To put it mildly, Cramer isn't exactly excited about bank stocks right now.
After all, the Consumer Financial Protection Bureau, which was created by last year's Dodd-Frank financial oversight law, is scheduled to formally open its doors on July 21. Elizabeth Warren, a Harvard University law professor, is preparing the agency for its launch. Under the belief that Warren wants to redistribute bank earnings back to the consumer, Cramer thinks banks have a "target" on their backs. For those that want to play the banks, he would avoid any names that would draw the ire of Warren.
To Cramer, he would avoid national players or Wall Street institutions. Instead, he would look at regional banks, like BB&T . Although based in Winston-Salem, N.C., Cramer said it is the number one bank in West Virginia and number three in the Carolinas and Virginia. What's more, it was only one of three regional banks to stay profitable during the economic downturn.
For a closer look at whether BBT is a buy, Cramer spoke with CEO Kelly King. Watch the video to view the entire interview.
—Reuters contributed to this report
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