Jim Cramer’s Stop Trading: Chevron Corp (NYSE:CVX) Not So Bad
Jim Cramer thinks it’s a good idea to have an excise tax on big bonuses for anyone who took TARP money, however he said on Tuesday’s “Stop Trading!” segment that we shouldn’t tax banks that we need to make loans. “We can’t tell these banks to lend and then take what they have to lend,” he said. Cramer’s comments came on the heels of a report that President Barack Obama is considering putting a fee on financial services firms as part of his fiscal 2011 budget. Goldman Sachs Group Inc. (NYSE:GS) released a statement on Tuesday that said they might have shared information with some clients before sharing it with others. Goldman is coming under a lot of fire for shorting collateralized debt that it was selling to clients. “Was there anyone that didn’t know Goldman was shorting this stuff,” Cramer said. “They told everyone.” Moving on to the oil sector, Cramer said Chevron Corp’s (NYSE:CVX) fourth-quarter profit miss due to weak refining and market operations was not a real guide down. “A deeper look at the report showed the company’s production rate is in fact up 9%,” he said, “which is much better than any of the large oil companies.” Cramer currently holds Chevron in his charitable trust. “This was good news, not bad,” he said. Get the scoop on tomorrow’s hottest trade ideas – TODAY! BeaconEquity.com PREMIER PICKS have an amazing track record. Join this select group and ride the profit wave!
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