the shortest, longest and most reliable investors you can ask for.”
AT & T’s share price bounced on Thursday after falling for the third straight day. By Wednesday after the merger was announced, stock prices had fallen 10%.
Shares rose 2.35% to $ 29.64 on Thursday, bringing AT & T’s market value to approximately $ 21.1 billion.
Jim Cramer adds AT & TCEO to Wall of Shame: “Thank you for everything”
Source link Jim Cramer adds AT & TCEO to Wall of Shame: “Thank you for everything”