Cramer’s TheStreet.com Sneaky?

I start by giving a hat tip to Don Harrold from DonHarrold.net for providing the in-depth research and video highlighting the Cramer BS! And that’s what it is, BullSh*t!

The second hat tip goes to Adam from Daily Options Report who uploaded the YouTube video to his site, where I first viewed it.

Watch the video and understand what TheStreet.com is doing here. I mean, all credibility goes out the door if this is true and the image is not altered.

How many other lousy, losing stock picks does TheStreet.com erase from their website without anyone noticing? Do they really go back and toss out poor stock picks without telling the public? They should lose ALL journalistic credibility and ALL equity research credibility (if they had any to begin with).

I am glad people like Don Harrold keep an eye on the big guys because so many sheep do watch these shows and trade based off of what they say.

The second beef I have is the fact that Jim Cramer claims he was talking about Bear Stearns, the bank, and not the stock (BSC). Maybe he was because he does refer to the “liquidity” based on the caller’s question but I still have reservations.

I am wondering why a stock chart was uploaded on the screen if he was talking about Bear Stearns the bank and not the stock; they post these charts on the screen with every other stock analyzed.

Why too, did Jim forget to say the words “common stock” during the initial telecast? Let me guess: because he was talking about the stock just as he has been calling it a buy since last summer (the start of the big crash). The follow-up video of Cramer stresses the words “common stock” but he forgot to iterate this during the initial telecast. He has to be clearer considering he is speaking to an audience that takes his words at face value.

Anyway, I am wondering why the mainstream media or even competitors such as the Fox Business Network (or whatever it is called – I don’t watch these channels) isn’t calling out TheStreet.com and/ or Cramer.

I try not to be a Cramer basher but he’s such an easy target when he does stuff like this and his company does something so despicable. I leave the day-to-day nit-picking and bashing for others but I have to jump in and make it clear when something is very wrong (and involves a public company). I mean, I almost worked for TheStreet.com and Jim Cramer (I made it several rounds deep in the interviewing process to become a part of their equity research team). Fortunately for me, they went with the business school lad instead of the architecture grad.

I viewed the opportunity as a door into the official Wall Street arena but looking back, it would have been tough working for a man I don’t necessarily agree with. More often than not, my research presents a scenario much different than Jim’s style. I tell it as I see it and aim to present unbiased research and don’t have the pressures of pissing off former or current buddies on Wall Street.

I agree with Adam: who is going to call these guys out if we don’t? The more bloggers do this, the less credible the corrupt mainstream media will become while possibly leveling the playing field. Listen, I don’t want to compete with these guys but I can’t stand that the general public (the sheep) actually listen to this guy and this company. I say, shame on me for even walking through the doors at 14 Wall Street and actually wanting to perform research for the show and website.

Comments

  1. I think the lesson learned is clear.

    The poor track record of Cramer has been known for some time. I feel for the suckers.

    Cheers,
    Marc

  2. This is pretty funny.

    I don’t see why it’s a big deal though. Doesn’t anyone who knows anything about investing not pay attention to this guy? He’s wrong pretty often.

  3. Not the point Eddie. The issue is revising trade calls on what’s supposed to be a reputable site not to mention a publicly traded company! How do you think shareholders feel about this. Deservedly so the stock is down 50% in 2 months. I’ve been watching Don’s videos since last year and the guy does do some great stuff and I’ve posted a few of them over at my blog. Somehow I missed this. I really think Cramer’s days are numbered .. at least in the high profile way we’ve seen at CNBC over the past year.

  4. Eddie,
    Tate is right. The Cramer part is not a big deal but TheStreet.com erasing bad calls they have made in the past is a huge deal. That is corrupt! And they are a public company.

  5. Chris,

    The video taken offline? If anybody else knows where I can watch, please do tell. Thanks, Y.

  6. No please. says:

    Cramer lies; he recommended Bear Stearns, the stock and options, as a buy on his Wall Street Confidential show earlier that day, before his Mad Money show!

  7. After Jim Cramer saw what Vince McMahon did by changing wrestling into a stage show, he decided to turn investing into stage show. Mad Money is where Wall Street meets the WWE. The best gimmick sells. He is strictly for entertainment.

  8. As someone “in the business” (analyst at a large mutual fund), the video seemed pretty clear to me. There’s no need to pull your account out of BSC if you are a client; your funds will be fine. However, I do agree that Cramer should have been clearer about this point. Some certainly could have interpreted this to mean that an investment in BSC stock was safe, which of course it wasn’t.

    The second point, whether theStreet.com changes history on their website, is a big one. I’ve been a loyal TSC reader since they were founded, and this allegation disturbs me.

    Has anyone contacted theStreet.com to get their side of the story? I’d do that before making any final judgments.

    Finally, as someone who has tremendous expertise in one particular industry, I can tell you that when Cramer talks about that industry, it’s pretty clear that he knows very little, and is often wrong. So I assume that anything he says about other industries is also probably wrong.

    In fact, as someone who used to be interviewed by the press (when I was sell-side) fairly often, I can assure you that their lack of knowledge on what they are writing is frightening.

    Anything you read in the press should be taken with a huge grain of salt.

  9. If someone is buying his picks based on Jim Cramer’s recommendation then they shouldn’t buying to begin with they should be buying ETF’s instead period.

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