Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Jim Cramer knows how easy CNBC is to fool. He used to play the network himself. Here are five episodes from the stock speculator’s past that could use some dusting off.
Cramer avoided any career-ending gaffes on the Daily Show last night — like say, “when a performing monkey pundit does it that means that it is not illegal!”
Strange Occurrences, and a Story about Naked Short Selling
27 January 2009
Mark Mitchell
DeepCapture, 27 January 2009
Evidence suggests that Bernard Madoff, the “prominent” Wall Street operator and former chairman of the NASDAQ stock market, had ties to the Russian Mafia, Moscow-based oligarchs, and the Genovese organized crime family.
And, as reported by Deep Capture and Reuters, Madoff did not just orchestrate a $50 billion Ponzi scheme. He was also the principal architect of SEC rules that made it easier for “naked” short sellers to manufacture phantom stock and destroy public companies – a factor in the near total collapse of the American financial system.
Gary Weiss, Psychopath & Scaramouch
Patrick Byrne
Portfolio Magazine cited by DeepCapture, 31 December 2008
For over 10 years Gary Weiss (once a reporter with BusinessWeek, and recently, a columnist with Forbes) has been posting under fake names to confuse, distort, and hijack Usenet groups, stock message boards, and Wikipedia, using social media to prevent the public from understanding criminal activity.
I now turn to Gary Weiss. Last year one of the most prominent journalists on Wall Street warned me, “I’ve known Weiss for years. Be careful. He’s a psychopath.” As you will see, he was neither joking nor exaggerating. I think, however, that Gary is better described as a “Scaramouch.”
Sad Money: The Backlash Against Jim Cramer
Brendan Collins, 24 Cctober 2008
“Mad Money” host Jim Cramer, that chrome-domed hero of trashy TV addicts and armchair-finance junkies alike, has fallen on hard times. He appeared on “The Today Show” on October 6th, imploring viewers: “Whatever money you may need for the next five years, please take it out of the stock market. Right now.” To say this statement fanned the flames of the Wall Street crisis is an understatement. A more apt analogy would be to say that Cramer dumped rocket fuel on a
Continue reading “Article: Sad Money: The Backlash Against Jim Cramer”
Jim Cramer on the Short-Selling Effect
Dealbook, 22 July 2008
James Cramer, the hedge fund manager turned “Mad Money” host, has proposed a solution to the raging controversy over short-selling. Unfortunately, it mostly involves the troubled financial sector getting its act together — and thus making itself immune to the “carpet bombs” that he says hedge funds have been raining down on vulnerable firms like Lehman Brothers.
Continue reading “Article: Jim Cramer on the Short-Selling Effect”
Naked Short Selling — Illegal but Hard to Prove
Gregg Greenberg, The Street, 16 July 2008
NEW YORK (TheStreet) — The Securities and Exchange Commission Chairman Christopher Cox on Tuesday said the regulator planned to crack down on naked short-selling of Fannie Mae (FNM) and Freddie Mac. Cox said in a testimony to the Senate Banking Committee on Tuesday that the agency will require short-sellers to borrow shares of the two government-sponsored mortgage giants and broker dealers including Lehman Brothers (LEH) , Goldman Sachs (GS) – Get Report, Merrill Lynch (MER) and Morgan Stanley (MS) – Get Report before selling them. The new restrictions are called for under a temporary emergency order that expires in 30 days.
For a refresher on why this is a big deal, here you go.
The traditional method for making money in the stock market is to “buy low and sell high.” But there is another way to profit called “shorting,” where the trick is to “sell high and buy low.” There are strict rules when it comes to shorting stocks, however. One way they are broken is via naked shorting.
Continue reading “Article: Naked Short Selling — Illegal but Hard to Prove”
Bud Burrell Comments on Amendments to Regulation SHO
SEC, 13 July 2008
“August 1973 I started on Wall Street in Block Trading for Bache. Worked in all Major firms through the years.Traveled all over the world.
From $6 Billion per day Fails to deliver is now Over $13 1/2 billion per day.
There is More Naked Short shares in the market than there is Outstanding Shares.
We have allowed our Clearing systems to be Gamed, to the point where they are able to manipulate markets.”
Wall St. Confidential: Cramer Explains Shorting
Jim Cramer, The Street, 27 April 2007
Cramer the director and co-founder of TheStreet.com talks about naked short and his recommendation on the market.
Continue reading “Video: Wall St. Confidential: Cramer Explains Shorting”
Cramer controversy: Did he manipulate market?
Daniel Pannone, The Signal, 26 March 2007
When I wrote the story about Jim Cramer two weeks ago, I had the feeling that it would not be the last time I mentioned him. However, I’m surprised how quickly Cramer provided me with controversy to criticize.
