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- inactive, on 03/06/2009, -9/+115I can't believe people are just noticing this now.
- inactive, on 03/06/2009, -12/+74FTA:
"This rabbit hole involves the thugs surrounding Jim Cramer and some of the top financial "journalists" from the New York Times, WSJ, Fortune magazine and BusinessWeek, top hedge funds, the Mafia, and the DTCC. It also includes "blackmail, smear campaigns, espionage, fraud, harassment, extortion, bribery, rumor-mongering, sabotage, off-shore money laundering, political cronyism, frivolous lawsuits, witness tampering, biased financial research, false identities, bogus credit ratings, bribery, libelous blogs, bad science, forgery, wiretapping, counterfeiting, collusion, lying, cheating, threats and theft.""
Let Jim tell you how his criminality works:
"We had it down to a science in 1992: my wife would pick stocks that technically looked ready to go up, or she would keep track of merchandise to see what was down to tag ends. She would then generate a list of stocks that could move quickly on good news. Jeff would then go to work calling the companies to try to find anything good we could say about them. I would call the analysts to see I they were hearing anything. When we found a stock that looked ready technically to break out, or where the supply had been mopped up, and Jeff found something positive at the company, and I knew the analyst community didn’t know anything positive, we would load up with call options and common stock and then give the good news to our favorite analysts who liked the stock so they could go do their promotion. That would get the buzz going and we would then be able to liquidate the position into the buzz for a handsome profit." (Confessions of a Street Addict, page 61). - kerouac906, on 03/07/2009, -4/+51Anyone who thinks sitting on their ass and watching a TV show will make them rich deserves to lose their money.
- raidfibre, on 03/06/2009, -7/+46--------------
Jim turns toward his head trader. "Mark, sell ten thousand Bristol Myers."
"We never bought any Bristol Myers," Mark replies.
"We own the calls," Jim corrects Mark impatiently, aggravated by the delay.
"So sell it short?" Mark asks for clarification. Mark knows that according to the SEC rule book, selling stock you don’t already own (even if you do own the call options) must be marked and executed as a short sale.
"You are confusing me with someone who gives a *****. Just sell it! I said hit the ***** bid!"
--------------
Cramer on his show, nearly every day: "I don't advocate short selling"
Yeah buddy. Sure. - inactive, on 03/07/2009, -4/+39"Wall Street is full of crooks"...no ***** sherlock...
- cuecat, on 03/07/2009, -5/+39Oldest game in the book, it's simple pump-and-dump.
http://www.cpacapital.com/pdf/Is%20it%20Wise%20to% ...
"The authors also found that the stocks that Cramer recommended had excess returns for the three days prior to his actual recommendation. They provided two explanations for this behavior. ..Their second explanation was that information pertaining to some of the stocks he recommended was released before the television show aired each day...."
He loads up on the stock, recommends it, then dumps it as everyone is buying. - Berkana, on 03/06/2009, -4/+30The potential for conflict of interest is so obvious. This shouldn't surprise anyone.
- Grazzit, on 03/07/2009, -1/+25if you didn't think he's out to make a buck off you, you're an idiot, everything about television is to make a buck off you in one way or another, grow up
- agfresh8, on 03/07/2009, -5/+26So we live in an age where speaking out against someone means your a terrible person? He has an opinion, and all the left-wing "strategists" jump on anyone who attacks Obama. It's a sad thing to see, that smart, hard-working Americans are being torn apart by a few people interested more in advancing a left-wing, democratic party agenda than actually doing what is best for the United States people.
- hawkeye17, on 03/07/2009, -2/+22Forget about Cramer. The real issue here is the legality of naked short selling and HOW the hell that happened. A bigger question is why isn't it illegal and will our leaders stop it? The whole last few months reeks to me. It's like the end of Bush's presidency was a signal for the crooks to cash in at all of our expense. The scary thing is that I'm not so sure that isn't actually what happened. Are things really as bad as some of the conspiracy crowd think? Makes you think doesn't it......
- Nintendesert, on 03/07/2009, -21/+38He should never have gone against the President, now it's open season on him.
- kocurejd, on 03/07/2009, -7/+24What is this, Russia?
- Nickolassc, on 03/07/2009, -8/+25They will defend Obama up to the point where his tanks roll over them. And then from the otherside will blog about it being the "best death EVAR!!!"
- Nickolassc, on 03/07/2009, -1/+17This is not news.
