Bwa-ha-ha Jim Cramer's TheStreet.com is being investigated by the Securities and Exchange Commission

[mod mom]

SEC probes TheStreet.com's finances
By KAJA WHITEHOUSE
Last Updated: 1:36 AM, March 18, 2010

TheStreet.com, the financial Web site founded by loudmouth stock picker and TV personality Jim Cramer, is being investigated by the Securities and Exchange Commission.
The publicly traded company attracted the attention of regulators because of accounting woes at a former subsidiary called Promotions.com, TheStreet.com said yesterday.
TheStreet.com revealed the news in an SEC filing explaining why it will be late reporting its annual financial results.

Last summer, TheStreet.com announced there were "issues" related to how it had been recording revenue at Promotions.com, the marketing company it acquired in 2007. An internal probe ensued and resulted in several quarters of delayed earnings results for the parent company, frustrating investors.

In recent months, TheStreet.com seemed to be coming into the clear. In December, it announced that it had sold its "membership interest" in Promotions.com for $3.1 million in cash and notes. And in January, it filed its long-awaited second- and third-quarter results for 2009 after announcing it had finally concluded its review, which went back to 2008 earnings.
But just as things appeared to be getting back to normal, earlier this month the SEC asked to have a second look at the findings of TheStreet.com's internal probe, said a person close to the company.
TheStreet.com "is cooperating fully with the investigation," CEO Daryl Otte told The Post.


Read more: http://www.nypost.com/p/news/business/sec_probes_thestreet_com_finances_UsDqDukpBGlDwiEAZElYiJ#ixzz0iXcakqRy

[ShortnFiery]

1. Too Cool!

Couldn't happen to a NICER GUY? :party: :woohoo: :party:

[JNelson6563]

2. Meant to rec, hit unrec instead!

I hope many DUers will rec this.

[tsuki]

3. K'd for you. Or did I R. Think I R'd. My advice, don't get old.

[SidDithers]

6. Another rec to help counter the error...

:hi:

Sid

[Oceansaway]

4. K&R...n/t

[Romulox]

5. Time to bail out Jim Cramer? "Sanctity of Contract" and all... nt

[dkf]

7. I'm beginning to wonder about the entire practice of accounting.

What is the purpose when it is now used to manipulate perceptions instead of enable understanding of a situation?

[Tansy_Gold]

8. Couldn't happen to a nicer piece of shit. n/t

[rocktivity]

9. Cue the Vonage theme!

And take a trip down memory lane to when he got smacked down on the Daily Show!

:woohoo:
rocktivity

[lonestarnot]

10. Teehee.

[Botany]

11. Booyah!

[Blue Owl]

12. Will they investigate both sets of Cramer's books?

n/t

[mod mom]

13. posted in wrong place, sorry