'RealMoney' Radio Recap: Market Madness

"I made 10 times what I made selling stocks in bonds," Cramer said, adding that on a $100 million bond sale he could make $10,000. Plus, he had to split that with his company, which was Goldman Sachs(GS Quote).

He believes that Congress raising the debt ceiling is a bonanza for Goldman, Lehman Brothers(LEH Quote) and Bear Stearns(BSC Quote). "Think of these guys as bookies," he said, because they are the primary bond dealers.

In the investment world, fees are everywhere, Cramer reminded listeners.

"You're probably intimidated ... maybe you think it is unseemly or you think it is beneath you to ask about the fees," he said.

But he said it is essential to ask about the fees up front.

New York Attorney General Eliot Spitzer won't be able to nab everyone charging exorbitant and unfair fees, he said. "Look at how you invest. If your fees are higher than what you've made ... if you feel you're being ripped off, you probably are."

"I represented some of the richest families in the world. In my investment activities ... the richer the person, the more that person asked me about the fees," ha said.

"The more I was asked about the fees, the more I cut the fees. I never wanted to be in the position where I had to defend myself for taking excess fees."

When the richest people are worried about what the brokers take, you should be too, he said, noting that there is a reason why these people have so much money.

The nation's top oil executives have been asked to appear before Congress again to talk about recent mergers that may or may not have led to record profits in the industry. The usual suspects were all there, Cramer said, naming Exxon(XOM Quote), Chevron(CVX Quote) and ConocoPhillips(COP Quote).