There’s nothing like a show trial to expel the demons from a damaged financial system and rebuild investor confidence. So Cramer, in his latest Outrage, called for a whole slew of them. He told viewers Wednesday that he wants to see “a sea of indictments.” Someone – a lot of people, actually – has to be held accountable for what could arguably be called the greatest financial collapse in history.
The breadth and scope of that collapse shows signs of near criminal conspiracy, Cramer said. How else could a major insurance company end up trading for less than $2? What about all those now-defunct brokers? Who was selling what, when and to whom? Surely there should be trials for the CEOs and other execs who swore their stocks were fine while they were selling their own holdings on the sly.
Cramer thinks it’s about time investment bankers were prosecuted like mobsters. Break out the RICO Act. Hey, it worked against the Mafia, and even former financier Michael Milken. So why not use it on the rest of Wall Street? Soon-to-be Attorney General Eric Holder should create a special prosecutor’s office for organized banking crime and hold hearings on par with the Kefauver Committee.
“People will not come back to the financial markets until they know the bad guys are put away,” Cramer said. Integrity needs to be restored, “and that won’t happen until heads roll.”
Check out the video for Cramer’s grand vision of building luxury hotels and holding cells for Wall Street’s eventual convicts and their lawyers. It could be an economy-saving stimulus plan in its own right, he said.
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