The hedge-fund consultant business is finished, Cramer said during Thursday’s Stop Trading!, as another 14 people were charged with insider trading in a growing probe that started with the arrest of Galleon Group founder Raj Rajaratnam, among others.

This morning’s news signaled the end of at least part of the hedge-fund business model, Cramer said. Consultants often maintained relationships with company executives outside the C-suite in order to glean information without breaking SEC insider-trading rules. But Cramer doubted that company CEOs would let their employees talk to these consultants now, given the new charges.

“This game’s over,” Cramer said.

In other market news, Goldman Sachs deserves its status as a bank holding company, Cramer said, even though the firm is heavily involved in trading. He called trading a “question of leverage,” something Goldman doesn’t abuse and has been “very open” about as a rule.

Lastly, Motorola’s new Droid app phone is more of a Research in Motion killer than an Apple iPhone killer, Cramer said. He criticized RIMM for repurchasing shares in order to boost its stock price rather than finding ways to increase its revenues.

“We don’t want buyback,” Cramer said. “We want growth.”

Cramer's charitable trust owns Goldman Sachs.

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