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Jim Cramer, The Weasel Who Is Now An Investor Advocate

By Reggie Abaca, Published: March 21st, 2009 1:10 PM CDT

"I'm trying," he told Jon Stewart, on Comedy Central's "The Daily Show."

But he didn't say what he was really trying to do.

He didn't say that he was "trying" to distance himself from those same manipulators of markets who were once his closest friends.  He didn't say he was "trying" to pretend he did not receive a Securities and Exchange Commission subpoena in 2006 involving his effort to manipulate stocks.  He did not say he was "trying" to speak out against crimes he himself brazenly admitted to committing on an internet program, "Wall Street Confidential."

"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."  Cramer went on to talk about spreading false rumors and said that "no one else in the world would ever admit that, but I don't care."  Seconds later, he admits, "I'm not going to say that on TV," referring to his show "Mad Money" on CNBC.

That video, by the way, has always been distributed on the internet (while Jim Cramer's (TSCM) continues to try and eliminate it on YouTube) but never made it onto television until a comedian, of all people, confronted Mr. Cramer about it last week, several years after it was surfaced.

But let's get back to business.  Mr. Cramer admitted to being a manipulator himself.  Mr. Cramer was once both friend and colleague  of the hedge fund manipulators, such as convicted felon Marc Rich.  Mr. Cramer received an SEC subpoena along with some of the other alleged manipulators in 2006 (he destroyed the document on camera).

Who are these manipulators?

They are naked short sellers, corrupt financial journalists and analysts and almost all of those who go out of their way to defend the elimination of the short selling uptick rule among many other short selling regulations.

Mr. Cramer was once one of those people.  He quietly admitted to it on "Wall Street Confidential" and was working alongside the primary suspects of the crime.  Former employees of his, like Nicholas Maier who worked for Cramer until 1998 and wrote a book called, Trading with the Enemy: Seduction and Betrayal on Jim Cramer’s Wall Street (New York: HarperCollins, 2002), have even come out accusing him of being a criminal who would naked short sell stocks and ignore the uptick rule.

But now he is our advocate.  He is now the self proclaimed champion for the reinstatement of The Uptick Rule, for example.  Excuse me for being a little uncomfortable with this idea.  It sounds like a weasel is trying to cover his tracks.  In an effort to erase the past, he is now our advocate.

Mr. Cramer now screams about the do-nothing SEC.  He knows all about it because it was the same do-nothing SEC that did nothing about his crimes.  Again, excuse me for being a little bothered that the suspect criminal is now a crusader.  Worse than that, he is now claiming to be the primary crusader.  He completely separates himself and his experience as a manipulator with his new-found advocacy and even tries to take personal credit for it, as an act of further self-promotion:

"I was the only guy out here screaming that the shorts need to be reigned in and investigated."

Well, it's time people start screaming that Jim Cramer finally be reigned in and investigated.  A man who turns on his former friends in such a dramatic way would surely start naming names if he was formerly charged with crimes.  Then, maybe his advocacy would be worth something.

Related: TSCM

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