Jim: About time somebody has spoken out about the abuses on the New York Mercantile Exchange. I was in the heating oil business for nearly 40 years. I have been complaining about the legalized price fixing since 1973. Why not pass a law that says if you don't have an Environmental Protection Agency/Department of Environmental Conservation-approved storage facility, you cannot buy oil futures. That would get rid of the speculators. --Edward
Cramer says: “In principle, I like this idea. We do need middle men to be able to make it so that some companies that need oil [are] able to hedge their risk. But…before we had oil futures, this is what we did basically. And I think you’re right…I’m sick of the speculation.”
Dear Mr. Cramer: My mom and dad loved the seven bells and have owned telephone stocks since they were married 63 years ago. Through all the changes, they kept their portfolio. My father recently died and my mom is unsure about her AT&T stocks. It has lost a considerable amount of money. She has a sizable amount of stock in the company. Should she sell some and keep a portion of it for the dividend checks? Your thoughts about this stock would be appreciated. --Ann
Cramer says: “First of all, we have to default to usual rules of diversification. It can’t be more than 20% of her portfolio. Whatever’s more than 20% of her portfolio we’re going to sell regardless of whether we like the stock. Second, we think the dividend is safe. We think [CEO] Randall Stephenson will come on our show, and when the dividend is boosted, will talk about it. I hope it’ll be boosted. I have no fears other than diversification fears. Please be sure – not more than 20% in one stock.”
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