Make a Stand in BAC

Bank of America (BAC - commentary - Cramer's Take) kitchen-sinked everything with this earnings report. Sure, it messed up in trading. Its home-equity loan book is ugly. Management didn't do a good job.

But it has also actually attempted to put things behind it, which is more than I can say for Washington Mutual (WM - commentary - Cramer's Take).

I think the amazing thing about Bank of America is how much it made even after how bad things are. This is indeed a big earner.

And don't forget that it has a big investment in China: It put in $3 billion, now worth $18 billion. That's not illusory. Go ask Alcoa (AA - commentary - Cramer's Take), which was able to bank its Chinese investment.

This one's not as bad as it seems. I would make a stand right here.

Random musings: As I mentioned earlier in the week, Schwab (SCHW - commentary - Cramer's Take) was E*Trade (ETFC - commentary - Cramer's Take) without the credit risk. E*Trade is valiantly putting the problems aside, but it ain't over yet. ... Look at Standard Pacific (SPF - commentary - Cramer's Take), that's the weak sister of a terrible group.

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Please note that due to factors including low market capitalization and/or insufficient public float, we consider Standard Pacific to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.

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Jim 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. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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