Repo Men

Here's how margin clerks, with their Repo Man ways, help another Net buyer to bite the dust.
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These margin clerks better put paper bags over their heads on the way home tonight. They have been gaffing people so hard in this last hour that they dare not show their faces on the streets of Wall and Broad.

This last half hour has heard a lot of these conversations.

"Has Mr. Phelps sent in any collateral?" asks the repo man.

Silence from the broker.

"Well you better sell his Ya-hoo exclamation point."

"That's

Yahoo

(YHOO)

, it is one of the few profitable companies on the Net," the broker says.

"I don't care what it is. It is $125 worth of capital, oops, make that $120," the repo man says.

"Well, but, ah ..."

"Sell it."

And another Net buyer bites the dust.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes 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 at

jjcletters@thestreet.com.