Posted on 03/17/2008 10:45:32 AM PDT by milwguy
After it was announced March 16 that J.P. Morgan Chase & Co. (NYSE:JPM) was purchasing Bear Stearns Cos. (NYSE:BSC) for $2 a share, the stock plummeted over 80 percent at the open of trading on March 17.
But, on March 11, Cramer told an e-mailer not to sell the beleaguered investment bank’s stock on his show’s Web site:
“Dear Jim: Should I be worried about Bear Stearns in terms of liquidity and get my money out of there? --Peter
Cramer says: “No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear.” On Jan. 17, 2007, Bear was trading at its high of $171.51 a share. Since then, it has been racked by the mortgage turmoil. On March 11, when Cramer posted the e-mail and his response, the stock closed at $62.97. As of 10:00 a.m. on March 17, the stock was trading at $3.72 a share
(Excerpt) Read more at businessandmedia.org ...
Feel sorry for all who lost because they listened to Cramer and believed he cared about anything but ratings and his Wall St buddies.
Fortunately for CNBC, they make sure to post a disclaimer before every one of Cramer’s apoplectic fits that his recommendations are solely his own and not CNBC’s.
He was exposed as a pump and dumper a long time ago....I cant believe anyone still watches that ass clown.
Are there any other stocks he says investors shouldn’t get away from?
I refuse to take financial advice from anybody whose net worth is less than $500M.............
Enron and WorldCom still look good. Hold!
Would love to see GE (parent of CNBC) get sued. Their MSNBC Global Warming Alarmist Channel is a disgrace. GE is pumping the GLobal warming Fear because they stand to make BILLIONS from it. They don’t care if it is real or not, they just want to first in line to collect from the ‘green techologies’ they are devloping. Just like the ADM ethanol whores who convince the political elite to foist crappy gas which has used our food supply.
Jim’s going to a strong ACQUIRE on both.
So is The National Geographic Channel.......
http://gristmill.grist.org/story/2006/2/2/52324/18981
I’m still waiting to see what golden parachutes the Bear execs get for ruining the company.
Cramer is a stock prostitute!
Cramer is going to have to do his atonement show extra early this year!
Cramer’s best buddy and co-conspirator Idiot Spitzer was to great a distraction.
He better stay out of dark alleys. No one should listen to his crap advice! He’s just plain awful!
“I’m still waiting to see what golden parachutes the Bear execs get for ruining the company.”
How dare you? Those execs earned their golden parachute! They worked hard, figured out who to buddy up to, and who to screw and got to the top. Whatever they get they deserve! It’s probably a union that did this to them. /< heavy sarcasm>
Cramer also boo-hooed the demise of Eliot Spitzer.
Real pro-business guy.
You would be surprised at what his networth is. His wife was the brains behind the operation of his hedgefund and they made a killing and got out before the dot com crash.
That action alerts portfolio where he donates profits to charity is a joke. Its a just a tiny bit of their sugar money. Its run to keep the SEC off his back, while the real trading goes on behind the scenes.
Anyone notice Cramer refuses to talk about options or shorting stock on his show?
CNBC = .08 percent of the viewing audience.
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