Cramer's 'Stop Trading': Down on Downey

Stock quotes in this article: DSL , WM , BAC , CFC  

Jim Cramer was bearish on several financial names on CNBC's "Stop Trading!" segment Friday.

Cramer blasted several banks which he does not have on his buy list. First up was Downey Financial (DSL Quote), which Cramer said was "so 1990s," and has the worst nonperforming assets. He said to go through Downey's financials because "they are daunting."

Following this, Cramer said that Washington Mutual(WM Quote) is "horrible."

Moving on to Bank of America(BAC Quote) Cramer said the company's acquisition of Countrywide Financial(CFC Quote) was a "big mistake." Cramer said that Bank of America is now the "ultimate toxic waste pit."

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At the time of publication, Cramer had no positions in any of the 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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