Everyone who trades knows to sell Cramer's picks short or sell any stock you are holding that he happens to mention.
He's a pump and dump scam artist. - oboshoe, on 03/07/2009, -14/+29thats exactly what I was thinking.
He spoke ill against The Obama, and now he will be made to pay.
Change has arrived. - ikillpeoplexx, on 03/07/2009, -6/+21Can anyone substantiate this through credible sources? I was interested but there's no way in hell I'm believing any web page that says "Daily Kos" on the top and makes sure to parenthetically remind me that the author (doesn't like republicans!)
- Elsewhere42, on 03/07/2009, -3/+17> Wall Street is full of crooks
What? You just figured this out?
ALL large corporations and ALL politicians are crooked. They are all getting kickbacks from someone. Every bill that goes through congress has money attached to it. No bill ever gets passed without someone getting paid off for it. - Nickolassc, on 03/07/2009, -4/+18Why do you guys turn on Cramer so quick? He's a lifelong democrat who supported Barack Obama before the election and donated 200,000 to the democratic party.
- teamgwho, on 03/07/2009, -1/+14to quote Jim Cramer on Colbert earlier this week...
***** 'em! - gmtwilight, on 03/07/2009, -0/+13Jim Cramer is to finance as Gallagher is to comedy.
- FriedTurkey, on 03/07/2009, -4/+17Palin had an affair? I call bull *****. Is this the same crappy websites that said Bush and Condelisa Rice were having an affair? As a Democrat please stop believing in stupid blogs. Your making us look like dumb asses.
- Nickolassc, on 03/07/2009, -6/+18I know, he spoke up for what he believes in and now there is a movement to destroy him even though he is one of them.
***** these people. - d3dm, on 03/07/2009, -0/+11It's only news now because he's come out and publicly lambasted the way Obama is trying to fix the economy.
- lordmike, on 03/07/2009, -4/+15The one stock he told me to hold a month ago... a great value? It has tanked mightily... what a surprise...
- afronites, on 03/07/2009, -4/+15John Stewart already told me this.
- theodicey, on 03/07/2009, -2/+13Cramer is at best an entertainer and at worst a crook.
But Mark Mitchell's "Deep Capture investigation" is a freak show. He wasn't doing journalism -- he was getting paid by the Overstock.com's CEO Patrick Byrne to settle scores.
http://garyweiss.blogspot.com/2008/04/mark-mitchel ...
http://www.nytimes.com/2006/07/15/business/15onlin ...
Overstock's CEO himself is deep into crazy (and probably fraud as well).
http://seekingalpha.com/article/107503-overstock-c ...
http://seekingalpha.com/symbol/ostk
Don't believe everything you read. The market is full of crooks with agendas. - macmcraeart, on 03/07/2009, -6/+16sounds to me like cnbc and every other news channel is full of these crooks.
- Gerz1219, on 03/07/2009, -3/+13I'm starting to get tired of the "just an entertainer" defense. All members of the media have influence, and they have a certain responsibility for their words and actions. John Stewart is just an entertainer, but he's also a major news source for a lot of people, for better or worse -- so he has a responsibility to make sure his facts are accurate before he can make his jokes. Rush Limbaugh claims to be an entertainer, but he's also the head of the Republican party with millions of listeners, and he has a responsibility not to foment racial hatred.
Jim Cramer is obviously successful because of his outrageous clown act, but his words and actions affect the market. He has a responsibility not to induce mania for his own personal benefit.
We have CNBC on 24/7 in the office kitchen, and their anti-Obama crusade is frankly horrifying. That channel is on in some room at every financial services company in Manhattan, and the last thing bankers need to hear right now is self-validating apocalyptic fear-mongering from the people who cheered on this entire catastrophe with happy faces every morning for years. CNBC needs to leave the political opposition to Fox News and have their on-air personalities all admit that they don't really know what they're talking about. - Birukun, on 03/07/2009, -3/+13DailyKos and Huffpo in the same day.....
Obama really brought change! Yippee! - multiformat, on 03/07/2009, -6/+16It's amazing how anyone man who has been so wrong so many times on the market even still has a show. I guess the old scam is true, that is, if you say it often enough and loud enough people will believe it, even if it's not true.
- Insightful, on 03/06/2009, -11/+21Cramer is an entertainer, nothing more. One would make more by buying a S&P 500 fund and forget about it than constantly trading.
