Cramer's Stop Trading! Obama Went Too Easy on BP (6/16/10)

Jun.17.10 | About: BP p.l.c. (BP)

Stocks discussed on Jim Cramer's Stop Trading! TV Program, Wednesday June 16.

BP (NYSE:BP)

Cramer initially supported the President's request that BP (BP) cover $20 billion of the damage caused by the oil spill in the Gulf of Mexico, but looking closer at the numbers, he realized it isn't nearly enough. Given that BP has $48 billion a year in cash flow, Cramer thinks the demand should have been raised to $48 billion and perhaps a surrender of the land BP currently drills.

"The President really had all the cards" in his hand, said Cramer and he should have played them all against BP.

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Jim Cramer was up 31% in 2009. Click here now to sign up for Jim's Action Alerts PLUS and trade alongside him. Special discount for Seeking Alpha users.

Get Cramer's Picks by email - it's free and takes only a few seconds to sign up