Wacky Bank Mea Culpa

No, not from me. I learned my lesson giving Lehman the benefit of the doubt.

Cramer spent half of Monday's Mad Money show atoning for getting behind Robert Steel and Wachovia Bank (WB-NYSE). The Goldman guys really think a lot of each other, but have taken some death blows of late. Of course, analysts are starting to connect the dots.

Cramer could not spin his way out of this disaster. But at least he owned up to it. It appears he missed the value in Wachovia's remaining asset management operations as well. One recomendation to regulators-how about releasing a pro forma balance sheet the next time you do a smash and grab at a bank. It would have helped handicap Wachovia's stub today, instead of guessing as to the contingent liabilities and right side of the balance sheet.

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