Cramer: JPMorgan's Dividend Move is Worth Watching

Dividends were the big focus for Mad Money's Jim Cramer during Wednesday's Stop Trading! Specifically, he looked at how big a dividend companies like JPMorgan Chase can pay to shareholders.

"We all know the government has made it so that these companies are not allowed to return capital," Cramer said. "The government is kind of on autopilot, and we're all waiting and Jamie Dimon's not waiting."

Cramer likes that move.

"What he's saying is 'Let my dividends go,'" Cramer said. "What matters here with JPMorgan is that the company is not going to go quietly on this issue."

This is literally Dimon saying "enough is enough. We get to pay it. And government get out of our business. And a lot of people love that, including me," Cramer said.

But what about the suit filed by the court-appointed trustee seeking to recover money on behalf of Bernard Madoff's victims. That suit, filed this month against his primary banker, JPMorgan Chase, alleges the bank had suspected something wrong in his operation for years. JPMorgan has denied any wrongdoing.

Meanwhile, Madoff claimed in an interview published Tuesday that banks, including JPMorgan, and hedge funds were "complicit" in his scheme to fleece victims out of billions of dollars?

Cramer said he thinks the case is frivolous.

"At a certain point we've got to stop this, we've got to just say this is a bad case," he said. "This one is a cheap and frivolous suit."

Meanwhile, Cramer was disappointed with the Airgas announcement Wednesday that it plans to repurchase up to $300 million worth of its outstanding common stock, a move to help return value to shareholders a day after rival Air Products & Chemicals Inc. withdrew its $70-per-share acquisition offer.

"We don't want no stinkin' buybacks! We want yield! We want dividend!" Cramer said. "This is not going to get the stock where it should be. If the earnings power is really there, it should be returned in the forms of dividends to the people who stuck with the company."

—The Associated Press and Reuters contributed to this report.

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