Cramer Doing a Mea Culpa on Downey Financial?

Jan. 6.08 | About: Downey Financial (DWNFQ)

No real information here, so continue on if you're looking for some heavy lifting.  However, I did get a good chuckle when a reader sent me a video link to Cramer recently discussing Downey Financial Corp (NYSE:DSL).  I found it humorous mainly because of how it contrasted with his previous discussions regarding DSL. 

This link allows you to search videos on the TheStreet.com and if you type "downey" into the Search videos section, it will return two Cramer video clips on July 17, 2007 and September 7, 2007, where he discussed the bullish case for DSL.  I think those that have followed DSL and other banks and understand the accounting behind the book value figures might get a good laugh when listening to Cramer's commentary. 

But the real laugh came when I checked out this link, entitled "Cramer: 2008 Financial Buys," that a reader sent me.  In either case, Cramer seems to have a great track record as a fund manager and being wrong in investing is expected, common, and forgivable (usually).  Nonetheless, given my economic interest in DSL, I found these links to be amusing. 

Of course, maybe in a month some deal from hell will occur at a rich price for DSL, making all of my previous public statements look ridiculous in hindsight as well, but I'm willing to take that risk given what I think DSL is really worth.

DISCLOSURE: AUTHOR MANAGES A HEDGE FUND THAT OWNS DSL PUTS.