Is BP Still Worth a Value Trade?

Anyone who says BP offers tremendous value isn’t reading the Florida newspapers, Cramer said Thursday.

Stop Trading! Listen to Cramer
Stop Trading! Listen to Cramer   

He said there are a number of people who think BP at $29 is cheap, but their arguments sound a lot like the case for buying Citigroup when it traded at that level.

“I like Citi now,” Cramer said, “but it made that pit stop at $2” first.

Oil is washing up on Florida’s northwestern shoreline, and it’s “so far worse” than people expected, the Mad Money host said. It’s the extent of the damage – and the damage yet to come – that makes it impossible for Cramer to recommend BP.

In other news, the much-debated derivatives portion of the coming financial regulatory reform bill is supposed to be finished today. If Arkansas Democratic Senator Blanche Lincoln gets her way – she wants banks to spin off their derivatives-trading operations – then that means an uptick in business for foreign companies like Deutsche Bank and Credit Suisse .

Cramer said these overseas outfits would be able to offer a whole range of services that stateside banks just couldn’t, if the legislation passes as is.

Call Cramer: 1-800-743-CNBC

Questions for Cramer?

Questions, comments, suggestions for the Mad Money website?

Cramer's New Book