To: Captain Jack who wrote (32141 ) 6/25/1999 2:30:00 AM From: Wigglesworth Read Replies (1) | Respond to of 45548
Cramer wants TRUTH SERUM after having longed COMS is like Hooker wants VACCINATION after having caught the clap! A Dose of Truth Serum By James J. Cramer 6/24/99 3:25 PM ET I am hearing that Coke (KO:NYSE) will buy Quaker Oats (OAT:NYSE) at $73 a share. I am hearing that Ashland (ASH:NYSE) will buy Nalco (NLC:NYSE) for $45 a share. I am hearing that Lucent (LU:NYSE) will buy 3Com (COMS:Nasdaq). ... OK, I see, that's how you do it. You just make stuff up. Every one of those is total poppycock. For all I know, someone simply bought calls on these stocks beforehand and then made up the stories. Some of it will be denied. Some of it will be true. Takeovers do occur. What matters is that everybody who bought the calls beforehand makes out like a bandit, and some of the people who read the rumors do quite all right, depending upon whether someone from CNBC picks up the rumor and runs with it. Everybody else, and the marketplace itself, loses. Therefore we all lose. For years, I have railed against this kind of takeover journalism as irresponsible. Guess it doesn't matter. It's the way of the future, again, and everybody is playing it. ... But I am asking you, the reader, to demand that the reporters and editors of TheStreet.com work to expose this garbage for what it is. I think TheStreet.com should go out of its way to debunk this stuff before it costs people too much money. I am asking Dave Kansas at dkansas@thestreet.com to set up a Truth Serum column, which would do its best to put these lies to rest before they lose you money. TheStreet.com should be the place we can go to find out whether any of this stuff pans out, whether it be in Business Week or in JagNotes, or, I hope, in TheStreet.com. If you agree with me, please write in and demand that we set up Truth Serum so we can help our members avoid losing money on bogus rumors that millions of dollars are about to be lost on. We need Truth Serum now to protect ourselves