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Cramer's Stop Trading!: BP, Union Workers

Stocks in this article: BP RIG


NEW YORK ( TheStreet) -- On his Thursday Stop Trading! segment on CNBC, Jim Cramer had a message for the masses of union workers and AFL-CIO members who were descending on Wall Street Thursday to protest jobs losses, the bailout of financial institutions with taxpayers' money and dubious lending practices.

His message was: "We're getting financial reform."

"What do they want?" Cramer asked. "Washington's not doing a bad job here." He thinks Geithner, Bernanke and Dodd have all been "doing the right thing."

On Thursday, Cramer rushed in to BP's (BP - Get Report) defense as the company faced scathing heat over its role in the devastating Gulf of Mexico oil spill. Cramer owns shares of BP for his charitable trust.

"This is a Transocean (RIG - Get Report) rig," he said. He explained that BP merely leased the rig, and really, "Transocean is the one responsible here. These rigs are leased and it's a Transocean rig."

He thinks that BP is doing everything it can right now, and is further distinguishing itself by not passing the buck and publicly accepting blame for the spill. "I just don't know how they could do more," he said.

"BP had an excellent quarter, but no one wants to hear that now," Cramer lamented. Cramer, as he noted, favors off-shore drilling.

-- Reported by Andrea Tse in New York

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