Nasdaq Owes Us Answers on Broken Trades

It's day six of the Corinthian Colleges (COCO - commentary - Cramer's Take) story and we still don't know what happened or why it happened.

When I defended the New York Stock Exchange during Dick Grasso's nontrial, I was roundly hooted at by just about everyone. But I have to tell you that if this Corinthian Colleges problem had happened on the NYSE, I believe I would have learned the story of what really happened by now. I think the now-reviled Dick Grasso would have told me.

Here's what I don't know:

1. Which client made the error and got the do-over? How big was he? Who called on his behalf? Who broke down the rule of law on the Nasdaq and committed the unpardonable sin of breaking the trade and awarding do-overs?

2. Why did Archipelago break the Nasdaq trading halt? Why should anyone trust their trades on Archipelago again if a long was turned into a short?

3. Why hasn't Nasdaq issued a timeline of what happened here?

4. Why did someone from Nasdaq tell The New York Times "they should have known that these low prices were too good to be true" given the recent chaos in Career Education (CECO - commentary - Cramer's Take). Isn't that just plain stupid?

5. Why does no one get in trouble for doing this, when I figure that if it had happened at the NYSE, it would be front-page news every day?

Here's what I think is happening: I think that Nazz officials are hoping this thing will just die down, that I will shut up or get tired of it and that it will go away.

I was glad to see Sen. Chuck Schumer call for some investigation Tuesday. But he's a Democrat, so that will be ignored in Washington in this totally partisan world.

So maybe, just maybe, everybody will get away with it!

All I know is that I will do my best to insure that this doesn't happen. Too many of my readers, viewers and listeners got burned for me to roll over on this one.

Sorry, NASD.

Remember, I am not calling for restitution, just for answers that the marketplace is owed before it trusts stock prices on the Nazz again when they break for real reasons, not just mischief. My questions being answered would help the Nazz more than it would help me.

So come on, guys, answer them!

---

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS by clicking here. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Listen to Cramer's RealMoney Radio show on your computer; just click here. Click here to buy Cramer's latest book, "You Got Screwed!" Click here to order Cramer's autobiography, "Confessions of a Street Addict."