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Cramer casts light on dark corners of Wall Street

Wednesday, 14 Aug 2013 | 6:15 PM ET
2 former JPM traders charged
Wednesday, 14 Aug 2013 | 6:15 PM ET
Mad Money host Jim Cramer weighs in on today's charges from the office U.S. Attorney Preet Bharara against 2 traders at JPMorgan in connection to the "London Whale" case.

(Click for video linked to a searchable transcript of this Mad Money segment)

Parts of the Street aren't very savory. Cramer thinks the only way to change that is with better lighting.

Although he applauds the government's decision to charge two former JPMorgan Chase employees in the London Whale scandal, the Mad Money host isn't so sure it will prevent similar events from happening in the future.

"There are always going to people who try to get over on the system," he says. "This kind of behavior will happen again and again and again. It's human nature and no prosecution is going to stop human nature."

Franckreporter | E+ | Getty Images

Of course Cramer believes anyone guilty of criminal behavior should be held accountable to the law, but in this case he wants more.

He wants light.

That is, the Mad Money host wants to see small opaque markets, such as those involved in the 'whale' case, become more transparent.

"As someone who has traded the kinds of instruments, I can tell you that there's way too much guesswork about what they're really worth," he said.

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"The markets aren't on display anywhere. There are no checks to the markets. That's why it was so easy for those involved to (allegedly) commit this kind of fraud," Cramer added.

The Mad Money host hopes that developments will serve as a kind of wake-up call to regulators.

"I want all derivatives traded publicly on an exchange for all to see; nothing short of that. Otherwise they shouldn't be traded at all," he said.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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