Jim Cramer called into "Imus In the Morning" yesterday to try to pour some cold water on that fire he started when he described what some have called a "How To Guide To Market Manipulation" on a theStreet.com video. You can listen to the audio clip of the interview here. Cramer's excuse: he's given to hyperbole and didn't do a good job of explaining what he did (legal things) and didn't do (illegal things).
We're kind of bored by the whole scandal--it's pretty clear Cramer didn't really admit to doing anything illegal (or at least nothing illegal that isn't done by lots and lots of other hedge fund managers every day) and describing how various players game markets is hardly a crime against the public interest. Sure this sort of thing might hurt "investor confidence" but there's a very good reason you don't go into buisness with men whose title begins with confidence.
Also, Cramer is totally still what Bess would call "BFF" with Bob Pisani, the CNBC reporter he used as the model for the type of guy to whom hedge funds might feed manipulative stories. Bob's "one of the best," he says.
It's kind of disappointing because there's nothing we love better than a good scandal, especially one involving greed, Wall Street and guys who throw chairs against the wall. So we're onto the next scandal: the battle of the conflics of interest. Here's the line up.
Cramer & theStreet.com. Cramer founded theStreet.com, which has received a lot of attention from this scandal. Who even knew they had video before this story broke? Talk about a viral video campaign!
Cramer & NBC. The has also drawn attention away from the much more embarrassing stories swirling around about ace reporter Maria Bartiromo. Admittedly, that story had began to fade simply because of lack of oxygen (meaning, there was nothing new coming out) and our own attention deficit disorder. But when DealBreaker hasn't written the words Todd Thompson for days, you know the focus has shifted.
Cramer & NBC, II. Cramer clears his name on the Don Imus show, which is broadcast on MSNBC, a news network that is somehow or another related to CNBC. (You can tell because they both have the same last name.)
Cramer & Newscorp.Cramer brought this up himself on the Imus show. But in the interest of fairness (heh) we'll let the New York Post tell the story.
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.
"It's almost as if they're about to launch their own business channel."
Boo Hoo: Cramer [New York Post]