Loepp

This strikes me as unfair.

Cramer makes a good living yelling at his TV audience, which helps him stand out from the typical financial news program. I can’t say I’m a big fan, but Cramer is entertaining, which is cool.

Liveris has been a somewhat regular guest on cable new network CNBC, and Cramer basically used the Dow executive’s words against him. He noted that Liveris offered too much money for Rohm and Haas Co. [Cramer’s comment on the deal: “If you look up overpaying in the dictionary, you will find this takeover bid in there as the definition, perhaps even Mr. Liveris’ picture.”]

Cramer added that Liveris also pledged publicly to complete the Rohm and Haas deal even if Dow’s joint venture deal with Petrochemical Industries Co. of Kuwait fell through -- and on December 8, Liveris promised CNBC viewers that Dow’s dividend was safe.

Now the Rohm and Haas deal is on rocky ground, and Liveris (in yet another CNBC appearance last week) backed away from guaranteeing the dividend, pointing out that much has changed in the past few months.

Did Liveris do a flip-flop? Yes, obviously. Liveris did a pretty poor job predicting the future, and other executives need to learn from his mistake -- if you’re going to sell an asset and plan to use the proceeds to buy something else, make sure to close the sale before inking the next purchase.

But Liveris is not denying the mistake, and he’s making an effort to explain why the change in course is necessary. Circumstances change, and executives have to adapt. Better to preserve Dow (and Rohm and Haas) than keep a promise that no longer makes sense.

Don Loepp is managing editor of Plastics News and author of The Plastics Blog.