Fairness, integrity, values? I can't believe that traders can be so naive not to know that all businesses employ underhanded tactics to make a buck and it has always been that way. There were never any good old days when Americans had values and the world was a wonderful place, as if we were living Leave it to Beaver. The average American just wasn't aware of the ugly side of business. Some level of dishonesty is a necessity in order to survive, that in my opinion is just an unfortunate fact and reality of human psychology. At least with today's technology John Q. Public at least has a chance to compete and win on Wall Street if he/she is smart enough.
ah! the classic âmistakes were madeâ maneuver http://www.washingtonpost.com/wp-dyn/content/article/2007/03/13/AR2007031300776.html http://www.youtube.com/watch?v=83thEnSe7mo
Judge: Sir, you were caught with a kilo of coke and a dead hooker in the trunk of your car. How do you plead? Defendant: Well, your honor... Mistakes were made. Judge: Oh! That makes sense! In that case, you're free to go...
We all know that there are ways of manipulating information in the marketplace that are deployed daily. We all know that when you enter the upper eschelon that there is enormous pressure to outperform, which is amplified by the typical machismo of trader personality types out of Ivy league schools. Read <i>The Conspiracy of Fools</i> and you see how objectively it is all played out. Cramer has always suffered from an ideological schism where he has emotional sympathy for "main street" and the middle class, but he knows, viscerally, how powerful the drive is to walk in the steps of the Vanderbilts and Morgans who glorified the culture of the speculator. He slipped and tried to merge the two. Fact is, those who move the markets will always be three steps ahead of the law. This shouldn't surprise anyone who has been paying attention. The crisis of America's approach to capitalism will only come when "main street" as a whole becomes fully aware of this. Unlikely this will happen as slick marketing techniques will always trump real information. Hell, even Communism could end up working, miserably in time, if it had roots in Madison Avenue.
cbsmarketwatch.com had a decent article on the Cramer blunder. http://www.marketwatch.com/news/sto...14A-6318372C33E2}&print=true&dist=printBottom
I'll bet the SEC ends up not having a problem with Cramer's curious confession, either. It'll probably quietly review this Cramer non-binding boast, and pass on any action as it has probably done about past Cramer faux pas as well as outside allegations - unless/until something really awful emerges about his market conduct - with lots of facts and monetarily-proven third party injuries as a direct result.