Like CNN’s Anderson Cooper says — annoyingly — every night on CNN, “we’re keepin’ ’em honest.” That’s what we can do now over time, thanks to open and free access to digital content. Even if Kramer didn’t do anything wrong, we can still go back in time and see what he said, check his tone and body language, and make our own decision.
This is from the broadcast industry newsletter, Shoptalk.
…from New York and Dane Hamilton at Reuters…Jim Cramer draws fire:
Stock market commentator and CNBC television host Jim Cramer has raised eyebrows after describing illegal activities used by hedge fund managers to manipulate stock prices.
In a December video interview on TheStreet.com (TSCM.O: Quote, Profile, Research) Web site, a financial news company he co-founded, Cramer described how he could push stocks higher or lower, depending on if he was long or short, at his previous job running a hedge fund.
The interview, which has only now got widespread attention after being posted to online video site YouTube, may be studied by U.S. government and stock market regulators, hedge fund experts and legal sources said.
The interview, which can be seen at http://www.youtube.com/watch?v=708wDFX28lc, described methods including tactical buying, shorting or using options to create an impression in the market that could prompt other traders and investors to buy or sell a stock.
“A lot of times when I was short at my hedge fund … meaning I needed (a stock) down, I would create a level of activity beforehand that could drive the futures,” said Cramer. “It’s a fun game and it’s a lucrative game.” (more)