The Radio Equalizer: Brian Maloney

23 March 2007

Jim Cramer, Don Imus, CNBC, Talk Radio

DEFENDING CRAMER?

After Share-Rigging Admission, Imus Points To Contributions







*** Elsewhere: updates at SaveWRKO ***


If you're at all familiar with Jim Cramer's big mouth, his unprompted admission of possibly- illegal share manipulation probably seemed unsurprising.

After all, wasn't it just a matter of time before CNBC's "Mad Money" host would trip over his own lightning- fast words?

From today's New York Post:


In a Webcast clip, which was posted Dec. 22 on TheStreet.com, Cramer appears to - at least tacitly - endorse manipulative stock trading practices, including spreading rumors to "a bozo reporter" at The Wall Street Journal and CNBC reporter Bob Pisani.

In the widely watched clip, Cramer said that a hedge fund manager engaging in these dubious practices had little to fear since the "Securities and Exchange Commission doesn't get it."

Calling in to MSNBC's "Imus In The Morning" program yesterday, Cramer alternated between blaming himself for not being "more clear" and the New York Post - which first reported on the clip - for his woes.

"I learned a big lesson here: you got to be a little more clear . . . you can't be as glib, because people will interpret this as being that you're a bad guy," Cramer told Don Imus.

Cramer was directly apologetic about his video clip references to CNBC's New York Stock Exchange reporter Bob Pisani.

"He deserved better from me. He's one of the best. And you know, sometimes I screw up. I screwed up in saying that stuff about him."

But it wasn't just a mea culpa for the financial pundit, who saw a conspiracy of sorts in the fact that his clip was written about.

Cramer made sure to get in several scripted digs at The Post and its parent company, News Corporation.

"I think most of the discipline is coming from organizations that have kind of an edge against maybe CNBC, maybe of the FOX venue, the "New York Post venue," he said.



Here's the clip in question. Warning- after hearing him admit to cheating investors and tricking reporters, you may be sick to your stomach:





After this already- infamous TheStreet.com interview became a YouTube hit, the former radio talk show host swiftly embarked on a PR spin tour, with an Imus In The Morning visit topping the itinerary.

Why Imus? As was soon clear during the interview, this was no accident.

At the Corporate Crime Reporter, Don's comment about Cramer's previous contributions to his ranch didn't escape their attention:


Cramer said he didn’t anticipate any disciplinary action from his bosses at CNBC.

Most of the criticism is coming from NewsCorp’s Fox News and the New York Post, Cramer said.

NewsCorp announced last month that it will launch a television business channel to compete with CNBC.

“Most of the discipline is coming from organizations that have an edge against CNBC – maybe of that Fox venue, that New York Post venue,” Cramer said. “I know they are coming against us. I wish them luck. I like the competition. But I think there is a bit of a motivation in some of the articles from an organization that wants very much to be in the business news game.”

Imus said that Cramer had donated “hundreds of thousands of dollars” to the non-profit Imus Ranch in New Mexico.

According to the MSNBC web site, the purpose of the ranch is to “provide the experience of the great American cowboy to children suffering from cancer or serious blood disorders, and children who've lost brothers and sisters to Sudden Infant Death Syndrome (SIDS).”


And sure enough, he's been sending the I-Man money for some time, according to one of his own past press releases:


Jim Cramer Donates Trading Profits to Imus Ranch


NEW YORK--(BUSINESS WIRE)--TheStreet.com, Inc. (Nasdaq: TSCM), a leading provider of financial commentary, analysis, research, news and ratings, today announced that James J. Cramer, co-founder, director and largest shareholder of TheStreet.com, made the final distribution of his trading profits of 2006 from his charitable trust on February 9, 2007.

...

The distribution for 2006 trading profits is $93,000, with the entire sum going to the Imus Ranch, a working cattle ranch, which benefits children who suffer from cancer and serious blood disorders or who have lost a sibling to Sudden Infant Death Syndrome (SIDS).

“Helping sick children is important to me,” said Jim Cramer, last week in a letter to Action Alerts Plus subscribers. “I've been Wall Street chairman of the St. Jude's Children's Research Hospital for about a decade -- and I'm grateful to have the opportunity to give more. I'm proud of the Action Alerts PLUS service and proud of what we're able to accomplish through it.”

Mr. Cramer gave away $141,520 in trading profits in 2005 from the Action Alerts Plus service. The total was distributed to the Imus Ranch, the Intrepid Fallen Heroes Fund, which gives aid to members of the country’s armed forces, and the Boys & Girls Club of Greater Baton Rouge to help victims of Hurricane Katrina.


Is this the price of a Larry King- style puff interview on the Imus show? When under fire, it's nice to have a friend like this to turn to! What a great place to back waaaaay off of one's previous self- incrimination.

Keep in mind that this scandal has been quietly brewing in the background for some time, but came to the public's attention this week largely because of YouTube.

