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Goldman's Got Cred, Principal's Got Nil

By Jim Cramer

 About this article:
 A few months ago when Goldman Sachs said to sell Principal Financial , the company hit the roof. I know because I used the Goldman Sachs research to put Principal in the sell block at $18 and change. Management was adamant that Goldman was dead wrong and had an "I'll show them" swagger that made me doubt the Goldman Sachs account. Tonight, with the results of a horrid quarter, we saw investments really are underwater and a book value that is down to $7. It was, alas, one of those quarters that made you feel that the stock should trade to book, and that if you disagreed with Goldman, you turned out to be a schnook. This was a truly huge miss, with the possibility that the investment portfolio is so underwater that more capital has to be raised. One thing I have learned when you take...

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