Jim Cramer admits manipulating the stock market on video!

[jasmeel]

When he was a hedge fund manager!! He admits it's illegal but the SEC doesn't understand it. That sounds pretty ethical :sarcasm:

http://www.huffingtonpost.com/2009/03/11/jim-cramer-shorting-stock_n_173824.html

Link to video at site

"In light of the current economic crisis, and with the hullabaloo ignited recently by Jon Stewart over the accuracy of CNBC's reporting, we thought it might be useful to revisit this shocking 2006 interview Jim Cramer gave to TheStreet.com's Aaron Task.

In it, the host of Mad Money says he regularly manipulated the market when he ran his hedge fund. He calls it "a fun game, and it's a lucrative game." He suggests all hedge fund managers do the same. "No one else in the world would ever admit that, but I could care. I am not going to say it on TV," he quips in the video."snip

"-On falsely creating the impression a stock is down (what he calls "fomenting"): "You can't foment. That's a violation... But you do it anyway because the SEC doesn't understand it." He adds, "When you have six days and your company may be in doubt because you are down, I think it is really important to foment."

-On the truth: "What's important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view - it is important to create a new truth to develop a fiction," Cramer advises. "You can't take any chances."

[Ian David]

1. Jim Cramer is The Dr. Phil of business. n/t

[tridim]

2. More like Dr. Laura.

At least Dr. Phil is somewhat likable.

[Ian David]

3. Jim Cramer doesn't seem to have anything against gay companies. n/t

[Miss Authoritiva]

4. Thanks to Jon Stewart...

Thanks to Jon Stewart (and this video), I'm guessing that "Mad Money" will go the way of "Crossfire." And fine by me.

[Beavker]

5. That's great. America, this is the "Stock Market and Wall Street" you are growing to know and love.

Incredible. CNBC basically does this everyday anyway. Though everyone isn't watching it, and I think some people take it for what it is (bullshit), it's an easy way for them to manipulate the market to the best of their ability by parading up one particular type of 'host' or 'guest' that will perpetuate what Wall Street wants. Obama to fail.