If the FDIC is poised to split banks to lure buyers, which is the headline from last week's papers, the buyers worth luring are not only the NewAlliances (NYSE: NAL) (Cramer's Take) and the First Niagaras (NASDAQ: FNFG) (Cramer's Take) but also Chinese banks and HSBC (NYSE: HBC) (Cramer's Take) and Barclays (NYSE: BCS) (Cramer's Take), both of which reported great quarters yesterday.
We keep focusing on these private-equity entrees that need to be intrigued to get in. I say to heck with them. That's nonsense. We need deep-pocketed existing banks that want to be bigger in the United States, not more handouts to private-equity firms that then bring them public in our faces and make a ton of money off us. We need ones that know how to run banks and know how to compete against the new colossuses like Bank of America (NYSE: BAC) (Cramer's Take), JPMorgan (NYSE: JPM) (Cramer's Take) and Wells Fargo (NYSE: WFC) (Cramer's Take).
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