Jim Cramer Uses CNBC to Manipulate Stocks

[Subdivisions]

http://www.dailykos.com/storyonly/2009/3/5/16720/74815/703/705113

-snip-

Cramer, who is a sociopath, owns TheStreet.com with Marty Peretz, who is an aristocrat. Peretz is also the former editor of the New Republic magazine. He dabbles in high finance and Harvard professing, which has resulted in his entrusting a large portion of his family fortune to a close-knit group of hedge fund managers, several of whom were his students. For example, Cramer was his student. Then Cramer was destitute. He lived in a car with a loaded gun hidden under the seat. Eventually, though, Peretz gave Cramer some money to start a hedge fund, which Cramer managed with celebrated ruthlessness until he resolved to seek spiritual enlightenment as a TV news host.

Cramer had originally planned to run his hedge fund out of the offices of Ivan Boesky. Shortly before he was to move in, however, the feds busted Boesky for insider trading, making him one of the most famous criminals of the 1980s. (This is not necessarily to suggest that Boesky is the "Sith Lord" mentioned in Patrick’s "Miscreants Ball" presentation. Some people have wagered that Patrick was referring to Michael Milken, a business colleague of Boesky known as the "junk bond king," who also went to prison in the 1980s. Patrick has since modified the analogy, saying that the crime has multiple masterminds - "like Al Qaeda").

When Boesky went to prison, Cramer worked instead with hedge fund manager Michael Steinhardt. The media portrays Steinhardt as a financial wizard, a deep thinker and an all-around swell guy. The truth is, he’s a thug who perfected the concept of trading on privileged information, and pounded it into the heads of his employees. "What’s your edge!?" he’d shout, pacing his trading room floor. "What’s your fucking edge!?" After one of Steinhardt’s tirades, a top employee (and the godfather to Steinhardt’s children) had a heart attack. It is said that Steinhardt showed no remorse.

Indeed, Steinhardt has one of the most fearsome reputations on Wall Street. Which is perhaps unsurprising given that Steinhardt’s father, Sol "Red" Steinhardt, was a mobster once described by a Manhattan district attorney as the biggest Mafia fence in America. Steinhardt Sr. worked for the Genovese organized crime family, with goons like Meyer Lansky and Vinnie "Blue Eyes" Alo, before he was sentenced to a number of years in Sing-Sing prison.

-snip-

This is a long read but you simply have to read it. Cramer and his cohorts need to investigated and jailed if this stuff is found to be true.

[Nevilledog]

1. K & R

Why anyone would ever, EVER, take the advice of Cramer astonishes me. The guy's a whackbasket. I really enjoyed the clips Jon Stewart showed of Cramer's "great" advice a couple nights ago.

[Subdivisions]

2. That was one of the best pieces of (TV) journalism I've seen in a decade. Loved it! n/t

[progressoid]

7. Sadly a few days ago, someone said to me,

"I think we aught to listen to that Jim Cramer guy" :eyes:

I pointed out the study that most of his advice was wrong in the past 8 years and following his sage recommendations would have yielded a 90% loss of investment.

[Subdivisions]

9. Do you have a link to that? I'd love to see it. n/t

[progressoid]

36. Oh crap

I thought I saved it but apparently not. I read it somewhere here on DU or maybe Huffington or Kos or :shrug:

Maybe it will come to me after I've has a little sleep - twas a long night last night.

[Roland99]

57. Read through this >>>>>>>>>> (Cramer's advice would result in 90% loss)

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5092269

[VeraAgnes]

12. He is a Democrat.

Go to Newsmeat.....................full list of his democratic donations. Just saying...

[Nevilledog]

13. Doesn't make him any less of an idiot.

I don't think I've really seen a discussion about his political leanings. The fact that he might be a Democrat and donates to the cause does nothing to persuade me that the guy can do anything but talk out his ass.

