For all the good things Jim Cramer has done – with raising CNBC's ratings about the only one we can think of at the moment &nadsh; sometimes the fella is just one big case of bad news bears. Like when he admits to manipulating stock prices to make a buck. While he's being filmed. Knowingly.
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.
It's a good thing nobody is paying attention to web video these days.
Editorial Director
This is a high camp spoof and cramer and Task are having some fun! Get real folks and enjoy the show.
Cramer, Cramer, Cramer,
Frankly, the comments Jim Cramer made on the video referenced herein came as no surprise at all to this reader.
In contrast, his comments simply confirm what many associates and I have long suspected - that he's an evil scum-sucking crook; a real Wall Street Elitist want to be.
It will surprise me, however, if his comments don't, at the very least, prompt an immediate SEC investigation; particularly in light of how boldly he tore up an SEC subpoena on national television not too many months ago - you remember, the one then newly-appointed Chairman Cox swiftly backed off on enforcing!
And it will come as an even bigger surprise to me if CNBC doesn't immediate dispose of this piece of human garbage. For as confidence in the US equity markets wanes, and our market's global reputations steadily deteriorate; the last thing Wall Street needs right about now is heightened awareness about just how America's burgeoning hedge fund industry really operates ~ after all, such reality could be catastrophic!
Also leading Sparky to think it's all finally over for Cramer, at least occupationally; is the strong likelihood that he lacks the resources, the lawyers with juice, and the deep-rooted connections that Morgan Stanley's infamous John J Mack needed in order to escape his recent insider info saga, which was yet another recent reality-based example of how US hedge funds acryally function.
To conclude, as a result of his own big mouth, I personally think Jim Cramer is very likely to experience the word scapegoat firsthand ~ perhaps something he can write about while in jail.
IMHO,
Sparky
no surprise here, wall street is full of manipulation with hedge funds and private equity groups. those who don't think so are really naive. you have to be kidding if you think enron was alone or the last of the market manipulators. i've had friends working in and around wall street tell me stories and it's really appalling the things they do, sometimes so blatantly. the arrogance of these people is second to none thinking they can do and get away with anything.
the only thing surprising is that someone would come out publicly and on tape admit it. like i said the arrogance they have is unmatched. it's the dirty scummy underbelly of our markets and it's never gonna change. there's just too much money and influence bandied about for the gov't to ever take a real stance against it. you may get a big public display like an enron etc.. which might take down one of these guys but this manipulation spreads far and wide and in the end it will never change. it can be sad and depressing. the thing to do is to realize this goes on as a small retail/individual investor and try to play the game as best you can, but cause you sure as hell can't fight it.