This bizarre interview of Jim Cramer, con man extraodinaire, is widely circulating over the net today: video
In it, he casually admits to routine market manipulation and openly suggests hedge fund managers do the same if they want to survive, even though it's illegal. We all know it goes on, but it's still sickening to watch, no matter how cynical you are.
A reminder to never believe anything you read or hear from the financial press.
Thank you Jim. I always knew you were kind of sleazy, but at least you're honest about it.
In it, he casually admits to routine market manipulation and openly suggests hedge fund managers do the same if they want to survive, even though it's illegal. We all know it goes on, but it's still sickening to watch, no matter how cynical you are.
A reminder to never believe anything you read or hear from the financial press.
Thank you Jim. I always knew you were kind of sleazy, but at least you're honest about it.
This entry was posted
on Wednesday, March 21, 2007 at 3/21/2007 12:06:00 AM.
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3/21/07 9:03 AMI read Reminiscences of a Stock Operator http://www.amazon.com/Reminiscences-Stock-Operator-Investment-Classics/dp/0471770884/ref=pd_bbs_1/002-9943748-8564816?ie=UTF8&s=books&qid=1174481911&sr=8-1 a fantastic account of a stock manipulator in the early part of the 20th century. The practice is everywhere, but the market in general is unaffected by it.
3/21/07 9:16 AM
As I said, we all know it, but coming from Cramer, the self-anointed defender of the common man, it's not pretty. And make no mistake, it affects the small trader and investor, who sometimes gets smoked out of a position and loses precious capital because he is told by everyone to use stops.
3/21/07 10:38 AM
I ofetn wonder as Im watching the tics... yesterday in BLKB for example.
And yes, Kramer is a snake oil salesman. Anyone who listens to him, well... buyer be ware
4/1/07 2:40 AM
New link for the video: http://www.youtube.com/watch?v=ZTt7IQB9rc0
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