Was that Cramer complaining there is too much democracy in this country? My dear, you of all people should be so glad for First Amendment rights after losing hapless mom and pop retail investors, whose only sin is listening to you, countless billions and billions of dollars.
One would be tempted to link up to Jimmy's famous rant against Bernanke from two years ago. Oh what the heck... here it is.
Sphere: Related Content
Sheila Bair on Cramer today. Instead of pandering her flawed policies in front of a small (if any) cable audience, with such pearls as "insured depositors have nothing to worry about", maybe Ms. Bair can finally get back to Zero Hedge in its FOIA request attempting to obtain some/any information on just what is the compensation/fee structure for FDIC's advisor, and the real man behind the curtain, Perella Weinberg. How is this private investment bank/hedge fund, whose succumbing to Ratner's bullying attempts recently was the main reason for the non-Tarp lenders to abandon their fight to block the Chrysler 363 asset sale, incentivized to advise Sheila and her henchmen when it comes to deciding which bank(s) to close. And not just that, but one would be interested in finding out just what role did Perella Weinberg play in the negotiations between Carlyle, Blackstone and Ross when they acquired BankUntied, and, more relevantly, what fee did P-W get out of that deal.
Please Ms. Bair - at least a flat out refusal to our FOIA request would be sufficient. In the meantime, if readers would like to join this effort, the FDIC's FOIA submission page is here.
Listen to the interview below and focus on the language about economists and examiners (~2 minutes into the interview): these are the people on whom the fate of the financial system lies. Sphere: Related Content
Some people really have a lot of free time on their hands. In this case Paul Bolster and Emery Trahan of Northeastern, who have done a full blown academic paper on the effectiveness of Cramer's stockpicking.
For those who would prefer not waste their time (with either Mad Money or the paper), here is the punchline: "Cramer's stockpicking was in line with the market. One could replicate Cramer's performance by constructing an index composed of 18% Russell 1000 Growth, 29% Russell 1000 Value, and 53% Russell 2000 Growth."
In other words, for all his histrionics, Cramer is about as effective as your standard, two-sided coin.
The roasting is to be expected, the seating of CNBC propaganda machine Jim Cramer next to chief of staff and apparent media liaison Rahm Emanuel (fwd to 7:02 and 10:47) not so much, although not that very surprising.
For anyone still caring to listen to Cramer's recommendations, we present the case of Foster Wheeler, which Cramer said was a "buy, buy, buy" at $80, and mentioned it about 20 times over the past year on its ceaseless way down as one of his all time top picks. Please indulge in the company's 1 year stock chart. As Cramer said early last year "many of you say 'the stock is at [$75 post split] it's over': Stay tuned - there's much more ahead"... Oh yeah, Jimbo, much more pain and destruction ahead.
Indicatively, it closed today at $12.88
We love Cramer as an entertainer: he was fabulous on that one episode of Arrested Development. However, people, please... do not trade based on his show. On his February 27th episode of Mad Money (of which we have been trying to find the clip unsuccessfully), he said he was the only person who in 2008 was warning people should run from the market... Say HHHWAT?
Anyway, we did find a clip of his sentiment on FWLT. For all who got caught in this slomotrainwreck per his advice, our condolences.
And another clip... this one of truly Chinese piracy quality.
