TheStreet.com TV Recap: The Crucial Last Half-Hour

 

Insolvent Unless Proven Otherwise

Cramer said he regards subprime lenders NovaStar (NFI Quote), New Century (NEW Quote) and Fremont General (FMT Quote) as "insolvent companies, unless proven otherwise."

"These companies have been very adept at hiding a lot of problems," he said. "When I say hiding problems, I'm saying I see illegality.

"The way illegality is defined in the country is that anyone in the Justice Department can go after any one of these guys right now," he continued. "They're subject to being prosecuted."

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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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