Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : CNBC -- critique. -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (14115)	4/28/2005 8:50:19 AM
From: Proud_Infidel	Respond to of 17683

Ultimate "Sleaze" Award By James Stack, editor InvesTech Market Analyst The post-bubble contenders for sleaze awards on Wall Street are many. The mutual fund industry itself seems qualified by allowing after-hours trading of their shares to certain lucky individuals. Richard Strong, founder of the Strong family of mutual funds, went one better (or is that worse?) by purchasing stocks for his own personal account just before adding big positions to his mutual funds. But our nomination for the ultimate "Sleaze Award" might have to go to the controversial CNBC commentator, Jim Cramer, who already has a long list of questionable antics: In 1998, he was suspended from CNBC for trashing a stock that was reportedly shorted by his $300 million hedge fund. This was resolved by creating new, stricter guidelines for CNBC's guest hosts. In 1999 he launched an IPO for TheStreet.com, from which he reaped many millions - as buyers of his $60 stock saw their investment lose over 93% from the initial offering price. The company has yet to report a quarterly profit. Then in 2002, he had the audacity to publish a book titled "YOU GOT SCREWED! Why Wall Street Tanked and How You Can Prosper". Also that year, Jim Cramer tried to block the release of a book by a former employee titled "Trading With the Enemy: Seduction and Betrayal on Jim Cramer's Wall Street". The book described Cramer as "engaged in brilliant but questionable strategies that danced on the edge of ethics and legality." From all current accounts, he is still dancing...as well as flaunting it. One of Jim Cramer's primary sources of income for the slowly failing company is his Action Alerts PLUS which provides intraday e-mails for high profit trading tactics. Here's how the service is touted on his website: As a commentator on CNBC and 'RealMoney With Jim Cramer', Cramer has certain restrictions - he is not permitted to buy or sell any security he has spoken about for at least five days following the broadcast. However, that doesn't stop him from telling you what he would do if he could and he only tells you in Action Alerts PLUS." We find this particularly nauseating. It flies in the face of SEC regulations, under which TheStreet.com is a registered investment advisor. But where are the regulators? And furthermore, where are the ethical standards of CNBC? thebullandbear.com