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Jim Cramer's 'Mad Money' Recap: Step Aside, Washington

Mooney continued that geography is also helping the bank because it sits in the middle of some of our country's lucrative oil shale fields. She said that not only is the exploration and production activities, but also all of the construction, housing and services business that spills over from increased drilling activities.

KeyCorp was also able to manage itself better, Mooney said. By using what she called "good, old fashioned channel management," the bank has been closing underperforming locations while building new branches in better areas and investing in its digital and mobile operations.

Cramer said these are all reasons why he has been behind KeyCorp for a very long time.

U.S. vs. JPM

Has the government gone too far in its persecution of JPMorgan Chase (JPM) over bad loans written by Bear Stearns and Washington Mutual, two entities the government practically begged the bank to acquire? According to billionaire investor Warren Buffett, the answer is yes, and Cramer said he agrees.

Cramer said the government's pursuit of JPMorgan, an Action Alerts PLUS holding, just makes no sense as the government needed JPM to swoop in at the last minute to save both firms. But it is now penalizing JPM mercilessly for not having done proper due diligence. JPM helped advert a larger financial crisis, said Cramer, and this is how the government is repaying the bank.

Buffett characterized the situation by saying that "if a cop follows you for 500 miles, you will get a ticket," a sentiment that was shared by Cramer. In the end, it's the JPMorgan shareholders who pay the price for endless lawsuits and record fines, yet there has not been one action taken against those at Stearns or Washington Mutual who actually wrote the bad loans in the first place.

Did JPMorgan make mistakes? Both Buffett and Cramer agreed it did, but CEO Jamie Dimon could never have anticipated the fallout by a government out for blood from one of the few good guys that actually tried to help.

Lightning Round

In the Lightning Round, Cramer was bullish on Genuine Parts (GPC), Cisco Systems (CSCO), Allegheny Technologies (ATI) and Opko Health (OPK).

Cramer was bearish on Berry Plastics (BERY).

Executive Decision: David Demshur

In his second "Executive Decision" segment, Cramer checked in with David Demshur, president and CEO of Core Labs (CLB), a stock that's up 35% since Cramer last spoke with Demshur in April. Core Labs just delivered a two-cents-a-share earnings beat on an 11% rise in revenue and was able to raise its full-year guidance.

Demshur Pioneer Natural Resources, a company whose CEO Cramer recently interviewed, is one of Core Labs' many clients that is benefiting from its technology to produce more oil and gas and recover more over the life of their wells.

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