Even more pathetic is Cramer's attempt to inject a partisan political element into the story by blaming negative coverage on a News Corporation / Right Wing Conspiracy plot against him. Yes, while Cramer's liberal leanings are quite clear to CNBC viewers, this mess is entirely of his own making.


Worst of all, recent revelations of corporate jet travel nearly undid CNBC host Maria Bartiromo's career, even though no crimes (beyond ones of a journalistic nature) were committed. For weeks, the mainstream news media was calling for her head.

Now, with Cramer outright admitting to something far worse, where are our MSM friends? Are they really gullible enough to believe he's been done in by conservatives at the FOX News Channel and New York Post?

What will NBC and the SEC have to say about Cramer's alarming admission? We're waiting.

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Cramer image: AP

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9 Comments:

  • Really, Bostonboy, stay away from finance, because you know jack about it.

    Any high volume trader (like Cramer) jerks the market up or down to the best of their ability as SOP.

    This is nothing new. Here's an example: Your previous program directors, when you were wearing the guise of "on air" guy... you know, the guys that fired you?... were doing the exact same thing as a guy like Cramer-- viewing charts that were screaming "dump it", in relation to a stock (or radio station's) payday.

    They answer to only one question:

    "How do I make this market move up?"

    In your case, it seems that meant selling your mouth right out of the portfolio. no return on investment.

    By Blogger TC, at 23 March, 2007 15:23  

  • Jim Cramer is equal to Mark Levin, in everything.

    By Blogger Aeris Gainsborough, at 23 March, 2007 15:41  

  • TC:

    Greetings to a fellow Ramones fanatic. I highly recommend The Riverdales, The Lillingtons and The Hanson Brothers.

    As far as Mr. Cramer is concerned, I have very strong opinions on the matter but I first need to know the man's political leanings. It's my nuance prerogative- a Middle French word Mr. Baloney and his hoards of neocon fizzwizzlers would never understand. (Snort!)

    By Blogger Emerson, at 23 March, 2007 19:22  

  • okay, explain something to me
    this is as bad as that orman slut
    what would make you think
    any real financial professional
    has a vested interest
    in making YOU money

    tc is absolutely correct on one point

    i can testify to this
    i once was a (tiny) cog in this wheel

    if anything, folks should listen to their parents, not televangelists of any sort

    because many are not THINKING

    i remember when we did not have a barrel of oil to piss in

    i remember through the roof interest rates, borrowing off the street

    i remember broken promises, and having it be my own damn fault

    today's limbaugh lickers
    better get hip
    a treasury note is only
    as good as the government
    that issues it

    if you're in hock
    up to your eyeballs
    china may hold your mortgage
    you may want to tighten up
    and pay back the man
    before you find yourself
    and your lovely family
    in a church rectory somewhere

    ignore cramer
    ignore orman
    they know nothing of your life
    do your homework
    and figure your own way to the top

    By Blogger hashfanatic, at 24 March, 2007 00:15  

  • christ hash, put the damn pipe DOWN.

    By Blogger TC, at 25 March, 2007 04:52  

  • I've been a subscriber to both Real Money and Action Alerts Plus since March 2003. I've beaten the market by over 12% since then. While Cramer is a democrat, he's not a far left wing fanatical military hating kook like Hash. I've had many email conversations with him. He readily admits to voting for Reagan twice. He's just your typical democrat elitist, he thinks he knows whats best for you more than what you think is best for you. Don't put him in the same category as vicious America hater Hash.

    By Blogger Capitalist Infidel, at 26 March, 2007 19:13  

  • go back to running your dirty redneck greasy spoon in the woods, "capitalist"

    the last bit of paper you held was probably a food stamp

    By Blogger hashfanatic, at 26 March, 2007 19:23  

  • If you like Cramer or if you don't like Cramer, check out www.stockTagger.com to see his picks from Mad Money charted out over the past two years. Very interesting.

    By Blogger stockTagger, at 03 August, 2007 09:19  

  • On the original date this blog was posted, it makes sense to be frustrated about Jim Cramer following his comments in the video. However, I do think there's more to the whole story than told here. While Cramer made some questionable comments regarding the manipulation of stocks, since then his actions have shown another side to it.

    For instance, Cramer no longer works at a hedge fund and repeatedly mentions on his show Mad Money that he's making his best effort to reveal the possibly illegal actions that take place in hedge funds, helping to save the regular investors money. Cramer in fact doesn't short stocks any more, something he decided since quitting the hedge fund.

    In truth - Jim has a history of making very good calls in the stock market. Starting August 2007 to March 2009, you can read a time-line review on his performance making stock picks here: A 1-In-100 Blogger: A Tribute to Jim Cramer's Mad Money

    In my opinion, for viewers and listeners who pay attention to Jim Cramer, the educational advice he offers about the stock market are well and above the comments he made two years ago in a single video. His goal and mission is to help make others money, so it seems counter-intuitive to focus on one negative comment he made when a majority of his advice is extremely beneficial to investors.

    By Blogger A 1-In-100 Blogger, at 07 April, 2009 17:52  

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