RealMoney Radio Mailbag: A Banking Bet

A listener learns why Cramer likes Lehman Brothers.
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Editor's note: The following are questions received from listeners of "RealMoney Radio." To send Cramer a question about topics from his radio show, click here. Listen to Cramer's latest radio show by clicking here.

Jim, Doug Kass says Lehman Brothers (LEH) is a short. Do you agree?-- Benny from the Bronx

James J. Cramer:

I don't believe that Lehman is a short at all. Its banking business is top-tier and it has great positioning in fixed income and energy.

Besides, the stock is trading at only 13 times earnings, which isn't exactly bubble-like.

Is Valero (VLO) - Get Report a buy?-- Jonas from California

James J. Cramer:

I am not a fan of the refiners here. I believe the margins are going to get squeezed, which could be very troublesome around earnings season.

For the oil patch, I prefer late-stage infrastructure plays like

Foster Wheeler

(FWLT)

, which I own for my

Action Alerts PLUS charitable trust.

Want more Cramer? Check out Jim's rules and commandments for investing from his latest book by

clicking here

.