Faster, Vikram wants a pony!
“…the person at CNBC Dennis respects most is Jim Cramer. This may surprise you but Kneale offers an explanation: “Jim is an encyclopedia of stocks. The guy is a genius.” While Cramer may be wrong at times when his opinion really counts (Bear Stearns, anyone?), he’s also right a lot of the time and deserves more credit than he gets.” [BI]
Let it be known! Anyone daring to impugn on the integrity of Jim Cramer by, for instance, claiming he’s paid to act as a public relations specialist for Goldman Sachs (JC’s former employer) will be booted from the airwaves, and shamed by Erin Burnett. Read more »
They may have their differences on other matters, but Jim Cramer and Dubai leader Sheikh Mohammed bin Rashid al-Maktoum are of a piece on the issue of what people understand.
In a word: Nothing.
Jim Cramer’s Bear Call Was Second Worst Prediction Of The Decade, Says Fellow CNBC Colleague (UPDATED)By Bess Levin
CNBC, like any other organization, has typically followed the rule that while you might despise your colleagues, any trash talk about them being idiots or whores is done privately. United front and all that crap.* So, for instance, we’ve yet to hear anyone from the network agree with the generally accepted belief that Jim Cramer’s bold call your money was safe with Bear Stearns back in March 2008, because “Bear Stearns is fine,” was one of his greats, and by greats we mean worst calls of all time, second only to the public declaration that Lenny Dykstra is the best money manager in town. Then this morning, we got this:
And it raises a few questions, such as:
1. Does David Faber have a death wish?
2. Is this the beginning of something beautiful, wherein everyone at CNBC just starts turning on one another?
2a. And we finally find out who leaked Maria’s high school nickname to the Post?
2b. And Sue Herrera’s true thoughts on Michelle’s Caruso Cabreras?
3. Is someone going to have his tires slashed?
4. Can we get Faber to say this to JC’s face, on air?
5. WILL JIM CRAMER ADDRESS THIS AFFRONT ON TODAY’S STOP TRADING SEGMENT? And will it go something like this, but with the word “Faber” swapped for “they”?
Cramer: Bear Stearns [Newsweek]
*Any if you absolutely must leak your feelings to the media, you do so as an anonymous source.
UPDATE: Newsweek has changed the byline to Arlyn Gajilan, one of their editors. Why? Because David Faber was asked to simply write a piece on the fall of Bear Stearns. Newsweek, we’re told, then inserted the Cramer angle and used it for the list. Faber, kind of understandably, was not happy about this, and after what was probably an awkward conversation with Cramer, the byline was changed. So Newsweek is now in the business of instigating shit which is interesting.
Jim Cramer Takes Issue With Own Investing Tips Being Thrown Back At Him, Demands Apology, More Gentlemanly Conduct (On The Internet)By Bess Levin
The other day, the blogger over at Wall Street Cheat Sheet penned a column arguing that “according to transitive logic,” Jim Cramer would recommend selling your stock in The Street.com (TSCM), due to the fact that JC tells people to dump shares when executives leave companies suddenly or miss their filings. Both of these dealbreakers recently occurred at The Street, so the author argued that if one were a strict Cramer fundamentalist, there’d only be one thing left to do. He did not claim that JC had actually made this call himself, but rather used it as sort of WWJCD case study. You would think that Jimbo would a) realize this and b) be flattered that someone had not only bought his book but was following his teachings so closely and helping others to apply them in real time investing situations. But you’d think wrong! Uncle Jim fails to see the humor here and not only that but he wants the post removed, an apology, and honestly? A little class and civility up in this piece. Best line (especially picturing him writing it): “Think about how much better you are than that.”
From: James Cramer
Subject: Some decorum and some fairness
Date: Mon, October 26, 2009 5:30 am
Jim Cramer is reportedly among a group of four “leading” investors who are submitting a petition to the SEC today in support of reinstating the uptick rule. It is currently unknown whether or not the sound board or frequently airborne plastic animals made the trip with the CNBC oracle.
Oh, don’t think for a second this mean he’s finished with Nouriel Roubini, he’s just spreading the love/hate around. To recap: last month Cramer said that Roubs was “intoxicated” with his own “prescience and vision.” Roubini responded with “Cramer is a buffoon,” and the alleged court jester, who loves it when you tell him he sucks, invited Dr. Doom onto his show to say it to his face. Then, two weeks ago, Cramer suggested Roubini was in bed with the shorts. Perhaps ticked that the doctor hasn’t given him the satisfaction of a response, JC again attempted to provoke something, anything, at the very least a “go fuck yourself” today. Probably figuring that Roubini won’t take the bait but a certain wrestling-loving firecracker just might, he threw Meredith Whitney into the mix. Which, we have to say, was smart.
Oddly, the people who are saying it tend to be the same ones who declared the recession over in March. I always have to remind these people they have it quite wrong: the depression ended in March, where deflation seemed unstoppable. That was when Citigroup (C) , Bank of America(BAC) , U.S. Bancorp(USB) and Wells Fargo(WFC) had their obituaries written by the two most implacable forces at the time in the investing universe — Professor Roubini and Meredith Whitney. (Because I am a harsh critic of the scene, I now dub them “Professor and Maryanne [sic],” who would turn the millionaire and his wife into paupers.)
Just sayin’, is all.
Zoom, after the jump.
The New York Times is (appropriately) rough with Cramer today. I don’t spend a lot of time watching Cramer, so I feel sure someone will tell me why a picture of Lenin is in the background. (A hommage to Paulson, perhaps?)
…Jim Cramer, the happy warrior who cheered the Dow on his cable show surrounded by his menagerie of stuffed animals, sound effects and bobble-heads has traded the pom-poms for a votive candle, praying that the market finds a way to right itself — and maybe restore some of the luster to his chosen profession.
After years of selling the stock market as a reliable path to riches, Mr. Cramer came in for some brutal criticism recently from viewers and competitors.
Indeed. To wit: Apparently, that central authority of business journalism excellence, Fox, has been taking steely advantage of the situation. (Much as you hate them, you have to love them).
Fox Business Network, sensing an opportunity to tweak CNBC, has developed print and broadcast ads that take ripe aim at Mr. Cramer, saying, “The last thing you need is bad advice. The last thing you need is Jim Cramer.” To add insult to injury, Fox bought local time on CNBC — beating up Mr. Cramer on his own network. (Nice touch, that.)
Jim Cramer Retreats Along With The Dow [The New York Times]