Cramer's 'Mad Money' Recap: Nasdaq's Integrity Outage
NEW YORK (TheStreet) -- C'mon guys, get it together. The markets are too important not to have a backup plan, Jim Cramer said on "Mad Money" Thursday.
There needs to be an emergency system that kicks in when the system goes down and trading is halted, as it was this afternoon at the Nasdaq for more than three hours, Cramer said. He added that he didn't feel like sharing the numbers from the markets today, particularly the Nasdaq close, because he wasn't sure if he trusted them.
What happened today was profoundly disappointing and disheartening, said Cramer, and he was especially concerned no one at the Nasdaq said anything.
How could this happen? Cramer asked. It's a for-profit company. There's a CEO, Bob Greifeld, and he's got a chain of command. Any one of them could have come out and apologize and explain what was happening.
Also, Cramer asked, where was the government? Where was Mary Jo White of the Securities and Exchange Commission? In the meantime, exchange-traded fund and index trading was on hold because many hold Nasdaq stocks and the market was compromised. The SEC should not tolerate this nonsense anymore, Cramer said.
Cramer wondered, where is the backup system? Cramer's theory is this: Many professionals have become inured to this kind of nonsense. They say it comes with the territory and shrug their shoulders. There is no sense of outrage anymore. No one gets outed. No one loses his job.
The SEC has to represent the regular guy, Cramer said. Trading has gotten titled toward the big, rich trading firms and against the moms and pops. Cramer called for the government to lead and the Nasdaq to be investigated and end these debacles once and for all.
Executive Decision: Cheryl Bachelder
There are still stocks working well right now. Case in point, AFC Enterprises