Government aims at wrong target again

It's outrageous the government doesn't target those who almost brought down our financial system.

By Jim Cramer Mar 3, 2010 8:12AM
Jim Cramer

By Jim Cramer, TheStreet


What the government cares about and what it doesn't care about is driving me crazy. We are now being told that the government is looking into notes taken and actions stemming from hedge fund idea meetings because of a raid on the euro. I don't want to believe these stories. I don't want to believe them because the investigations would imply that someone thinks you could rig the biggest currency market in the world.


Meanwhile, we have credible evidence that stock after stock was rigged in 2008 -- rigged on the way down -- by concentrated illegal bear raids, evidence that was available through the trading desk and instant messages of traders on stocks like Lehman and Bear and Goldman Sachs (GS) and Morgan Stanley (MS) and we don't investigate that? We don't look into the bear raids that we know are banned by the 1934 Securities Act?

Our reluctance to look into that period, a period where it was child's play to take out insurance on a company then raid it by pulling money out and telling reporters who speak to ratings agencies -- if not telling them yourself -- is just completely mystifying. The inability of the government to bring before it the people who truly destroyed the budget, those behind the hundreds of billions of losses in AIG (AIG), Fannie Mae (FNM) and Freddie Mac (FRE), the companies that truly almost brought down America's financial system and were not laid low by shorts, while hedge fund managers are investigated for shorting a currency that by all accounts is under stress of its own doing is just nuts, loony, beyond belief.


Think about who the administration and Congress have made targets -- Goldman Sachs, JPMorgan (JPM) and now the funds that shorted the euro.


Find a new broker and start trading


Think about who isn't a target -- the people who caused AIG, Fannie Mae and Freddie Mac to collapse.


How can this be?


Does anyone have an answer?


Of course, we can chalk it all up to politics: FNM and FRE did what they did because of pressure from the Democrats and AIG is a criminal matter so they all get a free pass.


That's what the truth is.


But can we just for a moment marvel at who the public thinks are the villains because the public's not smart enough to reach these conclusions on its own.


Outrageous, just outrageous.


At the time of publication, Cramer was long Goldman Sachs and JPMorgan.


Jim Cramer is co-founder and chairman of TheStreet. He contributes daily market commentary for TheStreet's sites and serves as an adviser to the company's CEO.


Related Articles


Beware the capex drag on chip stocks


Seven reasons the bulls will run in March


Toyota, Tiger -- Here's how to apologize


Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
100 character limit
Are you sure you want to delete this comment?


Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.


StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

122 rated 1
281 rated 2
467 rated 3
722 rated 4
678 rated 5
609 rated 6
628 rated 7
464 rated 8
269 rated 9
139 rated 10

Top Picks




Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.