Tuesday, 12/2/08, 6:16 PM
CRAMER: "DO YOU WANT THE MARKET TO BECOME A SAFE PLACE TO INVEST AGAIN? A PLACE WHERE THE PLAYING FIELD BETWEEN THE LONGS, REGULAR INVESTORS LIKE YOURSELF, AND THE SHORTS OFTEN HEDGE FUNDS, WILLING TO DESTROY GOOD COMPANIES IN ORDER TO TURN A PROFIT?
DO YOU WANT THAT? DO YOU WANT A LEVEL PLAYING FIELD? THEN I KNOW WHAT YOU WANT. I KNOW WHO YOU WANT. YOU WANT JAMES J. CRAMER TO BE YOUR NEXT SEC CHAIRMAN. [holds up sign Cramer for SEC chairman] THAT'S RIGHT. THROWING THE HAT IN THE RING. AS OF NOW, I'M FORMALLY PUTTING MYSELF FORWARD FOR THE JOB OF SEC CHAIR AND I WANT IT. AND FRANKLY, OBAMA WILL BE SMART TO GIVE IT TO ME. THIS ISN'T JUST MY USUAL MEGALOMANIA TALKING. I DON'T MEAN TO BRAG, BUT LOOK, LET'S TAKE A LOOK AT MY RESUME [shows giant prop resume]
I'M A LAWYER BY TRAINING--I SOUND LIKE AN AD RIGHT?-- A STOCK JOCK, A FORMER HEDGE FUND MANAGER, A GUY WHO KNOWS THE TRICKS AND HAS SEEN OTHERS DO THEM. ALTHOUGH TO BE VERY CLEAR, I NEVER DID ANYTHING ILLEGAL OR EVEN CLOSE TO UNETHICAL, BECAUSE IN THE END, I AM A GOODY TWO SHOES AND I ACTUALLY HAVE A NEW PAIR OF GOODY TWO SHOES.
BUT I HAVE SEEN OTHER MONEY MANAGERS DO THINGS THAT WE ONCE STOPPED AND I KNOW HOW TO DETECT THEM. WOW, HEY LISTEN, [I] WENT TO HARVARD, [I] MUST BE REALLY SMART.
AS FDR SAID WHEN HE APPOINTED JOE KENNEDY TO RUN THE SEC, IT TAKES A FOX TO GUARD THE HEN HOUSE. THE MARKET NEEDS OBAMA TO DECLARE WHO HE WANTS TO RUN FOR THE SEC.
HE HAS GOT TO PICK HIM SOON. HE BETTER START VETTING ME AND MY COMPETITION. BECAUSE WE NEED CHRIS COX OUT OF THERE ASAP! ON A RAIL! WE'VE GOT TO UNDO COX'S LEGACY QUICKLY. A LEGACY OF SUBVERTING EVERYTHING THAT WAS PUT IN PLACE TO MAKE THE MARKET SAFE FOR INDIVIDUAL INVESTORS, AND EMPOWERING -- THIS IS WHAT HE DID -- EMPOWERING SHORT SELLERS TO CREATE FEAR AND DESTRUCTION."
Posted by VOL IS KING , Dec 03, 2008 9:37AM
Didn't he already ask to be appointed secretary of the treasury? I think Obama should appoint Cuban.
Posted by cy , Dec 03, 2008 9:37AM
"THE SHORTS OFTEN HEDGE FUNDS, WILLING TO DESTROY GOOD COMPANIES IN ORDER TO TURN A PROFIT?"
Can Cramer, or anybody else, give me one example of a "good company" destroyed by short sellers? Just one instance, where after the dust settles, we look back and say, wow, this was a profitable business, but it was run out of town by short-sellers.
Posted by Lowly Assistant , Dec 03, 2008 9:39AM
"A GUY WHO KNOWS THE TRICKS AND HAS SEEN OTHERS DO THEM. ALTHOUGH TO BE VERY CLEAR, I NEVER DID ANYTHING ILLEGAL OR EVEN CLOSE TO UNETHICAL[...]"
Who says these things? Really?
Posted by guest , Dec 03, 2008 9:42AM
He would actually make a pretty good SEC Chairman. Better than he would be as a stock picker.
@2: Cuban has his own insider trading lawsuit to deal with. Great pick.
Posted by guest , Dec 03, 2008 9:42AM
Are you kidding me - HE USE TO RUN A HEDGE FUND THAT SHORTED STOCKS - and the facts seemed to point that he he traded on insider information/front-ran trades.
He is a true hypocrite and should just shut the f*** up.
Hopefully he and his stupid show will will be cancelled as part of CNBC's upcoming restructering/lay-offs.
He is a loud-mouth, hot winded db!!!!!!
Posted by guest , Dec 03, 2008 9:44AM
Cramer as SEC Chair... Dow up 270?
I'll take the short side of that trade until he makes it illegal
Posted by guest , Dec 03, 2008 9:47AM
Cramer should be brought out back and stoned to death
Posted by guest , Dec 03, 2008 9:50AM
Actually you little bald rotund loud-mouth loser - - FDR said it takes a CROOK to catch a CROOK - - and we all know what you are.....
