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."
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.”
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.
"I built a robot named roby and roby had a bug that caused some confusion over who was normal and who was not and I left home at age 12 because of that." Gary W Walters Nov 2005
johmond: So proboards wants a contribution now, how about they put back 1MM's......
Feb 24, 2021 18:00:23 GMT -4
mayz: Still here and keeping the faith.
Feb 24, 2021 18:35:01 GMT -4
Jed: Did you ALL know that Proboards was collecting and selling our personal information all these years??? Scroll to the very bottom of the donation page www.proboards.com/contribute See where it says “Do Not Sell My Personal Information"
Feb 24, 2021 20:16:41 GMT -4
narvo: Wondering if anyone here ever knew the shareholder last name Ehmann from the desert area of California? He was a good man and he liked fell off the face of the Earth. I am sensing a bad feeling. He held many shares. Thx, Narvo
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bbildman: 2 Covid Moderna vaccine shot done, nd I am still alive
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narvo: Another link with CMKX in it.QFS Schedule: According to Military Intel Contact Tier 4B should be notified to set redemption/ exchange appointments on Mon. 1 March or Tues. 2 March,though it may happen sooner.QuantumFinancialSystem anonup.com/thread
Feb 28, 2021 0:02:28 GMT -4