Er, no. *Some* saturated fats elevate 'bad' cholesterol. The *some* being the man-made fats like crisco and margarine and all the hydrogenated oils. They damage cells (don't fit in the membranes quite right) and the body responds by making cholesterol to go fix the problem.
Other saturated fats, such as butter or lard, are absolutely neutral. This has been demonstrated in research that was smart enough to control for the artificial trans fats. The studies that suggest all sat fats are bad have no such controls and are very sloppy science.
And still more saturated fats, such as coconut oil, can lower cholesterol. There are different grades of the stuff, some smell and taste more like coconut than others. Some are tasteless. It's very good for pan-frying meats.
An extremely good book on the topic of fats and oils is "Know Your Fats" by Mary Enig. It's written for the non-chemist reader.
What do you know about the margarines like "Smart Balance" and the others that don't have trans fats. Are they OK if you're trying to keep your cholesterol numbers down?