Post by jannikki on Mar 22, 2007 18:19:08 GMT -4
Cramer Chronicles Manipulation and Boyd Reports it
Location: Blogs Dave Patch's Blog
Posted by: dpatch 3/20/2007 7:28 AM
Cramer Admits to Stock Manipulation
What’s all the hoopla, we all knew it existed. Everybody knew that despite the Financial Economists hired by the SEC to review short selling practices (including the ever conflicted Owen Lamont) bear raids and short side stock manipulation exists.
In today’s NY Post Roddy Boyd (yes Roddy Boyd) covered the story of Jim Cramer’s YouTube interview that is shocking the hedge fund industry.
In the article Body reveals that Cramer admitted to manipulating stock prices; "A lot of times when I was short, I would create a level of activity beforehand that would drive the futures. . . . It's a fun game,"
Cramer, who is most likely beyond the statue of limitations, concluded his interview by taking a partying shot at the inept Securities and exchange Commission; He added that the strategy - while illegal - was safe enough because, "the Securities and Exchange Commission never understands this."
Since the article has come out there are many that are questioning why Cramer has suddenly make such bold comments about his future occupation (Hedge Fund Manager) and the peers he left behind who continue to participate in these “games”.
Let me take a stab at my thoughts.
Cramer is under contract with CNBC that he will no longer short stocks. His lawyer informed me of this clause during our battles of December/January 2006. So without the capacity to short stocks Cramer must trade these markets like the majority of investors – Long Only. Cramer appears to be having difficulty making the profits this way and thus has chosen to spill the beans on the fraud – waiting of course until the statue of limitations had expired.
A few of the infamous Cramer cues can be found at:
Mad Money Admissions
putstuff.putfile.com/57278/3419853
YouTube Admissions
www.stockwire.com/content/view/238/87/
TheStreet.com Admissions
www.thestreet.com/_tscnav/video/cramermarketupdates/10318181.html
And just because I like to, I contacted the SEC for comment on the Boyd article. None would be provided as they are still trying to understand exactly what Cramer is saying. Cramer did identify that these are not the brightest bulbs in the room.
www.tradersmagazine.com/magazine2.cfm?id=1&aid=2736&year=2007
Location: Blogs Dave Patch's Blog
Posted by: dpatch 3/20/2007 7:28 AM
Cramer Admits to Stock Manipulation
What’s all the hoopla, we all knew it existed. Everybody knew that despite the Financial Economists hired by the SEC to review short selling practices (including the ever conflicted Owen Lamont) bear raids and short side stock manipulation exists.
In today’s NY Post Roddy Boyd (yes Roddy Boyd) covered the story of Jim Cramer’s YouTube interview that is shocking the hedge fund industry.
In the article Body reveals that Cramer admitted to manipulating stock prices; "A lot of times when I was short, I would create a level of activity beforehand that would drive the futures. . . . It's a fun game,"
Cramer, who is most likely beyond the statue of limitations, concluded his interview by taking a partying shot at the inept Securities and exchange Commission; He added that the strategy - while illegal - was safe enough because, "the Securities and Exchange Commission never understands this."
Since the article has come out there are many that are questioning why Cramer has suddenly make such bold comments about his future occupation (Hedge Fund Manager) and the peers he left behind who continue to participate in these “games”.
Let me take a stab at my thoughts.
Cramer is under contract with CNBC that he will no longer short stocks. His lawyer informed me of this clause during our battles of December/January 2006. So without the capacity to short stocks Cramer must trade these markets like the majority of investors – Long Only. Cramer appears to be having difficulty making the profits this way and thus has chosen to spill the beans on the fraud – waiting of course until the statue of limitations had expired.
A few of the infamous Cramer cues can be found at:
Mad Money Admissions
putstuff.putfile.com/57278/3419853
YouTube Admissions
www.stockwire.com/content/view/238/87/
TheStreet.com Admissions
www.thestreet.com/_tscnav/video/cramermarketupdates/10318181.html
And just because I like to, I contacted the SEC for comment on the Boyd article. None would be provided as they are still trying to understand exactly what Cramer is saying. Cramer did identify that these are not the brightest bulbs in the room.
www.tradersmagazine.com/magazine2.cfm?id=1&aid=2736&year=2007