Whats next? Ask Jeeves, ask Cramer?
TheStreet.com Supports Proposed SEC Disclosure Rule for TV Analysts;Announces New Role for Markets Commentator Jim Cramer
NEW YORK, Dec. 8 /PRNewswire/ -- TheStreet.com (Nasdaq: TSCM), a leading Web-based provider of timely financial news and commentary, today said it strongly supports the Securities and Exchange Commission's (SEC) proposed rules to require television analysts and money managers to disclose possible conflicts of interest when recommending stocks on the air.
"Jim Cramer, our co-founder and chief markets commentator, has always held himself to a higher standard and disclosed his positions -- as has every other commentator writing for TheStreet.com," said Thomas J. Clarke, CEO of TheStreet.com. "We're delighted the SEC is moving to the Cramer Standard because we believe it is part of the full disclosure that market players should make in fairness to investors."
Clarke said that TheStreet.com has led the financial publishing industry in full-disclosure and will continue to do so, whatever the SEC decides in its pending rules. The SEC's consideration of tighter disclosure rules for TV analysts and money managers was first reported on Thursday by Bloomberg News.
Separately, Clarke announced that Cramer will take on a non-operational role at TheStreet.com. Beginning next month -- when he retires from Cramer Berkowitz, the hedge fund firm that he co-founded 14 years ago -- Cramer's title will be "Markets Commentator and Advisor to the CEO." Cramer will continue to write for both TheStreet.com and RealMoney.com and will be available to appear much more often on radio and television financial news programs.
"Jim now will have the time to write and comment on the markets in a broad range of media including television, radio, conferences, online and elsewhere," Clarke said. "We look forward to his greater participation and we consider it ironic that now that the SEC is considering a Cramer Standard, it will no longer apply to Jim as a professional trader."
For the first time since founding the company, Cramer will have an office at TheStreet.com. And he will be available to Clarke for a wide range of insights into market trends and activities.
"We agree with Jim that now that he has more time to observe and think about the markets, his commentary will be even more compelling to our readers," Clarke said.
About TheStreet.com Inc.
TheStreet.com, Inc. (Nasdaq: TSCM) is a leading provider of timely financial news and commentary -- through its network of free and subscription-based web sites, and through such brand extensions as conferences, books, wireless, and broadband. TheStreet.com Network includes TheStreet.com, a free site for individual investors of all experience levels, and three subscription-based satellite sites: RealMoney.com for active investors; ipoPros.com for IPO investors; and TheStreetPros.com for investment professionals. TheStreet.com brand is built on its best-in-class editorial team of experienced financial journalists based in New York City and San Francisco.
SOURCE TheStreet.com
CO: TheStreet.com; Securities and Exchange Commission
ST: New York
IN: FIN MLM
SU: PER LAW
12/08/2000 13:40 EST prnewswire.com |
