This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cramer's Stop Trading!: BP, Union Workers


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

RELATED STORIES:




Follow TheStreet.com on Twitter and become a fan on Facebook.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG
BP $42.69 -0.49%
RIG $20.10 0.05%
AAPL $132.38 0.75%
FB $80.59 0.14%
GOOG $542.52 0.00%

Markets

DOW 18,262.71 -23.03 -0.13%
S&P 500 2,129.25 -1.57 -0.07%
NASDAQ 5,096.9430 +6.1490 0.12%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs