To me the customers made out this time, the dealers didn't.

When I look at the losses the dealers are taking, I keep wondering how the heck they all got caught. Think of it like this -- if this merchandise were equities, you would ask: How did Merrill (NYSE: MER) (Cramer's Take) and Citigroup (NYSE: C) (Cramer's Take) get caught owning so much stock?

That's why we have to be shocked at the losses at Citigroup and Merrill. It was like they were making a big bet on housing and just masking themselves as dealers.

Now it is true that they were merchandizing and got caught. Prince was such an idiot. I hectored this guy and the board for a year, but all they did was stand by and applaud him. He probably had no inventory controls because he never understood the instruments anyway. That's OK, they were hard to understand. But he was the CEO, for heaven's sake.

MAJOR PAPERS:

• Barron's Online's (subscription required) "Weekday Trader" wrote that there is currently little to get revved up about with Harley Davidson Inc (NYSE: HOG), as its fundamentals have deteriorated, leaving little upside for the stock over the next year, according to Citigroup Analyst Greg Badishkanian.
• The Wall Street Journal (subscription required) reported that Bristol-Myers Squibb Company (NYSE: BMY) will name James Cornelius, who has been interim CEO since last September, as the permanent CEO of the company.
• Comcast Corp (NASDAQ: CMCSA) is pushing into Web TV, a space currently being dominated by Google Inc's (NASDAQ: GOOG) YouTube, reported the Wall Street Journal.

• According to the Detroit Free Press, Chrysler Group suitors must submit new bids next week to make the cut and continue talks with DaimlerChrsyler AG (NYSE: DCX); one or two "preferred bidders" are expected to emerge.
• The L.A. Times reported that employees of Fremont General Corp (NYSE: FMT) are suing over losses on company stock in their retirement plans which they say should have been foreseen and prevented.