Cramer: Monitoring the Black Holes

The following post appeared Friday evening on RealMoney. Sign up for a free trial of RealMoney, and enjoy incisive commentary all day, every day.

With the extraordinary destruction of Washington Mutual (WM Quote), we only have one problem institution left to be solved.

A month ago I detailed what I called "black holes," a term that the companies I described uniformly hated but that has proved all too prescient.

Let's review where we are now:

• Washington Mutual is gone. This lender, the worst major public lender in the country, should have been seized months ago but got bailed out by TPG in what will now be regarded as one of the worst investments of $7 billion in history. TPG has made so much money I am not worried, but this is a monumental black hole that disappeared overnight.
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