All of this stinks, of course, but none of it stinks more than the idea that the Morgan Stanley analyst cut numbers at the last minute and only the largest clients were informed.

If that's really the case, then the SEC has to go to Morgan Stanley today and get all telephone records, all transcripts, all correspondence and start sifting because there's no way this didn't violate the rules.

In all my years on Wall Street this is the most outrageous and egregious deal I have ever seen.


And now someone has to pay.
Action Alerts PLUS, which Cramer co-manages as a charitable trust, has no positions in the stocks mentioned.

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