Jim Cramer may have your answers.
On Tuesday, April 7, Cramer focused on Wall Street's rally.
In Case You Missed It: What's on Cramer's Mind?
Cramer wrote about the "appetite for risky debt" in his Real Money column Tuesday.
"If you remember, back in the old days a dozen years ago, there was very little money for the companies that needed it most, especially the banks. The banks went on missions to find deep-pocketed sheiks and wealthy Koreans and sovereign wealth funds. Lehman scoured the world looking for a partner before the government mistakenly shut it down to punish their recklessness, something many still deny but is true. Morgan Stanley (MS) got Mitsubishi UFJ Financial (MUFG) as a partner. Goldman Sachs (GS) and Bank of America (BAC) drew to attention of Warren Buffett. But GM (GM) ? Washington Mutual? Wachovia? Bear Stearns? They didn't make it," Cramer wrote.
"It's different this time. Carnival (CCL) , despite ships in the water, unable to dock, because of Covid-19, despite a budding Australian criminal investigation of the Ruby Princess because of the 11 deaths and 662 infections from the cruise, sold 71.8 million shares for $8 and attracted a 8.2% stake from a Saudi wealth fund in that very successful fund raise. They sold about $4 billion in straight debt with an 11.5% coupon due 2023. And it got almost $2 billion in a 5.75% senior convert. That's quite a haul given that they can't do business," continued Cramer.
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