Kass & Cramer: A Play on Banks

Wells Fargo (WFC Quote) priced its $10 billion equity offering at $27 last night. The stock is trading at $28.36, and because the deal with Wachovia (WB Quote) is a stock transaction, Wachovia's shares had some weakness today as well.

Jim Cramer announced he was buying WB around $5.29 (it's at $5.46 now), as this is his backdoor way to own WFC in the long term.

Doug Kass also had an excellent piece on WFC and why it is a long-term buy.

To see Kass' 6 reasons why to own WFC, please click here.