James Cramer blames Christopher Cox for much of the mess that exists in the market at this time- and he is dead right.
I was long and sold my AIG some months ago. So I added to the problem too, Cramer does not mention me.Besides if AIG and the banks were in really good shape and had not leveraged to the extent that they have, the market would ignore the shorts.But the banks and AIG over leveraged and that coupled with a declining stock price make it hard to re-finance all the debt they have on their books.And if the banks had great cash flow from their own operations, a low stock price would have ZERO impact on the banks internally generated cash flow.Naked shorts no, but there is nothing wrong with shorting stock. And shorting only works if the creditability of the bank has already fallen to near zero anyhow.
He is the head of the SEC & deserves much blame