"Cramer's recommendations underperform the market by most measures. From May to December of last year, for example, the market lost about 30%. Heeding Cramer's Buys and Sells would have added another five percentage points to that loss, according to our latest tally."
2/9/2009 - http://online.barrons.com/article/SB12339710739965 ...
"Jim Cramer puts on a great show, but his Mad Money stock picks have underperformed the market over the past two years. "
8/20/2007 - http://online.barrons.com/article/SB11868126575599 ... - ericdano, on 03/07/2009, -19/+29Irony......DailyKos complaining about someone manipulating stuff. Isn't that what they and Huffington Post do?
- paulmer2003, on 03/07/2009, -5/+15Yeah, no *****.
Although, do you expect anything less from the rabid groupthink of digg? - Nintendesert, on 03/07/2009, -5/+14No kidding, however the dailykos and friends wouldn't have been going after him had he not opened his mouth in dissent against the President. If you don't think there's a coordinated effort to discredit this administrations critics then I don't know what to say.
Whether or not that's wrong, that's another debate. - LilJimmyNordin, on 03/07/2009, -0/+9I knew Cramer was a crackpot the day he crapped on Stark Industries stock.
- IAmTheGuy, on 03/07/2009, -9/+18Cramer cannot hold stocks. He does have a charitable trust and whenever he makes a comment on a stock owned by that charitable trust, he must say so. Daily Kos is about as reliable as Fox News.
- SethEllis, on 03/07/2009, -0/+9Quite frankly if you are taking your stock tips from television you're an idiot. Jim talks about specific stocks all the time, but you're not supposed to just go out and buy them because he says so. You should know this after seeing the numerous disclaimers they display during the show! The reason he talks about stocks in this manner is so that you can understand WHY he likes them. Learn from his reasoning, and then take that information and do your own research.
It's not one bit surprising that Cramer's stock picks have underperformed. In fact I'd be willing to bet that this is true of most TV analysts. TV is a great education resource, but it's not the place to get tips on what stocks to buy. That's what your investment adviser at your stock broker is for!
Jim has a great show, and there's a lot you can learn from it to develop your own investment strategies. It is not however supposed to be a substitute for using your own sound judgment. - akchrs, on 03/07/2009, -0/+8It's getting pretty predictable now. Not that it never wasn't.
- Armakillo, on 03/07/2009, -4/+12Criticism of a deity is called blasphemy, how are you confused?
- inactive, on 03/07/2009, -13/+21buried for Daily Kock
- Tyrant505, on 03/07/2009, -2/+9This was debunked like 30 times here and there
He said the money intself in bear was fine, as a bank, becaus of the fdic, a actual gov program worth a damn.
He said the common, aka the common stock, was worthless days before. Word for word. - hawkeye17, on 03/07/2009, -0/+7Only people like this think like Castro, clinging to failed ideology despite all evidence to the contrary. Not to mention the dealing in buzzwords instead of ideas that work.
- elipabst, on 03/07/2009, -1/+8Yeah I tend to agree. I don't know much about Cramer's history proir to his CNBC gig, but blaming Bear Sterns on him is suspect. Bear Sterns didn't tank becase Cramer decide to set them up. They tanked because they became illiquid and the SEC opened their books and found them stuffed to the gills with risky-ass subprime securities.
- rahsut, on 03/07/2009, -0/+7except for the fact that he is legally forbidden to own stocks just like every other cnbc anchor...
all his stocks are owned by a charitable trust, he makes no profit - sparkplug890, on 03/07/2009, -6/+13I call shenanigans because this story assumes people actually watch CNBC.
- PopcornDave, on 03/07/2009, -0/+7Most people are for freedom of speech as long at they agree with it. It's when they don't they want to stifle it.
- akchrs, on 03/07/2009, -2/+8Exactly.
- clusterfudge69, on 03/07/2009, -3/+9Some of it seems really far fetched. I've never like Cramer much but I hope that there is some proof out there otherwise this just another bad blog post.
- rahsut, on 03/07/2009, -2/+7he says that the average retail investor shouldn't short sell but he was a pro, him not short selling is like a truck driver refusing to use brakes or a mechanic not using a wrench
i don't particularly like cramer but at least present facts in true light and in a bias way... - ricknrockies, on 03/07/2009, -2/+7Jim Cramer (a liberal) dared to question The Obama...
Dailykos launches a personal attack against him...
status quo... -
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