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Post by Paul Muad´Dib on Mar 20, 2007 11:32:52 GMT -4
CRAMER POTENTIALY BROKE THE LAW
CRAMER REVEALS A BIT TOO MUCH By RODDY BOYD JIM CRAMER Barking mad.March 20, 2007 -- Flamboyant Wall Street trader turned TV host Jim Cramer, not known for being the shy, retiring type, might have said too much in a video interview he did for a financial Web site.
The host of CNBC's daily program "Mad Money" had hedge fund-trading desks buzzing yesterday after he bragged about manipulating stock prices during his days as a trader.
In the video from TheStreet.com's "Wall Street Confidential" Webcast, Cramer boasts about manipulating the price of a high-flying stock down, and even acknowledges that doing so might have been illegal. The video is making the rounds on YouTube.
"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 said in the Webcast, which was moderated by TheStreet.com Executive Editor Aaron Task.
Cramer later said that "no one else in the world would ever admit that, but I don't care."
However, seconds later, he acknowledged, "I'm not going to say that on TV," referring to his show on CNBC.
A remarkably successful money manager when he ran the $450 million Cramer Berkowitz hedge fund, Cramer in the Webcast shared his "tips" on how to drive a stock price down so that a short-position - a bet that a stock price would drop - remains profitable.
He added that the strategy - while illegal - was safe enough because, "the Securities and Exchange Commission never understands this."
A call to Cramer was not returned.
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Post by crawdadds on Mar 20, 2007 12:16:19 GMT -4
Yes Cramer broke the law more than likely numerous times.
Is he turning states evidence to cover his ass? i am sure he will that little snake.
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Post by claymof on Mar 20, 2007 12:18:19 GMT -4
you can remove "potentially" from the title of this thread...
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Post by slamdunkwealth on Mar 20, 2007 12:28:47 GMT -4
Cramer in the oven! Cramer in the oven! Jump back outta the way!
I'll have my Cramer medium well please!
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Post by goodolboy on Mar 20, 2007 13:12:12 GMT -4
Cramer in the oven! Cramer in the oven! Jump back outta the way! I'll have my Cramer medium well please! I would suggest leaving him in there until he is ready for the urn!
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Post by freddocazzo on Mar 20, 2007 14:10:49 GMT -4
Cramer in the oven! Cramer in the oven! Jump back outta the way! I'll have my Cramer medium well please! I would suggest leaving him in there until he is ready for the urn! Well goodoleboy, in that case, please, please, please can I embalm him for a formal viewing first? Claymof, I totally agree. I wonder if he will eat that subpoena that he wiped his derrier with? Can we feed it to him? FC,CF
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Post by jannikki on Mar 20, 2007 19:32:53 GMT -4
I hope they put him in a cell with Bubba.
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Post by kranker on Mar 20, 2007 21:22:11 GMT -4
Cramer bragged of manipulating stock prices By Riva Froymovich March 20, 2007 In an interview for a financial website, Jim Cramer, the extroverted host of CNBC’s “Mad Money,” boasted about manipulating stock prices when he was a Wall Street trader. In a webcast on TheStreet.com that has been widely viewed on YouTube, Mr. Cramer spoke about bringing down the prices of a high-flying stock and admitted that his actions might have been illegal. "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," he said in the interview with TheStreet.com’s executive editor Aaron Task. In the segment, Mr. Cramer gave advice on how to keep a profit on a short-position by driving a stock price down. Although that is illegal, he said it was passable because, "the Securities and Exchange Commission never understands this." He also commented: “What's important when you are in that hedge fund mode is to not do anything remotely truthful because the truth is so against your view, that it’s important to create a new truth, to develop a fiction.” www.investmentnews.com/apps/pbcs.dll/article?AID=/20070320/REG/70320014
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Post by smegadild on Mar 20, 2007 22:24:55 GMT -4
What he revealed is the Culture on Wall Street and what we are battling... Corruption.
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Post by phxgold on Mar 20, 2007 23:21:32 GMT -4
What we have here is someone who is smarter than his buddies. Cramer has always been in front when it came to acting on things. he uses the info he gets Faster than his counterparts thats why he is who he is (Besides and obnoxious jerkoff) There is a storm brewing. Everyone is talking about it. everyone is waiting for it. but noone knows for sure when it will hit but when it does it will be fast and furious.
Cramer just made himself the safest person in the storm. He is the first to talk about it openly. He will be the first called in to talk more about it. And guess what hes a tv host he has millions of viewers/listeners. Face it as a witnerss he makes the whole thing sexy for the masses star embroiled in the whole evil trist money drama all of it.
Cramer is in the process of making himself the antihero in a New York Times Best Seller.
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