Cramer's point

I am not an insider and haven't read the complaint yet. But potential information distortion or asymmetry and the definition of information should be the key of this case. Otherwise, Cramer made the point:

A Case of Arrogance

Cramer took a few moments to sum up today's Goldman news by saying that there's a line like between illegal, and just plain stupid. He said that while he's been pro-prosecution in his career for years, based on what he's seen so far, the government's case against Goldman is weak. at best.

Cramer explained that Goldman doesn't appear to have done anything wrong. When a hedge fund client came to them asking for an investment tool to play the housing market in 2007, Goldman did what it was supposed to: It hired an outside firm to provide the due diligence. He said the resulting prospectus on the new investment tool seemed to be very thorough and transparent.

So Cramer wondered whether it was illegal for Goldman to then sell this new product, or just stupid for anyone to buy it. He said he's not sure, but he does know that people made money hand over fist before the market ultimately collapsed.

Cramer said he's all in favor of financial reforms, and he likes a vigilant prosecution, but not an over-zealous one. He said at first glance Goldman appears to be arrogant, and arrogance is not illegal.