Jim Cramer admits to market manipulation

www.youtube.com...


Sort of makes you see Cramer in a different light, the exact light that CNBC probably does not want you to see.

I do not trust Cramer. He has one heck of a lot more ability to get things on CNBC now that he IS CNBC.

I have witnessed multiple occasions where following Cramer would have cost you everything. In particular his promotion of WaMu just before their demise.

This dirtbag is par for the course for stock market land, and now that Wall St. has hijacked Washington in broad daylight, we are seeing levels of market manipulation never before witnessed.

I have been making lots of money shorting financials when CNBC says not to.

The technical term for what they are talking about, this "scheme" is called a "pump and dump". Of course it is easy to spot browsing through penny stock forums, and happens all the time, and is not technically illegal, it is evil.

[edit on 12-3-2009 by downtown436]

You all really need to watch this video to get a little more realistic picture of how things work, and how you should invest, and not invest.

I actually liked Cramer up to about a year ago, when I figured out that he did not have my best interests in mind. I was under the impression that he wanted to make me a lot of money. (LOL) Now I know that he just wants to make Goldman Sachs a lot of money.

This doesn't surprise me in the least. But Cramer's arrogance is astouding. It's not illegal to lie about another company? To make up and spread rumors to hurt their stock? And we're all wondering why the economy has crashed. It's people like this turd that are behind it. And, of course, WE get to bail them out when it all falls down.

He's on Jon Stewart tonight. I hope Jon sees this and savages this ahole.

And what is funny is those on cnbc try to rubbish conspiracies all the time, lol. Even when they are part of the conspiracy to fix market levels of confidence, which it seems hardly works.

It seems all those with responsibility always # on everyone else, does it not.

reply to post by downtown436


I really can't stand Cramer and this doesn't surprise me at all. Skirting the edge of legality like this, at other people's expense, just cements my opinion of him... He says, "I'm not going to say that on TV"... Why not, Jim? Because people will see how sleazy you are?

I'm really looking forward to seeing him on Jon Stewart. I think Stewart will crush him.

And the key take-away here is how he says he does it. He puts $5M here or $15M there to manipulate the market. So the people with big money can make the market do what THEY want at the expense of the little-guy investors. So who still doesn't believe in 'The Elite'?

reply to post by jtma508


Yes, and keep in mind, I don't think Cramer was on CNBC back in 2006, so now he has an entire show, and many appearances throughout the day, giving him the ultimate market manipulation tool, and a HUGE audience.

I would be willing to bet that Cramer is involved with the CIA in one way or another.

This video is plastered all over The Daily Show's Forum... I hope it gets to Jon.

Make the popcorn.

The one or two times I've seen his show (I don't subscribe to cable news), it's always amused me.

Simply by the sheer strength of mania the man has. Does anyone who watches that show take him seriously, actually making notes and investment decisions based on what he says??

I see him more as a parody of market cheerleading; a stereotype of the frothing strung-out amped-up day-trading zealot. He's an epitome of, well, something.

I learned long ago that the market acts to minimize predictability - it feeds on intelligence, because it's speculation about perception built on top of prediction built on top of the exploitable inertia of the assumption that today will be like yesterday. The surest way to lose money is to follow broadly marketed short term advice. I'm sure Cramer knows that, too.

I am going to give a benefit of a doubt. STocks is glorified gambling. Period.

There is no sure thing about it, and the House usually wins.

So there is no way that anyone, no matter their experience, is not going to lose a hand or two.

Though I am the first to admit I know absolutely nothign about them and he might as well been speaking in Greek.

[edit on 12-3-2009 by nixie_nox]

reply to post by nixie_nox


Say what? Who exactly is 'The House'? Are you suggesting that investing is us (the independent little guy) against them (the uber-rich Cramers) and that THEY are 'The House'?

Yes, it is gambling. In the sense that investors gamble oin a comapny's ability to grow or, conversely, decline. But to suggest that it's 'OK' to lie about a company and create rumors in order to force the market in your desired direction is more akin to card marking or card counting. Vehemently 'frowned upon' by any 'House' of which I am aware.

So, according to Cramer, it would be perfectly on the up-and-up for me to say that I have a source, inside the SEC who told me that as a result of 'evidence that has come to light' regarding Jim Cramer's activities to manipulate the market, that the SEC, FCC and DOJ are planning to prosecute Cramer, CNBC and NBC for securities fraud. Then, of course, I place a significant number of put options on NBC stock.

