Jim Cramer explains why he put AT&T on the 'Mad Money' Wall of Shame

After days of contemplation, Jim Cramer has officially affixed the current and former CEOs of AT&T into the “Mad Money” Wall of Shame. “Randall Stephenson and John Stankey, welcome to the Wall of Shame,” the CNBC host said Thursday, days after the telecom giant announced it’s separating from WarnerMedia. “Thanks for nothing.” CNBC's Jim Cramer and David Faber discuss. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

After days of contemplation, Jim Cramer has officially affixed the current and former heads of AT&T into the “Mad Money” Wall of Shame.

“Randall Stephenson and John Stankey, welcome to the Wall of Shame,” the CNBC host said Thursday, days after the telecom giant announced it’s separating from WarnerMedia. “Thanks for nothing.”

The entertainment company is merging with Discovery three years after AT&T, then under Stephenson’s leadership, acquired Time Warner in an $85 billion deal.

“When rich people question why their taxes are going up, when they wonder why they’ve gotten so unpopular, I want them to look at these two names,” Cramer said. “They are powerful, tough people who’ll defend their actions to the end… but there’s no defense against stupidity or depraved indifference.”

Cramer, earlier this week slammed the Time Warner acquisition as “one of the dumbest mergers in recent history,” even contemplated placing the Dallas-based company’s entire board of directors on the wall of shame. He urged them to reduce retirement pay to Stephenson, who stepped down with a $64 million package last year.

Most upsetting about the spin-off and subsequent share price decline is that it harmed dividend-minded investors, he said. The company, which sported a 7% dividend as of Thursday, said it would “resize” its payout to shareholders after the deal closes.

“People who own AT&T aren’t chasing growth — they’re widows, orphans and grannies who need income,” Cramer said. “They’re the least short-term, most long-term and most trusting investors you could ask for.”

AT&T shares bounced on Thursday after falling for three straight days. The stock price fell 10% by Wednesday after the merger was announced.

The stock climbed 2.35% to $29.64 on Thursday, giving AT&T a market value of about $211 billion.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

https://www.cnbc.com/select/best-credit-cards/

#CNBC
#CNBCTV

Видео Jim Cramer explains why he put AT&T on the 'Mad Money' Wall of Shame канала CNBC Television