[truebrit71]

15. Amen to that...being a Dem doesn't prevent you from being a grade-A moron or tool...

...which, coincidentally, accurately describes Cramer...

[Andy823]

18. I agree.

I am sure there are many democrats who are crooks also, and who don't care about anything but making more money for themselves. A crook is a crook no matter what party they are in, heck just look at congress!

[burythehatchet]

26. I thnk Charlie Manson might have been a registered Democrat. Maybe he's not so bad.

[Carni]

21. He's still a crook IMO if that article is true NT

[GliderGuider]

23. Of course he is. He layed down with dogs, and got fleas.

He is a criminal. No doubt about it.

[iamthebandfanman]

48. and that changes what?

greed and lust for power and money arent limited to members of one party.

besides, im sure he thinks completely with his wallet, not his political ideology...

or else he wouldnt be on TV proclaming socialism when it comes to obama.

[UpInArms]

56. so is Al From

:shrug:

[originalpckelly]

62. If he was a hedge fund manager, he was never a real Democrat.

[The Gunslinger]

63. Maybe in name

But I remember he was in a talk show with Ed Schultz taking the rightist stand with everything Bush was doing concerning the occupation of Iraq.

[Still Sensible]

3. He's been doing it for years

in cahoots with some unscrupulous hedge fund managers (I know that's redundant) to pump and dump and short sell stocks. He's about the slimiest of the slime.

[Subdivisions]

5. And in the article, Maria Bartiromo is implicated as one of the cohorts.

"One of Steinhardt’s people is Jim Cramer. Another is Cramer’s wife, who was known as the "Trading Goddess" when she worked as Steinhardt’s head trader. Maria Bartiromo, a CNBC anchor known as the "Money Honey," is married to the top partner in Steinhardt’s newest hedge fund. (A former employee of Cramer’s hedge fund has written that Cramer often fed tips to the Money Honey, trading ahead of her stories, and it is rumored that she recruited him to CNBC.)"

Isn't that nice?

[global1]

6. Then What About CNBC & The Company That Owns CNBC......

they're the ones that hired Cramer and Bartiromo and put them on the air. They are part and parcel of this whole mess. They contributed to this meltdown.

[Subdivisions]

8. Makes you wonder, don't it? nt/

[SoCalDem]

17. It's all just a gambling club, and they're using OUR money to play with

The savvy ones pulled their own holdings out, after the bear Stearns meltdown, because they knew what was coming..and are just biding their time, pretending to commiserate...their money is probably sitting this whole mess out.,,in the Caymans..:(

[malletgirl02]

41. You are right

It's legitimized gambling.

[Bill219]

4. Thanks for posting this

It is an excellent article

[Kahuna]

10. Always has. That became obvious to me years ago. nt

[City Lights]

11. Oh what a tangled web we weave...

Informative read...thanks for posting.

Recommended.

[GliderGuider]

14. While you're at it, read the stuff on the Deep Capture site

http://www.deepcapture.com

Cramer features quite prominently there as well, but as a tool of some very dark actors.

It looks as though the global economy is being deliberately taken down (in part by naked short selling) by a fairly small group of nasties with deep connections to international organized crime. To coin an unpleasant metaphor, they are eating our young and we don't even realize why the babies are disappearing.

This is much bigger than a single president or country.

[Subdivisions]

16. Hey Glider! Good to see you! I'm headed to your link now. =) n/t

[burythehatchet]

19. This an economic 9/11, in so many ways.

[GliderGuider]

20. That analogy is frighteningly precise

Both events involved synchronized, multi-outcome attacks on the global financial system, with severe social and political fallout. The main difference is that this one is going to kill a lot more people. 9/11 was a schoolyard prank compared to this. This one looks like the real deal.

[burythehatchet]

27. Take it a step further - LIHOP - key payers in government stood down n/t

[GliderGuider]

32. I can't take all the way to where I want to on this board.

My conclusion begins with an "M", not an "L".