This guy would be in jail if it were not for Spitzer
Posted by guest , Dec 03, 2008 9:51AM
@4 eat your ass
Posted by guest , Dec 03, 2008 9:53AM
he might need a new employer bc his current one is rumored to be having layoffs
still, can anyone get this guys track record and also get it with results without ipos? i would also like to see the aum(or lack thereof) during these time periods
Posted by guest , Dec 03, 2008 9:54AM
booyah
Posted by guest , Dec 03, 2008 9:54AM
This guy is such a clown. Whaever he recommends I usually do the opposite, and its seems to work out ok.
Posted by cy , Dec 03, 2008 9:57AM
I remember reading "Trading with the Enemy: Betrayal and Seduction on Jim Cramer's Wall Street" a few years ago when it came out.
According to the book, one of Cramer's main revenue sources was getting IB trading desks to tell him when their firm was going to upgrade/downgrade a stock and trading in front of the call. Or else he would load up on a stock and begin calling research analysts with his thesis on the stock until someone upgraded it, then he'd unload.
Again, these are the observations of an author who certainly has his own motivations, (and this was before Reg FD, so this wasn't explicitly illegal) but for Cramer to claim that he's on the side of the "little-guy" and that he's never done anything unethical is absolutely ridiculous.
Posted by guest , Dec 03, 2008 9:59AM
Bingo. I'd sooner have the Sham-Wow guy as SEC chair. "Follow-me, camera guy"
Posted by guest , Dec 03, 2008 10:00AM
Cramer could be "head" of the SEC: Suck Every Cock
Posted by guest , Dec 03, 2008 10:26AM
at least he'll be better than COX
Posted by guest , Dec 03, 2008 10:26AM
O shit! I woke up dead!
http://yourmortgageoryourlife.wordpress.com/2008/08/13/don%e2%80%98t-get-sucked-in-by-the-bottom-dwellers-like-jim-cramer/
Isn't this the guy who called bottom in August?
Everyone who like Cramer is worth half of what they were in July, or less...
Posted by guest , Dec 03, 2008 10:29AM
cramer is a joke. pure and simple.
Posted by SausageOfDoom , Dec 03, 2008 10:30AM
If nothing else, press conferences would be a lot more fun.
Posted by guest , Dec 03, 2008 10:30AM
tons of haters on this board..
Posted by guest , Dec 03, 2008 10:37AM
@20 eat your ass
Posted by Anal_yst , Dec 03, 2008 10:46AM
Let Cramer chair the SEC so we can finally see the cathartic epic failure that'd result
Posted by guest , Dec 03, 2008 10:47AM
His show is entertaining. That's good for something. Not all of us like reality T.V. GOOO CRAMER!
Posted by guest , Dec 03, 2008 10:48AM
Bear Stearns
BUY BUY BUY MOOOOOOOOOOOOOOOOOOOOO
fuck that guy
Posted by guest , Dec 03, 2008 10:53AM
He could sell Shamwows
Posted by guest , Dec 03, 2008 10:54AM
... FORMER HEDGE FUND MANAGER, A GUY WHO KNOWS THE TRICKS AND HAS SEEN OTHERS DO THEM. ALTHOUGH TO BE VERY CLEAR, I NEVER DID ANYTHING ILLEGAL OR EVEN CLOSE TO UNETHICAL...
Has anyone ever read "Trading with the Enemy"? - The whole book, written by one of his analysts recounts how he used those very tricks to make him money and get him out of trouble when he was wrong.
Keep your TV show Jimmy and enjoy that new house while you can still afford the payments...
Posted by guest , Dec 03, 2008 10:56AM
... FORMER HEDGE FUND MANAGER, A GUY WHO KNOWS THE TRICKS AND HAS SEEN OTHERS DO THEM. ALTHOUGH TO BE VERY CLEAR, I NEVER DID ANYTHING ILLEGAL OR EVEN CLOSE TO UNETHICAL...
Has anyone ever read "Trading with the Enemy"? - The whole book, written by one of his analysts recounts how he used those very tricks to make him money and get him out of trouble when he was wrong.
Keep your TV show Jimmy and enjoy that new house while you can still afford the payments...
Posted by guest , Dec 03, 2008 10:57AM
... FORMER HEDGE FUND MANAGER, A GUY WHO KNOWS THE TRICKS AND HAS SEEN OTHERS DO THEM. ALTHOUGH TO BE VERY CLEAR, I NEVER DID ANYTHING ILLEGAL OR EVEN CLOSE TO UNETHICAL...
Has anyone ever read "Trading with the Enemy"? - The whole book, written by one of his analysts recounts how he used those very tricks to make him money and get him out of trouble when he was wrong.
Keep your TV show Jimmy and enjoy that new house while you can still afford the payments...
Posted by guest , Dec 03, 2008 10:59AM
JC is a balding assfucked jive turkey. Only common peasants listen to his advice
Posted by guest , Dec 03, 2008 11:01AM
@4 & 20: Great comebacks, keep it up. Are you a handicap?
