Stop Trading!
Jim Cramer's 'Stop Trading!': Save AIG
TheStreet.com Staff
09/16/08 - 03:11 PM EDT
"AIG(AIG Quote) cannot fail," said Jim Cramer on Tuesday's "Stop Trading!" segment on CNBC. "It's the No. 1 institution in the world right now that must be saved. Everything else could go except for AIG."
Cramer said AIG needs to be saved in a "pass-the-hat-around fashion," referring to what he sees as a worldwide investment in its success. The middle bank index is doing well, he said, but that doesn't matter. "Frankly, I don't really care if my community bank is doing well," he said. "I care about AIG and the fate of Western banks, all of which have relied on AIG at some point for a risk transfer."
As for Goldman Sachs(GS Quote), Cramer said: "Everybody hates them! They're the most hated group of guys I know." He said that it's as if no one who's talking about Goldman right now listened to its conference call. "They won! This was a beautiful quarter!" he said.