Posted on 03/11/2023 4:21:16 AM PST by RandFan
CNBC analyst Jim Cramer is once again being pilloried on social media after a clip resurfaced showing the “Mad Money” host recommending viewers buy shares of Silicon Valley Bank’s parent company, which owns the tech-driven commercial lender that swiftly collapsed on Friday.
“The ninth-best performer to date has been SVB Financial (the bank’s parent company). Don’t yawn,” Cramer told viewers during a Feb. 8 episode of “Mad Money.”
Cramer listed SVB Financial among his “biggest winners of 2023 … so far” alongside blue-chip stocks such as Meta, Tesla, Warner Bros. Discovery, and Norwegian Cruise Line.
“This company is a merchant bank with a deposit base that Wall Street has mistakenly been concerned by,” Cramer said in the clip.
Cramer touted the fact that the bank was “less dependent upon private equity and venture capital offerings.”
He said the stock was the “fourth-worst performer of 2022” though it was worth buying because “being a banker to these immense pools of capital has always been a very good business.”
“The stock is still cheap,” Cramer said. At the time, SVB Financial was trading at $320.40 a share.
(Excerpt) Read more at nypost.com ...
How does he still have a job?
PRINCE HARRY And his strong arming Better Up may have significant fallout from this. I suspect Harry got a piece and was counting on the IPO. Their charity may have also deposited their funds with the bank
Roku had 487 million with them
I feel sorry for those who listened to him.
In this case one wonders whether he had information from shareholders that SVB was NOT doing well, and he was helping some of his friends get out of positions by ginning up some suckers to buy their shares.
According to one article posted here yesterday, more than 90% of SVB’s reserves were in long-term bonds that were paying an average annual rate of less than 1.6%. How can a bank stay in business when their investment strategy includes this kind of idiocy?
Obviously not very long as yesterday showed!
Cramer.....the same idiot who wanted to put all of the “unvaxxed” in concentration camps.
Can’t stand this asshat.
“If the had to mark to market their long term interest securities they had no equity cushion and therefore were insolvent in face of a bank run.”
You just described every major bank—you know that, right?
LoL....hope many lefties bought and got smashed.
Wow! That’s bad. Does Cramer keep his job yet again?
Roughly 3-percent of total assets of the Bank fall into the insured business (the lesser accounts). The massive bulk will be people who exceeded the $250,000 range. For them, this might be a ‘Madoff moment’.
The BIG danger is that “Institution Investors” bought the bank’s stock for Mutual Funds and retirement funds.
Cramer doesn’t keep his job based on performance in stock recommendations; he keeps it based on advertising dollars coming in like any other media job. If he worked for an investment house it would be different.
I wonder too. The more I hear, the more it seems like this bank turned woke and encouraged libs to put all their money in it; like Cramer.
"These are not bailouts. They are a way without taxpayer money to remove the risk for those banks that invested poorly."
The more things change, the more they remain the same.
Sad!
Sad!
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