Don't Paint All Insurers With the Subprime Brush

I think that Travelers (TRV - commentary - Cramer's Take) could be the acquirer, but it's cheap, too.

The group has suffered enough at the hands of the monoline clowns.

Time to do some Chubb buying, even as I would again sell PMI, MTC, MBI and ABK -- as my good friend Dougie Kass has been doing all along! Let's be clear though, one I don't like is AIG (AIG - commentary - Cramer's Take); I don't think they even know what they own yet. Maybe, one day. But not up here.

And I do not know how ABK survives without muni business, and if the ratings agencies have any teeth and judgment, they have to downgrade it, so its guarantee is worthless. Can you believe how much mutual fund money was flushed down the toilet on that big deal done at $6!! Ouch. What a wipeout. Why the heck didn't anyone believe these guys given the lack of disclosure that has been ABK's hallmark!

Oh, and let me leave you laughing: ABK says the worst might be behind it.

Random musings: Don't forget that brokers are still relying on ABK's insurance to protect some of their holdings. Tough call to stay in Merrill (MER - commentary - Cramer's Take) here, for example, at least for the moment. ...

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

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