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Jim Cramer's Stop Trading! Don't Doubt State Street

08/28/07 - 02:53 PM EDT

NTRS STT

TheStreet.com Staff
TheStreet.com Staff

Don't bet against custodial banks such as State Street (STT - Cramer's Take - Stockpickr), Jim Cramer said Tuesday on CNBC's "Stop Trading!" segment.

Cramer said State Street and peers Bank of New York (BK - Cramer's Take - Stockpickr) and Northern Trust (NTRS - Cramer's Take - Stockpickr) are getting hit hard by worries about their reported exposure to structured credit products such as collateralized loan obligations and collateralized debt obligations.

Cramer said the reports are out there -- from the Times of London and Punk Ziegel analyst Dick Bove -- but he stressed that State Street and its ilk "are the gold standard" when it comes to running a disciplined financial shop.

"These are the best financial institutions," Cramer said, but he allowed that their CDO and CLO holdings also make them "a target for the shorts."

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

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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