Cramer explained that trading losses are one thing, loan losses another. But when a company makes directional bets that are not in sync with what it's telling clients, that's wrong. J.P. Morgan may claim these losses were just hedges, but Cramer challenged that notion by asking, "Hedges against what, intelligence?"
In the end, J.P. Morgan's actions cost its shareholders billions of dollars, and everyone there should be giving back their bonuses to help repay those losses. "Shame on them," Cramer concluded.
--Written by Scott Rutt in Washington, D.C.
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