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The banks that have failed to provide financing to the private equity firms attempting to acquire Clear Channel Communications [CCU
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]are “on the hook” if the buyout fails, Cramer said on his Friday Stop Trading! appearance.
There is absolutely no explanation for why these banks that had approved financing for the deal in good faith are now backing away, he said. There has been no material change in the takeover agreement and it looks like the financiers are simply suffering from a case of buyer’s remorse. If and when the acquisition fails, the banks better be prepared to get sued for “contractual damages of astronomical proportions,” Cramer said.
On to the financials, Cramer voiced his aversion to the massive amount of short selling that is gripping that market. Shorts aren’t always wrong, he said, speaking as someone who made a living as a short at one time, but right now they are doing their part to help cause a panic.
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