NEW YORK (TheStreet) -- On his Thursday Stop Trading! segment on CNBC, Jim Cramer encouraged his viewers to read all the Gulf papers, which are accessible online, to get a true picture of the BP (BP) - Get Report oil impact.
The "oil is hitting the beach like its D-Day," Cramer said. "It's hitting in ways that people never thought it would hit." At this rate, Cramer is worried that we'll "pick up a rock, and it will be just like a gigantic oil formation."
Cramer reads those papers every hour and said they present a different world from what you hear in the media. As BP stock sunk lower on Thursday, Cramer said that defense lawyers who've handled big cases like BP tell him it's time for the BP to give equity to claimants to ensure that the bonds are made. "You want to separate BP America from everyone else," he said.
Also, Cramer said that a "great" short seller tells him the arguments he hears on why BP is cheap at $29 is similar to the arguments he heard about
. There are "tremendous values here," Cramer said. "Just unbelievable values."
"I like Citi now ... but it made the pit stop at two bucks," he said.
More on Citi Cramer: Why Citi is a Must-Buy
On Thursday, House Financial Services Committee Chairman Barney Frank was close to completing a crucial derivative part of the financial overall bill as a key issue remained a subject of debate; a provision strongly supported by Senator Blanche Lincoln, which could require banks to spin off their derivatives operations.
"This is the
relief bill and everyone knows it," Cramer said, referring to the view that if Lincoln's proposal went through, it would be beneficial to Deutsche Bank and
, who could pick up additional business as a result. "A lot of bankers think that she must work for Deutsche Bank," he said. "Investment banking" there "is going to be rocking because of Blanche Lincoln, he said.
... they're not going to deal with American banks," Cramer said. "They need that one stop shop...."
Cramer added that the euro and a strong economy in Germany is the right place for Deutsche Bank.
On Thursday, Cramer said that he likes the "cool" new Australian prime minister, Julia Eileen Gillard, who he believes will be popular among the big business community. "Capitalists want capitalists," he said. "The other guy," Kevin Rudd, "got bounced for good reason," he said, in reference to his declining popularity, as outrage over the Australian mining tax intensified.
Cramer's Stop Trading!: BP, TreeHouse
Click here for Cramer's Tuesday Stop Trading! segment.
-- Reported by Andrea Tse in New York
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