Jim Cramer's Stop Trading! 3/28/08: Short-Sighted Shorts

Recap of Jim Cramer’s comments on Stop Trading! Friday March 28. Click on a stock ticker for more analysis.

Clear Channel Communications (CCU): Banks that promised funding to private equity firms, Thomas H. Lee Partners LP and Bain Capital Partners, for their purchase of CCU are reneging on their deal and Cramer thinks they are suffering from a bad case of buyer’s remorse. There was no other reason for the banks to back away, and “no material change” in CCU’s performance. If the deal falls through, he predicts the renegade financiers will be sued for “contractual damages of astronomical proportions.”

Washington Mutual (WM): “Washington Mutual is breaking down, said Cramer…and added, “If I were a short seller - which I am not, and I am not allowed to trade - at 3:35pm, I would come with all the firepower I can... 500 (thousand) to a million shares... and I would take these stocks down to a level that would really scare people. This is the game that is being played. This is not right to me...” Currently, the shorts are in charge and the repeal of the uptick rule allows them free reign to create panic, said Cramer. He added, “and, obviously, the short selling community is trying very much to shut me up, which is a very difficult thing...”

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