Perfectly legal according to Cramer. And people wonder why the entire world's economy is in shambles? That mattress is sounding pretty reasonable right about now.

reply to post by jtma508


Like I said, I dunno. I am just speculating.

But did he really admit to something illegal in an interview?

Hedge Funds use a mixture of blatantly illegal tactics and blatantly unethical tactics to manipulate the markets, AND they pawn the media, AND the SEC will do nothing about it?

I am shocked and surprised!!!

If only somebody had exposed this several years ago!


[edit on 12-3-2009 by theWCH]

So why isn't he in jail, or is that only reserved for women?
second line

reply to post by nixie_nox


Because the SEC is corrupt, and is only used to enforce trading laws on those that they don't want making money. Like Cramer says they are also too stupid to see what is going on.

reply to post by nixie_nox


Only women? I don't get it. Are you suggesting that only women go to jail for securities fraud?

Cramer is manic on half the shows. half-everyshow he's manic running around "buy buy buy!! sell sell sell!!!", beat the desk with some chatchka "buy buy buy!!! sell sell sell!!!"

His advice seems a little suspect too. he's anti gold. my uncle if he had NOT listened to his financial advisers and had actually put all him money into gold that he had wanted to instead of stalks he would literally have over 6 million bucks sitting in some off shore account right now and he wouldn't be having all these financial problems.

My best friend addicted to cramer. every time I go to his house he whips out the DVR and on comes Cramer for 3 hours straight. he simply doesn't get that other people don't appreciate cramer. My buddy does everything cramer says to do, even talks himself like some sort of financial genius. "yeah I bought this stalk, cause the economy is going this way , and I know everything about investing blah blah blah." then a day later usually about twice a week he'll call me up going. :"awww man I lost another $500 bucks today!" don't get it. if it ain't working get out right. nope. he's addicted. stalk marketing is just glorified gambling. just as dangerous as any other gambling addiction too.

Cramer is an easy target, but if you've ever actually sat to watch his show, he advocates not trusting what others say, and doing your own homework. His stock picks are hardly good, but his advice on method is actually pretty solid. If you've ever read his book "Street Addict" (A personal favorite) you'll see that this is how Wall Street operates pure and simple. If you think that this is all of a sudden, that Wall Street is now some demon...well Wall Street is also an easy scapegoat, but everyone checks the Dow and S&P...and everyone loves Wall Street when it's all good. You're a hack if you think that Wall Street is going to change, or has changed since it's conception. Think of the movie "Wall Street"...or "Boiler Room."

Despite what Stewart said, finance pretty much is a game, it's a game of risks and managing that risk, it's a market...it's all speculation of wants and needs. I don't understand why people are painting Wall Street or even Jim Cramer with a broad stroke of corruption, because that's is simply not true. There are shady people on Wall Street, and in Washington, even *gasp* Main Street. That's the makings of Capitalistic society, if you don't like it, then advocate for another system, though frankly I don't think you'll find one that works in the benefit of more people.

Again, I'd like to point out how many free marketeers are on here, but they too blame Wall Street and are woe is me without taking responsibility for their own actions. It's hypocrisy on both sides. You can call me whatever you want, I'm no "Cramerite" or "Wallstreeter" I'm a Capitalist, and I'm giving it to you straight. Wall Street hasn't been fiscally responsibility am neither has main street.

[edit on 12-3-2009 by yellowcard]

Originally posted by downtown436
The technical term for what they are talking about, this "scheme" is called a "pump and dump". Of course it is easy to spot browsing through penny stock forums, and happens all the time, and is not technically illegal, it is evil.

Just to clarify the OP. True, the practice occurs often, but Pump & Dump is highly illegal, and prosecuted by the SEC on a regular basis.

What Cramer promotes in this video isn't P&D - but another illegal tactic known as Short & Distort. He further recommends manipulating the Bid/Ask through trading practices like pinning the bid.

Pump & Dump

Short & Distort

This vid was was the talk of the stock boards a few years ago - and posted on ATS by yours truly back in March 2007.

GL

Ouch! Jon Stewart turned this turd inside-out last night. I almost (stress almost) felt bad for Cramer. One can only hope the people down at the SEC are pissed enough to decide to do something about the fact that Cramer called them idiots. Now THAT would be entertaining TV.