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General Electric [GE
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] announced that the company will sell $3 billion in preferred shares to Warren Buffett’s Berkshire Hathaway [BRKA
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] and sell another $12 billion in common shares to the public. Cramer pointed out during Wednesday's Stop Trading! that similar offerings have worked recently for JPMorgan Chase [JPM
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] and Goldman Sachs [GS
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], so traders may be looking at this as a last chance to get GE shares on the cheap.
Cramer shrugged off concerns that a company as sizable as GE needed to raise capital at all.
“I don’t think there’s a company in the country that if they can raise cash shouldn’t do it right now,” he said.
Even Citigroup [C
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]. The bottom line here is that if GE’s in trouble, then that just further emphasizes how difficult this market is.
IBM [IBM
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], too, is down. Cramer attributed that also to the company’s need for financing and the possibility of slowing business in this environment.
“Nobody trusts any company that needs financing right now,” Cramer said.
Reports that NYSE Euronext [NYX
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] CEO Duncan Niederauer said the SEC was considering reinstating the uptick rule were good news to Cramer. He called the federal regulator’s recent short-selling ban “ludicrous.”
“Welcome the shorts,” Cramer said. “The shorts have been dead right” about this market.
The SEC had repealed the uptick rule, which requires a stock to tick up in price before it’s sold short, under the stewardship of Chairman Christopher Cox. Cramer’s been saying that a lack of short-selling rules has been a big cause of the collapse of some of Wall Street’s most venerable institutions. But to ban the practice out right was a mistake.
“Christopher Cox is very unsophisticated.,” Cramer said. “He’s not the right man for the job.”
“I hope someone comes in and does a better job than he does,” he said.
Jim’s charitable trust owns General Electric and Goldman Sachs.
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