And it now seems that Patrick Byrne, CEO of Overstock, is sending emails to his clients. The following is the content as posted here: Overstock CEO Calls Jim Cramer a “Criminal.”
- Dear Honored Client,
We take seriously our duty to save you money. We know the current financial crisis is of concern to many of you. If so, you may find this interesting. Otherwise, please just enjoy your shopping.
In recent weeks, “The Daily Show”’s Jon Stewart has exposed TV personality Jim Cramer as a liar (see these recent clips, 1 2 3). But I think he’s worse: I think he’s a criminal.
If that sounds hard to believe, please see this video (which Jim did not expect to reach the public) of Jim Cramer bragging about using the press to manipulate the stock market illegally. For a full analysis of the career of Jim Cramer, please read my essay: “Jim Cramer is a Complicated Man.”
Warren Buffet says that, “If you ever sit down at a poker table and in 15 minutes haven’t figured out who the pigeon is, you’re the pigeon.” Similarly, if you are getting any advice from Jim Cramer or CNBC, you are the pigeon. CNBC is a 24/7 hedge fund infomecial designed to trick you into making bad investments for the benefit of hedge funds. Again, watch the tape of Jim. Then read the critique. Then turn off CNBC.
Or else, just ignore this message and enjoy your shopping.
Most respectfully,
Patrick M. Byrne, PhD
CEO, Overstock.com
patrick@overstock.com
The critique titled Jim Cramer is a Complicated Man should be read in full. For it details in length what Cramer has done!
And here is the famous Stock Market Manipulation video again. As the person who hosted the video wrote "A candid Jim Cramer talks about the lies he uses to manipulate the market on TheStreet.com TV. "
And do read the following: Cramer vs. Stewart: Post-Fight Analysis and Stewart vs. Cramer: A One-Sided Smackdown
- Jon Stewart wasn't trying to be funny.
Jim Cramer wasn't trying to be obnoxious.
The result was riveting, if not particularly hilarious, television, with Stewart dominating all the way.
In their much-anticipated, much-ballyhooed faceoff on last night's "Daily Show," Stewart became "Crossfire Jon," the avenging media critic, demanding to know why CNBC failed so badly in warning us, the investing public, of the looming meltdown. He was mad and loaded for Bear Stearns.
"CNBC could be an incredibly powerful tool of illumination," Stewart declared, but instead was selling "snake oil." (So was he, said Jon, but he wasn't promising to make people money.)
The odd thing was that Cramer, a confident ex-trader who bows to no one in the bombast department, barely defended himself or his network. He said he'd made mistakes. He said he wished he'd done a better job. He pointed out that CNBC has some good reporters but never really made the case for how they've reported aggressively on Wall Street.
"I am trying to expose this stuff. . . . We could do better. There are shenanigans and we should call them out."
Cramer was playing rope-a-dope while Stewart swung away. Jim seemed more concerned with being liked than justifying what he does for a living.
It was a mismatch.
Stewart got him on the defensive by playing a 2006 tape in which Cramer explained how traders gamed the system and seemed to say he had used such techniques in his Wall Street days.
Cramer maintained that he himself had been the victim of deception. "I had a lot of CEOs lie to me on the show. It was very painful," he said.
"You're pretending you're a dew-eyed innocent," Stewart shot back.
Cramer said he had a Wall of Shame. He said he had called Hank Paulson a liar. He said there was a market for an entertaining business show like his.
The Mad Money man refused to get mad. Each time he tried to sound reasonable, the Comedy Central man ratcheted up his level of indignation.
"You knew what the banks were doing and were touting it for months and months," Stewart said. "It was disingenuous at best and criminal at worst."
Actually, Cramer didn't know. Neither did most financial journalists. They should have been more aggressive in challenging the highly leveraged banks, the credit default swaps, the Washington regulatory cops who slept on the beat. But they were as stunned as anyone when Bear and Lehman went under and AIG and Citi had to be rescued.
Finally, Stewart hurled a charge that I was sure would prompt a rousing defense from Cramer, who views himself as the former insider looking out for Joe Investor. Stewart suggested that CNBC was catering to its Wall Street audience. "Which side are they on?" he demanded.
Cramer remained meek. He had been "late" in blowing the whistle. He agreed to improve and they shook hands. The lecture was over.
Perhaps Cramer's goal was to avoid being further ridiculed, to escape with his dignity intact. Perhaps he thought Stewart would overreach and come off like a scold. But the bottom line was that Stewart, on his home court, was in control the whole way. Cramer never landed a punch, not even a good-natured jab.....
Do read the rest of the above article from Washington Post here
Don Harold reckons Jon Stewart was too kind.
This was the recommended video from Don on Jim Cramer.
And the following clip shows Cramer whining about Stewart and insist that Stewart is nothing but a commedian!
However, after seeing the face-off between Cramer and Steward (I'm also amazed that Cramer did the show too!) , Don posted another video-clip!
Jim Cramer is a Complicated Man.
ReplyDeleteOh yea, Boleh Land has a Marketing Man.
:P