Bjork should just buy Iceland.
Posted by guest , Dec 03, 2008 11:04AM
@30 eat your ass
Posted by guest , Dec 03, 2008 11:11AM
Can I get some commentary on those absurd black and white "I am CNBC" commercials? I want to puke everytime I have to hear that Charlie Gasbag is a clothes horse...
Posted by guest , Dec 03, 2008 11:13AM
JC is a balding assfucked jive turkey. Only common peasants listen to his advice
Posted by StillNoCouch , Dec 03, 2008 11:18AM
And then the lamb opened the last seal ...
Posted by guest , Dec 03, 2008 11:25AM
It's such a tired joke to say "oh, whatever CNBC/Cramer/Fast Money/etc says, I just do the opposite and make money!"
Really? So they're wrong 100% of the time? Really?
Posted by guest , Dec 03, 2008 11:28AM
HEY CRAMMER
IF HEDGE FUNDS ARE SO FOND OF SHORTING, THEN WHY ARE THEY ALL LOSING $$$ THIS YEAR AND
GOING
OUT
OF
BUSINESS???
THE SHORT SALE RULES DESTROYED THE NATURAL BUYER OF THESE TOXIC ASSETS.
ITS DISGRACEFUL THAT YOU ARE WILLING TO SELL OUT YOUR OWN KIND!
Posted by guest , Dec 03, 2008 11:34AM
Oh God. Please hurry up and bring Goldschmid back so we can put an end to this.
Posted by guest , Dec 03, 2008 11:46AM
@35
They'd only have to be wrong over 50% - not 100% - of the time to make money doing the opposite of their advice.
With that said, yes, the "I do the opposite of what they say" response is quite lame.
Posted by guest , Dec 03, 2008 12:16PM
@38
I disagree, but this is splitting hairs. There's no way you're trading against 100% of what they're saying. If you are, then wrong over 50% of the time would work.
However, if you're not, you're still picking and choosing what to go against, which in that case would really just mean you disagree with them on certain things and aren't just going against them because they're stupid. But whatever. "Opposite CNBC/Cramer" is so yahoo finance.
Posted by guest , Dec 03, 2008 12:48PM
@2
bsc
Posted by HeadlessHorseman , Dec 03, 2008 1:13PM
You guys don't even exhibit a cursory familiarity with statistics...or, for that matter, math.
So who works where?
I'm betting 35 is covering MBS for S&P.
38 is on lunch break between classes at Cornell?
39 is trading on his own account and was "surfing the message boards" for a few ideas as recommended by the Invest Tools seminar he recently attended?
Get down,
HH
Posted by guest , Dec 03, 2008 1:18PM
@30 - I wanna go to Rekjavik, Bjork-land!
Posted by guest , Dec 03, 2008 1:48PM
41 trying too hard to be funny.
Posted by guest , Dec 03, 2008 2:52PM
I actually admired the guy a few months ago. Then I saw a video on YouTube where he discusses how he creates movements by calling "dopes" at UBS to release negative notes, in order to short and profit...
Posted by guest , Dec 03, 2008 2:53PM
I actually admired the guy a few months ago. Then I saw a video on YouTube where he discusses how he creates movements by calling "dopes" at UBS to release negative notes, in order to short and profit...
Posted by guest , Dec 03, 2008 3:22PM
He stole "Booyah" from Stuart Scott.
Posted by guest , Dec 03, 2008 3:23PM
I Propose a new fund; SCFX or the "Short Cramer's Stock Picks Fund", This would be a winner in all markets.
Posted by guest , Dec 03, 2008 3:23PM
He stole "Booyah" from Stuart Scott.
Posted by guest , Dec 03, 2008 3:26PM
He stole "Booyah" from Stuart Scott.
Posted by guest , Dec 03, 2008 4:31PM
@46, 48-49 Heard you the first time. Now eat your ass.
Posted by guest , Dec 03, 2008 5:31PM
@47, please refer to #35, 38, and 39
Posted by guest , Dec 03, 2008 6:45PM
WHAT DOES CRAMER THINK OF SEC A MENTAL HOSPITAL?
Posted by guest , Dec 03, 2008 6:57PM
HERE'S THE VIDEO OF CRAMER ADMITTING TO MANIPULATING THE MARKET.
http://www.mymoneyblog.com/archives/2007/03/cramer-admits-to-manipulating-markets-calls-sec-stupid.html
Posted by guest , Dec 04, 2008 11:56AM
im sure Cramer is a decent tax paying guy doing charity gigs etc....this is what makes me feel better about myself too but at least i dont have a platform to voice my opinion. Opinions are like arseholes-everyone has one. This man may have single handedly destroyed more wealth in mom and pop (the only people who pay attention to his show) accounts nationwide. BS buy calls (i know these people) LEH enough said...."this rally has legs" Sept 08......for the love of the wee man give it up.......you are a cheerleader and uninformed assclown.