"The former chief risk officer at investment bank Bear Stearns, which nearly collapsed in March, is now a senior official of the Federal Reserve division that supervises U.S. banks."
-NYT

Oh Jim Cramer, so angry at hedge funders for playing the market stupidly and picking bad stocks and giving wrong advice:

Jim Cramer, host of CNBC’s ‘Mad Money’, told viewers yesterday that many hedge fund strategies have been dead wrong, such as the betting on a Chinese recovery after the Olympics, TheStreet.com, which Cramer co-founded, reports…

The result of hedge funds gone bad is forced selling, he said, and at around 2:45 p.m. each day, hedge funds begin preparing for the next day’s round of redemptions by liquidating their ill-conceived positions.

‘These funds are getting killed,’ he claimed.

The vociferous Cramer also blamed fund-to-fund managers for pressuring their underlying funds for immediate redemptions, forcing managers to think only for the short term.

Um, except hasn't Jim Cramer been so incredibly wrong about the banks and everything these past couple months that the only thing still keeping him on CNBC is his good ratings? Even Fox Business knows what a joke Cramer has become, and bought out time on CNBC to run anti-Cramer commercials.

Next time you want to pass the blame buck, Mr. Mad Money, it would behoove you to go back and watch your March tapes on Bear Stearns, where you announce the company was "not in trouble" literally days before this whole economy meltdown got a kick-start from the Big Bear.

Jim Cramer is to Wall Street what Gallagher was to watermelons. The CNBC Mad Money stock-picker with a penchant for prop comedy has found himself in a loyalty-slump recently, after making bad calls on his show for investing in Bear Stearns and Wachovia, as well as advising viewers to take all the money they need for five years out of the market…a few days before the dow soared up 900+ points.

Fox Business News hasn't ignored this development of their major competitor, and in an effort to draw attention to the Achilles' heel of their opponent's hero, the Roger Ailes' owned station bought time on CNBC's own channel to play Cramer-dissing ads.

Funny thing though: Jim Cramer and CNBC are still kicking Fox's ass:

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Being an economist is sort of like being a weatherman: No matter how good you are at your job, in the end it's mostly a game of change + some educated guessing. But CNBC, the creme de la creme of business news, managed to completely miss the economic crisis that was about to befall the American people. And by the time they did happen to warn everyone about Bear Sterns, they were seen as complicit in the collapse of the investment giant. So much so that Vanity Fair fingered CNBC as being "trigger-happy" "players" in the lender's fall from grace.

Still, CNBC is not happy about missing their chance to raise the alarm, and network correspondent Charlie Gasparino wants to confess all his sins before he is read his rights:

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Just in case you thought the economy problem was no big whoops (those girls on The Hills don't seem that affected) here's a little reality booster shot for you: Washington Mutual fell into disrepair yesterday, making it the single "largest bank failure in American history."

JP Morgan Chase bought up WaMu for a song ($1.9 billion for all the trouble), and now Chase owns both WaMu and the discredited Bear Stearns. FDIC is still promising your money if you have less than $100k in your account, so let the great ATM withdrawal begin.

Jim Cramer's faulty Bear Stearns advice earned him comparisons to Neville Chamberlain, courtesy of FBN. But was his misstep a one-time affair, or does CNBC's Mad Money host have a record of doling out bad recommendations?

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Jim Cramer might have given questionable financial advice to his Mad Money viewers when it came to their investments in Bear Stearns. Some might say his suggestion – to keep your cash money in the bank, which went from $60 per share to $2 in a week – was not a smart move.