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Cramer on Monday found not one but two reasons to be outraged: Corus Bank’s delayed closing and the damage the United States Natural Gas Fund does to investors.
The Federal Deposit Insurance Corp. shuttered Corus on Friday, possibly as much as two years too late, Cramer said. Back on May 27, he asked FDIC Chairwoman Sheila Bair if the bank should be sold off, but she allowed Corus another quarter to lend and borrow “recklessly.”
“We have to clean things up faster than that,” Cramer said. “She should have shut [Corus] sooner.”
Also, Cramer railed against the United States Natural Gas Fund [UNG
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] on Sept. 10, telling viewers the “UNG could be in big trouble.” Well, today the ETF had to issue new shares, preventing it from enjoying nat gas’s 12% price jump. What did UNG investors get? 2%.
“I think this thing is a poorly designed, poorly understood,” Cramer said, “and I hope you heeded my warning if you owned it.”
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