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To: TraderAlan who wrote (9814)3/25/2002 9:57:37 AM
From: TFF  Respond to of 12617
 
Cramer Book To Be Reissued
Paul Maidment, 03.18.02, 3:00 PM ET

NEW YORK - The publisher HarperCollins is to reissue Nicholas Maier's newly published tell-all biography of TheStreet.com's founder James J. Cramer, Trading with the Enemy, following threats of a libel suit from the hedge fund manager turned journalist and broadcaster.

A three-page passage from the manuscript will be deleted in the republished edition. HarperCollins is sending booksellers and reviewers who have already received copies from the original print run an erratum notice and will pulp 4,000 of the 14,000 copies originally printed still in stock.

In a letter to Cramer's lawyer, James Fox, vice president and general counsel of HarperCollins, conceded that the book contained false assertions that Cramer traded on inside information about Western Digital (nyse: WDC - news - people), and that the U.S. Securities and Exchange Commission had investigated him over it.

HarperCollins, a unit of News Corp. (nyse: NWS - news - people), says it stands by the rest of the book, which was written by a former employee of Cramer's hedge fund firm, Cramer & Company. It contains allegations that Cramer used CNBC anchors and his own appearances on the financial news cable channel to promote stocks that his company would promptly sell, making a quick gain on the upswing. Forbes.com first reported on allegations in the book on March 1.

Cramer denies the allegations and says the book comprises pages of lies and innuendo. In a statement issued when the book was released, he described it as "revenge for my firing [Maier] in 1998 for his gross negligence in failing to carry out simple instructions."