This column was originally published on RealMoney on Oct. 25 at 11:20 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

To me it is infuriating when the most meaningful, most material information -- a liquidation -- is in the hands of so few and they exploit it so well.

I am talking about the billions of dollars that may have been made taking the tag ends of the trades of the big Refco ( RFXCQ) liquidation.

There were no releases, no information, no nothing, just profits for the liquidators.

It's so funny that the SEC goes to any lengths to make sure that material information about a company is disclosed properly and timely, but it could care less about information involving the stock itself. It's almost as if that's the one real edge left that the SEC hasn't done away with: the right of the brokers to take the tag ends and give them to their buddies, or, given how many brokers are actually hedge funds in disguise now, keep the profits for themselves.

Again, I can't change the law. I don't even know if I want to. I just want to profit from it. I couldn't get in on those cleanup blocks of Chevron ( CVX) or Exxon ( XOM), I couldn't participate in the resuscitation of Schlumberger ( SLB) or Occidental ( OXY).

But I can buy Goldman Sachs ( GS). And I would be doing just that if I were allowed to. I believe it cleaned up the biggest on this one, right in time to make the quarter fabulous.

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Please note that due to factors including low market capitalization and/or insufficient public float, we consider Refco to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:
It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our free trial offer to TheStreet.com RealMoney premium Web site, where you'll get in-depth commentary and money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice -- try it now.
At the time of publication, Cramer was long Occidental Petroleum.

James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for ActionAlertsPLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here. Listen to Cramer's RealMoney Radio show on your computer; just click here. Watch Cramer on "Mad Money" at 6 p.m. ET weeknights on CNBC. Click here to order Cramer's latest book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." Cramer appreciates your feedback and invites you to send him an email by clicking here.

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