A Bull Case for the Banks By Jim Cramer About this article: People haven't done enough due diligence on the banks and the spreads they will be able to capture vs. the losses they have. First, go through Wachovia. The bank has cleared the decks, taken a lot of reserves, and while it still has real problems, it does not have a lot of monoline exposure. Or take Bank of America. It is clear that the Countrywide deal is going through. The preferred is showing that, the common is showing higher bid. BAC now knows enough about CFC's book of business that tells me it might be all right. Washington Mutual's money-raising happened at a much lower level. It could easily do another. Merrill Lynch? I am not fretting. I know it has more exposure, but I also know it has Bloomberg if it needs it. Citigroup hasn't busted up anything yet and has plenty of money, although a monoline failure... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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