Jim Cramer's Stop Trading! 3/17/08: I Was Right

Recap of Jim Cramer’s comments on Stop Trading! Monday March 17. Click on a stock ticker for more analysis.

Bear Stearns (BSC) and JP Morgan (JPM): Defending his reply to a viewer not to take money out of BSC, Cramer said that while he had made mistakes in the past, he does not regret his call. He clarified that he was not talking about the common stock, which he said on Friday was “worthless.” Cramer said it would have been “stupid, reckless and wrong” to tell people to take money out of BSC accounts “because the Fed is guaranteeing it.” Cramer added that this whole fiasco with BSC could have been prevented if the Fed had bought Fannie Mae paper owned by Bear. Concerning JPM’s purchase of Bear, Cramer commented, “It was a great deal,” Cramer said. They knew they had “the Fed over a barrel. They had all the cards.”

Related: Mick Weinstein discusses Cramer's Bear Stearns call last week.

Seeking Alpha publishes a summary of Jim Cramer's stock picks every day including: Mad Money Recap, Lightning Round, Stop Trading and his Wall Street Confidential Picks.

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

Seeking Alpha is not affiliated with Jim Cramer, CNBC or TheStreet.com

Comments

[VirtualOptics:]

I watched the program on Friday April 14 and I recall the caller asking about pulling out of Bear Stearns on the Lightning Round and I interpreted that to be the common stock, not the preferred stock, AND it certainly was not pertaining to an investor who was using Bear Stearns has his broker or financial advisor. I would like to see a replay of that call.

2008 Mar 18 10:06 AM

[Norman Lepo...:]

Cramer is a liar and anyone who actually follows his advice is an idiot. The lightening round is about buying or selling stocks. Cramer should act like a man and admit to another mistake. He should resign his position from CNBC and to the world a favor.

2008 Mar 18 10:14 AM

[CramerTalksBS:]

Of course he was talking about the stock. The stock chart was displayed. Until the stock crashes, then its "Nooooo, I was talking about his account". CNBC should fire this weasel.

2008 Mar 18 05:24 PM

[whenthemusi...:]

Norman, we really don't need to know you're a doctor in this forum. It certainly doesn't make your FINANCIAL commentary any more relevent.

2008 Mar 18 07:03 PM