[burythehatchet]

33. Oh I came to the conclusion that the difference between M and L are really just

a technicality. Hang on, we might be going to the dungeonnnnnnnn...

[Subdivisions]

35. Perfect way to kill a legitimate discussion on that issue. n/t

[Gabi Hayes]

44. been pretty obvious for awhile. they've gotten everything for which they've hoped, yes?

and more, probably....

another link from deep capture:

http://www.deepcapture.com/so-you-say-you-want-a-revolution/

''The list of villains implicated by Deep Capture’s analysis is seemingly endless, but the list of institutions which have failed our nation is not. They can be spoken to. They can be made aware of how you have lost confidence in them. They can be told how much they suck.

That list of institutions begins with the broker-dealers who enable hedge fund crookery in return for profitable prime brokerage business. Then comes the Self-Regulatory Organizations (”SRO’s”) who have direct responsibility for preventing crimes such as this from happening. Then comes the regulators (SEC) charged with supervising the SRO’s. Next comes Congress, which has failed ito provide the SEC proper political oversight. Last, but most importantly, comes the Free Press, our public realm’s ultimate watchdog, which has been licking its crotch instead of doing its job.

If you accept the analysis of DeepCapture, then you should let these groups know what you think of their work. Please be courteous and polite: I have been abrasive enough for all of us. You need only tell them that you are concerned about naked short selling and think they should be doing something about it. You might even abbreviate it by simply sending them emails that say, “DeepCapture.com”. They’ll know what you mean.''

...........

the list:


The Broker/Dealers

Self-Regulatory Orgs>>>e.g. FINRA (combination of NASDAQ/NYSE 'overseeing' the current, ongoing travesty)

The Regulators

Congress

Media in General, US Business/NY Financial media in particular

WHERE did all that money GO, anyway? same place it went in 1929/30, causing the Great Depression, in the face of the expanding economy/society known as the Roaring 20s?

this obviously criminal enterprise needs to be stopped, prosecuted, and punished, before it's too late.....course, it probably already is

[inna]

22. wow, that deserves its own thread! thanks for this. nt

[anigbrowl]

53. It's an interesting story...but...and it's a big but...

Patrick Byrne, CEO of Overstock, is also a bit of a right wing nutjob. For example:
http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-newsArticle&ID=835348&highlight=
http://www.heartland.org/publications/school%20reform/article/24063/Q_and_A_Overstockcom_Founder_Patrick_Byrne.html

Dig a bit. There are interesting aspects to the deep Capture story, but I can't take it at face value - Byrne is some sort of obsessive paranoid, locked in an ongoing feud with a bunch of other paranoids. The many interesting and factual elements in the story don't necessarily add to justify his conclusion, and there's a LOT of character assassination in there. It's a compelling conspiracy theory, but I'm very, very wary of giving it too much credibility.

[daggahead]

24. Didn't Cramer get busted in the 90s for pimping stocks his firm wanted to move? n/t

[daggahead]

25. Didn't Cramer get busted in the 90s for pimping stocks his firm wanted to move?

I don't understand how he was able to continue his CNBC charade.

[LeftHander]

28. One company name.....

Bear Stearn

That jackass was pumping Bear Stearn with a buy days before they collapsed.

[thewiseguy]

29. I was told of this 5 years ago

[specimenfred1984]

30. K&R, the perfect Wall St "investor" is a sociopath

No conscience, no morals, just greed and no respect for anyone, any law, any country. It's the American brand of disaster capitalism that's been brainwashed into most people via corporate propaganda over the last 100 years.

[AngryOldDem]

31. I honestly don't know why CNBC keeps him around. n.t

[BlueIdaho]

34. All of these money media outlets

are nothing more than shills for rigged investment schemes. If these folks really knew anything the market wouldn't be ready to hit 6,000.

Cramer is king of the hacks.

