Remarks From Remarksman

March 12, 2009

Jim Cramer – Liar

Filed under: Uncategorized — BrianB @ 5:51 pm
Tags: , ,

Jon Stewart on The Daily Show had an interview scheduled with CNBC’s Rick Santelli last week. Santelli cancelled, so The Daily Show spent several minutes destroying CNBC’s claimed reputation as ‘Your Source for Business News.’ The segment expertly skewers CNBC, you can watch it here. Several of the many CNBC clips showing inaccurate predictions included Jim Cramer, host of CNBC’s “Mad Money” show. Jim Cramer seems to have made the foolish decision to attack Jon Stewart in retaliation. How smart is it to attack someone who’s specialty is making fun of people?

Cramer wrote a long article at MainStreet.com to “defend himself” from numerous ‘misguided attacks.’ He also toured several shows on NBC networks to ‘clear things up.’ The Daily Show had a great response in which more of Cramer’s lies are exposed. You can watch it here.

But that’s not the worst of Cramer’s lying. The Huffington Post points out an interview of Cramer on TheStreet.com available on YouTube. In the interview, Cramer describes things he did to manipulate the market when he ran his hedge fund. Here are some quotes pulled from the interview and featured in the HuffPo article:

He calls [manipulating stock prices] “a fun game, and it’s a lucrative game.” He suggests all hedge fund managers do the same. “No one else in the world would ever admit that, but I could care. I am not going to say it on TV,” he quips in the video.

He also calls Wall Street Journal reporters “bozos” and says behaving illegally is okay because the SEC doesn’t understand it anyway.

Here are some gems:

  • 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.”

This is the culture of the “Wall Street” people and businesses we are bailing out.

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