Are BHP, Vale, Rio really clueless?

摘要

According to CNBC television personality Jim Cramer:"BHP Billiton, Rio Tinto and Vale are morons." Cramer provocatively likened the mining giants to the three stooges in an aggressive attack on their business acumen last week. Cramer's gripe was over how the three companies had responded to falling iron ore and copper prices. Rather than cutting back production, they have raised output, unnecessarily damaged their profitability and created losses for their shareholders, on his reckoning.