TheStreet.com TV Recap: Blood Boiling on Wall Street

"Mack must go," Cramer stressed.

As for Jimmy Cayne, Cramer said he's known him for years and thinks of him as a friend. However, Cramer questions why he's still running Bear Stearns.

"These are rough times," he said. Meanwhile, although Lehman Brothers (LEH Quote) didn't do as badly as people thought it would, the firm's chief Dick Fuld is paid as if they did fabulously.

"All I'm saying is I've never seen this before, and I have a feeling that we're going to see some changes at these firms that Mack and Cayne don't see coming," Cramer said