On manipulating the market: “A lot of times when I was short at my hedge fund, and I was positioned short, meaning I needed it down, I would create a level of activity before hand that could drive the futures,”
-On falsely creating the impression a stock is down (what he calls “fomenting”): “You can’t foment. That’s a violation… But you do it anyway because the SEC doesn’t understand it.” He adds, “When you have six days and your company may be in doubt because you are down, I think it is really important to foment.”
-On the truth: “What’s important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view – it is important to create a new truth to develop a fiction,” Cramer advises. “You can’t take any chances.”
http://hulu.com/watch/62203/the-daily-show-with-jon-stewart-thu-mar-12-2009
#19, Cramer was critical of Obama recently, and now he is facing the wrath. Expect something on Rick Santelli soon.
#20 I believe the SEC doesn’t investigate, and that money managers do this sort of thing. However, what Cramer said here, it just sounds like he’s trying to impress someone. Perhaps if you would read my posts you would know this already.
This is pretty old news.
You do know that shorting stocks is not illegal?
The real question I have about Cramer is how many lines of coke does he snort prior to going on the air? It is very confusing to watch. Not real informative either, though somewhat entertaining.
No one takes anything Rick Santelli says serious. The guy has a BS degree. A frickin’ BS degree and somehow he is an authority on anything besides where his frat brothers keep the beer.
I think what most people fail to realize, is that both of these individuals are TV personalities. As such, they should not be taken seriously. Does anyone here trust either O’reilly or Olbermann for their news?
#24, Jeff,
I understand where you are coming from and you are quite correct, one should not get their “news” from editorial shows.
The difference with Cramer is that he is either pretending to be or is trying to have everyone think he is an expert. It is for this reason he is being called out. Of course, he is not the only person at CNBC that does this slight of hand and deserves to be called on.
Years ago I called Cramer on being a shill for the Fed, passing along bogus advice. He was paid by getting insider information that he could safely profit from.
He made the mistake of getting on the wrong side of his masters. No more insider information. When all hope was gone of his getting back in the underworld, he started telling the truth about what was going on. He couldn’t “predict” anything anymore, though.
He is being called out because on his network Santelli criticized Obama’s economic plans.
How CNBC can keep Cramer on the air after seeing this vid is shocking. How the SEC is not calling him is shocking.
But the SEC had time to track down Martha Stewart. The SEC is a joke.
Stop listening to clown like Cramer. Start getting professional stock advice for free, go to:
http://www.gainerstoday.com