Jim Cramer told viewers of his “Mad Money” TV show that the demise of Lehman Brothers (LEH), Merrill Lynch (MER) and American International Group (AIG) shows the need for market transparency and the problems of CEOs with too much arrogance and denial. Cramer explained that had Lehman or AIG been more transparent their situations might have had a different outcome. He pointed out that both CEOS, Dick Fuld and Robert Willumstad didn’t disclose how bad their mortgage exposure was and both CEOs turned away buyers at the 11th hour, because they thought their firms were worth more money. Cramer took Fuld off his “Wall of Shame” due to Lehman’s announcement to file for bankruptcy. Cramer welcomed Willumstad to the “Wall of Shame” saying that he failed to listen to his advice to take action last week to avoid a Lehman-like fate. Cramer wasn’t so harsh on John Thain, Merrill Lynch’s CXEO. He said Thain did everything he could for his firm, which agreed to be bought out by Bank of America (BAC). Join the fastest growing community of small cap investors at Stockhideout.com