TRADER EMPLOYED BY CNBC'S CRAMER SAYS GOLDMAN RAN IPO SCAM,

NY POST ^ | 5/13/02 | JESSICA SOMMAR and BEN SILVERMAN

[Liz]

The Post has learned.

Nicholas Maier, a former executive at loud-mouth television commentator Jim Cramer's hedge fund during the go-go late '90s, had a ringside seat to the goings-on. He told The Post he spoke for six hours with investigators from the Securities and Exchange Commission.

[Liz]

Another smoking gun but it all depends on what the meaning of "is" is. The lies of these crooks get bolder and bolder. Maier wrote the book "Trading with the Enemy" about Cramer his former employer. Maier's chapter titled "House of Cards" triggered the SEC's interest in him. When does the SEC get Cramer? Any bets?

Cramer's CNBC show is totally unwatchable. Talk about a non-personality. Cramer also co-founded TheStreet.com.

[isthisnickcool]

The pumping and dumping during that time was sickening. But the Internet tech ripoffs pales to the current federal system called "Social Security". It's the biggest con going.

[hchutch]

This could be interesting. Didn't Senator Corzine run Goldman Sachs?

[Liz]

This could be interesting. Didn't Senator Corzine run Goldman Sachs?

You mean the Senator who bought his seat with $63 million of his own money?

[rohry]

The horses have already left this barn. Wait till they start looking into COMEX and the gold and silver market manipulations. Also, anybody ever hear of the Plunge Protection Team? Does anybody think that last Wednesday's 300+ point runup was caused by legitimate market news?

These investigators and journalists need to stop looking at history and start investigating current crimes and misdemeanors...

[Liz]

The pumping and dumping during that time was sickening....

What was Prez 42 doing when this crud was happening? Oh yeah, now I remember....LOL.

[ex-Texan]

The IPO game is filled with internal brokerage practices which were designed to support IPO prices artificially .... Most IPO's went south pretty quickly. The last thing a major brokerage house wants to see happen is cause their investors to lose money right away.

Many Wall Street firms were worried about day traders selling an IPO stock within 30 days after the IPO date .... Which would encourage a free fall. So they adopted rules allocating IPO shares for brokers who encouraged their customers to hold IPO stock beyond 60 days.

Games, games and more games.

[Liz]

.....need to stop looking at history and start investigating current crimes and misdemeanors....

Need to do both. Maybe if the 90's crooks got nabbed, newer crook would have something to worry about.

[ABG(anybody but Gore)]

Ping

[Liz]

Games, games and more games.........

And only the insiders get to cash in the chips.......

[Liz]

..........ping.............

[ThreeOfSeven]

The pumping and dumping during that time was sickening. But the Internet tech ripoffs pales to the current federal system called "Social Security". It's the biggest con going.

True. But unlike most Ponzi schemes Social Security can compel the participation of employees and employers. That keeps the scam going a lot longer, but not forever.

[Lion's Cub]

In January, CSFB settled charges that the firm extorted high commissions from clients before giving them big chunks of hot IPO stocks. CSFB paid a $100 million fine to the SEC without admitting or denying guilt. But the investigation led to the dismissal of three employees and the resignation of top exec Allen Wheat.

So, the bottom line is that the SEC got a share of the action. The exec who resigned and the three employees who were dismissed don't get to make any more money on the scam but can contemplate the next one while sipping pina coladas on the beach.

Yessir, that ought to clean it up alright...

[ThreeOfSeven]

You mean the Senator who bought his seat with $63 million of his own money?

You don't suppose he had ulterior motives for getting into politics?

[rohry]

Maybe if the 90's crooks got nabbed, newer crook would have something to worry about.

Of course we should be looking at stuff that peaked two years ago (IPO pumping) and stuff that is going on now (COMEX manipulation, gold leasing and "paper silver" trading). My point is that the NASDAQ has already imploded, the current practices haven't, yet. When they do it will cause severe disruptions in the current economy...much worse than the NASDAQ crash.

[ken5050]

CSFB got a gift with the $100 million fine....

[prognostigaator]

OK bump