Sorry, I can't just go quietly. I am long
. OK, I am talking my position. But right at the last minute today, Chase was trading just fine at 71. And then at 4:03 p.m., a print goes on at 68 -- 577,500 shares down 3.
I know there is a terrific hubbub over
. And I know that there is a ton of crazy trading in
, courtesy of a mistaken indication (it was supposed to be an 8-million-share sell imbalance, but it went through as a buy imbalance).
But this kind of print, without any word of an imbalance of a stock I love and I would have bought at 70 or 69, is just simply an outrage.
. The people at Chase should be jumping up and down about this. They should be furious at this miscarriage. And they should make a federal case of this.
How much longer is the
New York Stock Exchange
going to put up with these closing shenanigans? Do they think no one cares or notices? Do they really think that it is a private club and everybody is powerless and $2 billion in market cap can just vanish from one of the largest banks in the world?
Here's what will happen: Somebody from the
will read this, say it is Cramer and
and point out that if they quote it, it will build our circulation, so it has to be killed. Next week somebody will write a five-inch article about it. The NYSE will say, Look, we are really sorry, but there were very good reasons for this having to do with imbalances and year-end problems. And nothing will happen. Nothing.
What a &%*^#@! shame.
James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. At the time of publication, his fund was long America Online, Amoco and Chase Manhattan Bank, although positions may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column by sending a letter to TheStreet.com at