Jim Cramer's 'Stop Trading!': Too Late for Lehman

"I want to be very clear about Lehman Brothers(LEH Quote)," Jim Cramer said on Tuesday's "Stop Trading!" segment on CNBC. "It does not have a deposit bank. It is very questionable. This has become an extremely speculative security, only for people who are willing to lose it all or make a little something."

Cramer said that Lehman could've made a deal over the weekend with a potential buyer, but now it was too late, and no one else was interested. "It's a great firm," he said, "but they had their chance. They had to act on Friday, and they didn't."

The segment was interrupted with breaking news that Apple(AAPL Quote) CEO Steve Jobs had announced after the company's "Let's Rock" event that he was in good health and that unnamed hedge funds were responsible for the concern.

"I wish he hadn't said that," responded Cramer. "That's worse than saying they're going to report bad earnings. The unnamed hedge funds are taking down Washington Mutual(WM Quote). The unnamed hedge funds are in charge, and they're dangerous." ...