Under the plan, the US government would take preferred stock in Bank of America [BAC], Wells Fargo [WFC], Citigroup [C], JPMorgan Chase [JPM], Goldman Sachs [GS], Morgan Stanley [MS] and Bank of New York [BK], State Street [STT] and Merrill Lynch [MER].

Cramer: Breaking Capital Destruction:
Jim Cramer explains how the government plan to insure debt will break the back of the CDS market -- and why that's a good thing.

Click here to watch the video.

8. Bank of New York (BK): I think this one's been knocked down too much. It just isn't deserving of the tarring it has gotten. I don't see a lot of upside, but the downside is a tad overdone given less exposure to real estate and good fee income.

1.7

"This is a once-in-a-generation opportunity in the financials," says Mark Boyar, head of the New York investment firm bearing his name. Boyar is partial to such stocks as JPMorgan Chase (JPM), Lehman Brothers (LEH), Travelers (TRV) and Bank of New York Mellon (BK). The last time financial stocks were hit so badly was in 1990, when the group fell 24%. That was followed by a 43% gain in 1991.

From a recent Mad Money show:

"I am not recommending any financials on this show. I reiterate that I'm not a buyer of any financial stocks."

Options volume is unusually high in two banks, explains Jon Najarian. KeyCorp (KEY) and Bank of New York Mellon (BK).

Goldman said it is upgrading Bank of New York Mellon (BK) to Buy from Neutral based on valuation. See Fed actions offsetting effects of weak equity markets. Note discount to other trust banks and historical average. Price target at $53.

Bank that has no exposure to subprime. Price is depressed

UBS has downgraded several financial stocks. UBS said it is downgrading BK, LEH, GS, STT, IVZ, AMTD. Cites most capital markets related stocks are likely to move lower before recovering and valuations will likely test 20-year lows rather than 10-year lows.

do not like the food