[Oilwellian]

37. You can see him admit it in this video I did a few days ago

http://www.youtube.com/watch?v=1qxdJ3FdRZM

The full 2006 interview he did can be seen here:
http://www.youtube.com/watch?v=vfWSRuNm6do

[Subdivisions]

38. He flat-out admits it alright. n/t

[Subdivisions]

40. He says:

"The market's about short-sellers wrecking capital..."

Oh yeah, Cramer?

[Gabi Hayes]

45. he's one of the MONSTERS to which the most egregious sanctions of the PATRIOT Act

should be applied



waterboarding is too good for them

GITMO too luxurious....they're terrorist of the WORST sort; they've DESTROYED our society. Bush etal were not incompetents: they've succeeded beyond their wildest dreams

start taking off body parts until they give the MONEY back

where'd it all go?

huh?

who has it?

Great vid, btw, especially for the dimwits that generally scope out youtube....I liked the shortsell explanation

[Oilwellian]

47. Thanks

Explaining shortselling was the biggest challenge. It took two days to get it right. In the second video link, Cramer goes into greater detail about how he would foment a lie to manipulate a stock down, using journalists and CNBC to help push the lie. He openly admits fomenting is illegal and then proceeds to say he did it anyway because the SEC didn't understand it. His blatant criminality is stunning.

I was so happy to see Stewart blast him out of the water. :D

[Gabi Hayes]

50. my pleasure. Cramer REALLY needs to be put in prison. compare

what he's done to, oh, say, Martha Stewart

how many poor shlubs have lost gajillions based on his cooked 'analyses,' with the accent on the first two syllables.....

my brother, usually a very savvy business type used to rag on me to watch his show

I'm sending him your clip and the Stewart one...can't wait for his reaction

[Politicalboi]

49. Oh hell let's just

Quarter them. LOL

[Gabi Hayes]

51. quartering, perhaps?

water torture (drip drip) is amazingly effective, btw

[Subdivisions]

39. Cramer on CNBC just now. Calling DOW bottom at 5320. n/t

[Stephanie]

42. I want to know if they all bought stock in Twitter.

I swear to God they won't shut up about it, the entire commentariat.

[Subdivisions]

43. Did you know that the CEO of Twitter has been invited to the White House

to offer his ideas on how to get us out of the current financial crisis? This is per MSNBC today.

Here's a link: http://www.marketingshift.com/2009/3/obama-asks-twitter-ceo-evan.cfm

[Carni]

59. I wondered the same thing!

Granted -- sucker that I am I joined (yeah yeah I have no will power) but good God every media person is yakking about twitter ESP on MSNBC so I also wondered if freaking GE bought out Twitter lol

[Subdivisions]

46. Kicking for the Friday night crowd. n/t

[tkmorris]

52. K&R

If for no other reason than for that http://www.deepcapture.com/ link alone. Seriously. Go. Read.

[readmoreoften]

54. Yes, and it's really obvious if you even track him for a few weeks.

Whatever he says to buy, tanks and he makes a mint short-selling--probably naked shorting.

[mahina]

55. This just in!

[Union Yes]

58. The wealthy use the stock market to manipulate the working man.

One of the most powerful tools in the upward redistribution of wealth is the stock market.

It's also a powerful unionbusting tool and a very opressive force vs all workers and the poor.

Some of us like to refer to the stock market as 'Murikas greatest ponzi scheme.

[ikri]

60. There's more than just 1 guy

The details that Patrick Byrne turned up whilst investigating stuff like this is frankly astounding.

There's a ton of information about it all on deepcapture.com (being updated at the moment). When that site is back up it is well, well worth spending a few hours digesting the details.

Fraud just doesn't cover what these guys have allegedly done, they've destroyed entire companies & wiped out jobs and with them people's lives.

[bobburgster]

61. Wow, Opened My Eyes

I appreciate you taking the time to share the article. To say the least, it was an eye opener for me.