Cramer unbelievable "caught on tape"

Discussion in 'Wall St. News' started by Don Bright, Mar 21, 2007.


    By Dane Hamilton

    NEW YORK, March 20 (Reuters) - Stock market commentator and CNBC television host Jim Cramer has raised eyebrows after describing illegal activities used by hedge fund managers to manipulate stock prices. "

    "......Cramer said some tactics are "blatantly illegal," but sometimes essential for poorly performing hedge funds. He did not say he ever used such tactics himself.

    Cramer said if a market participant wanted to get shares of a company like RIM lower then he should first get investors "talking about it as if there is something wrong with RIM".

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    "Then you call the (Wall Street) Journal and get the bozo reporter in Research in Motion and you would feed that (rival) Palm's (PALM.O: Quote, Profile, Research) got a killer it's going to give away," he said. "These are all the things that you must do on a day like today and if you're not doing it, maybe you shouldn't be in the game."

    "It might cost me $15 million or ......"

    Absolutely unbelievable.

    :mad: :( :confused:
  2. i agree don.... btw, there are a couple of cramer threads on this already. just makes traders like Bob look that much better since he does it the honest way.
  3. wall st brokers and traders are as honest as used car salemen.
  4. I figured there might be other threads, but I just can't believe the video interview. The video is absolutely amazing. Everyone should live their life as if they're on youtube (good practice anyway), but to say what he did on camera, what a nightmare.

    (Yeah, making money legally does look better, and you can sleep at night).

    All the best,

  5. Why is this just coming out now? I didnt catch an exact date but it seems like it was around Christmas...
  6. Probably because of the magazine article, I guess.

  7. Geez, Cramer would NEVER violate securities laws! :D

    You may have seen some articles the past several days attacking me about an interview I gave recently where I discussed the kinds of manipulative trading practices that go on every day in the investing community. Let me say this: No one knows and respects the securities laws more than I do. (I didn't go to Harvard Law School for nothing!) [Uh, scuse me Mr Cramer, but didn't you wipe a federal subpoena from the SEC on your rear and throw it on the ground?]

    When I was a hedge fund trader in the 1990s, I played fair, and I did nothing that violated those laws
    [heh, spit out my cereal when I read that!].
  8. We've sent a steady stream of his spew to ALL the regulators. None of them can deny being surprised by this. The video of which you speak is from December. It surprised me that it got such play until you realize:

    Boyd and the Post broke the story.

    Murdoch owns th Post.

    Murdoch owns Fox.

    Fox is, altogether now, starting a business channel.

    I think Cramers crap is newsworthy, because it proves HF's cannot be trusted, and they need regulation. Dealbreaker went as far as calling Cramer a "sociopath". Interesting chapter in financial history unfolding.
  9. if there were no web 2.0 media this would have never have seen the light of day. funny how these things pop up now... hillary is going to hate youtube by 08 !!!!

    it is funny how cramer is now trying to call black, green. this shows he was lying through his teeth when he bashed critics of illegal naked shorting.
  10. "HF's cannot be trusted, and they need regulation."

    Eggsactlly what part of the market do you trust as a result of regulation? Mutual funds? The disclosures in foot notes from corps? If you are going to regulate hedge funds you will be regulating money, borrowing costs, liquidity.

    If you are playing poker and I make a side bet with you on high spade, that is what you need to regulate, the gamble outside the game. Think it'll happen?
    #10     Mar 22, 2007