Cramer is PROUD of his stock manipulation. That video is astonishing.
This same Jim Cramer rallied Bear Stearns on television, told folks to hold onto that stock and it tanked to 2 bucks a share. He also was the one with his shock and awe on those now "worthless" internet stocks, telling folks to hold onto to the stock that is now toilet paper. Just amazing that this joke is still running around here, giving financial advice.
This from Huffington Post.
Here are some gems:
-On manipulating the market: "A lot of times when I was short at my hedge fund, and I was positioned short, meaning I needed it down, I would create a level of activity before hand that could drive the futures,"
-On falsely creating the impression a stock is down (what he calls "fomenting"): "You can't foment. That's a violation... But you do it anyway because the SEC doesn't understand it." He adds, "When you have six days and your company may be in doubt because you are down, I think it is really important to foment."
-On the truth: "What's important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view - it is important to create a new truth to develop a fiction," Cramer advises. "You can't take any chances."
Since he is in a pissing contest with Jon Stewart and dragged the morning joke, Joe Scarborough in this, he needs to sit down and shut up, but more importantly he is totally discredited. Who is listening to this guy? I sure wouldn't if I lost my money listening to him about holding onto Bear Stearns stock.
And of course, Cramer on video blabbing away, all the above:
The Jon Stewart-Jim Cramer fight