Cramer has recently gotten himself into trouble after he made comments that could be construed as a discussion of stock and market manipulation on a Wall Street Confidential video segment from thestreet.com.
Continue reading “Article: Cramer controversy: Did he manipulate market?”
Henry Blodget, Slate, 22 March 2007
Jim Cramer and I had a bit of a tiff a few weeks ago, so some readers might view this column as just another round in that fight. Others might see it as the pot calling the kettle black, orschadenfreude. Think what you will—but as the author of a column about bad investment advice, I feel compelled to comment on what just might qualify as the worst financial counsel ever offered.
Jim Cramer Admits To Stock Manipulation When At Hedge Fund
Philip David, Seeking Alpha, 21 March 2007
My thanks to Trader Mike, who wrote a nice article on a subject we had been discussing all weekend on the member site as all the market manipulation of the past two days made me forget to talk about the evidence of market manipulation we uncovered last week.
Continue reading “Article: Jim Cramer Admits To Stock Manipulation When At Hedge Fund”
Cramer bragged of manipulating stock prices
In an interview for a financial website, Jim Cramer, the extroverted host of CNBC’s “Mad Money,” boasted about manipulatin Cramer g stock prices when he was a Wall Street trader.
In a webcast on TheStreet.com that has been widely viewed on YouTube, Mr. Cramer spoke about bringing down the prices of a high-flying stock and admitted that his actions might have been illegal.
“A lot of times when I was short, I would create a level of activity beforehand that would drive the futures. . . . It’s a fun game,” he said in the interview with TheStreet.com’s executive editor Aaron Task.
Read Full Article
Pay No Attention to That Crazy Man on TV
Henry Blodget, Slate, 29 January 2007
It would be impossible to write a “Bad Advice” column about investing without discussing Jim Cramer. I have been through several stages of feelings about Cramer. My initial belief was that the former hedge-fund manager, host of CNBC’s hit show Mad Money, and author of several books about speculating was perhaps the worst thing to happen to the financial security of average Americans since the crumbling of the Social Security system. I developed this theory in the early Mad Money days, when Cramer’s stock-picking track record—if on-air shouts, blurts, and Tourette’s-style tics can ever be called a “record,” which, in a serious context, they obviously can’t—remained close enough to market averages that Cramer was not laughed out of town when he suggested with a straight face that he was giving good advice.
Continue reading “Article: Pay No Attention to That Crazy Man on TV”
The Story of Deep Capture
By Mark Mitchell, with reporting by the Deep Capture Team
The Columbia School of Journalism is our nation’s finest. They grant the Pulitzer Prize, and their journal, The Columbia Journalism Review, is the profession’s gold standard. CJR reporters are high priests of a decaying temple, tending a flame in a land going dark. In 2006 a CJR editor (a seasoned journalist formerly with Time magazine in Asia, The Wall Street Journal Europe, and The Far Eastern Economic Review) called me to discuss suspicions he was forming about the US financial media. I gave him leads but warned, “Chasing this will take you down a rabbit hole with no bottom.” For months he pursued his story against pressure and threats he once described as, “something out of a Hollywood B movie, but unlike the movies, the evil corporations fighting the journalist are not thugs burying toxic waste, they are Wall Street and the financial media itself.” His exposé reveals a circle of corruption enclosing venerable Wall Street banks, shady offshore financiers, and suspiciously compliant reporters at The Wall Street Journal, Fortune, CNBC, and The New York Times. If you ever wonder how reporters react when a journalist investigates them (answer: like white-collar crooks they dodge interviews, lie, and hide behind lawyers), or if financial corruption interests you, then this is for you. It makes Grisham read like a book of bedtime stories, and exposes a scandal that may make Enron look like an afternoon tea.
Introduction By Patrick M. Byrne, Deep Capture Reporter
PDF (69 Pages): Deep Capture Story
Are Financial Journalists Nazi’s/Socialists/Communists in Drag? Remember Dan Dorfman?
Bud Burrell
Sanity Check via Wayback, 1 March 2006
I witnessed some of the most unprofessional broadcast journalism in my life history yesterday and today, in the treatment of Dr. Patrick Byrne on Kudlow and Co, where a gang of jounalists literally shouted over his voice, and this morning on CNBC, where the same tactics were tried again, only to have Patrick hold up a sign sending every viewer to go to www.thesanitycheck.com for more information.
These tactics I witnessed were similar to those used by the left against Ann Coulter recently, and are mirrored in the conduct of the Brown Shirts supporting Hitler in Germany in the 1920’s and 1930’s, and the Communists throughout their history. The hard left has used these tactics for decades, because they didn’t and don’t have an intelligent response to or plan for the issues at hand. Ditto here.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
