Fortress Group IPO a Travesty, says Cramer

The IPO of Fortress Group (FIG-NYSE) made jealous men of many of their competitors on Wall Street; the deal was a quick way for management and employees to line their pockets, but did it douse the fire in their belly?

Although Cramer has many big swinging friends on Wall Street clearly Wes Edens is not one of them. He rips the deal, the hedge fund, their bankers, their losing positions and the alternative managers who decided to go public in the wake of their trailblazing deal.

Much of it is deserved, of course, but most of it has been said before.

The only reason to attend the roadshow lunch was to break bread with your buddies and comp your own business against it. Of course, flipping the deal was the only way to make money, unless you got short. Fortress has since lost a small fortune in Gatehouse Media, and has several other clunkers that are bleeding them dry.

As we said before, we would like to congratulate Fortress, but only for getting the deal done. We won’t go as far as Cramer, who insinuates there are ticking time bombs buried in this Castle Made of Sand

Is this personal? Maybe not, but it is brutal. Welcome to Cramer’s Hall of Shame , Wes Edens.

Fortress Under Siege
1440 Wall Street
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.

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