Jon Stewart has been eviscerating CNBC, in general, and Jim Cramer, in particular. Now, Comedy Central has announced that Cramer will be appearing on The Daily Show- tomorrow. Before he does, Stewart and his staff should see this:
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Update [2009-3-11 15:28:10 by Turkana]: RichM diaried it, this morning, but it disappeared. Go rec it!
Via HuffPo, this 2006 interview reveals Cramer admitting to both market manipulation and to violating SEC rules. As HuffPo highlights:
-On manipulating the market: "A lot of times when I was short at my hedge fund, and I was positioned short, meaning I needed it down, I would create a level of activity before hand that could drive the futures,"
-On falsely creating the impression a stock is down (what he calls "fomenting"): "You can't foment. That's a violation... But you do it anyway because the SEC doesn't understand it." He adds, "When you have six days and your company may be in doubt because you are down, I think it is really important to foment."
CNBC would seem to have a little problem, here. And perhaps certain federal entities also might want to take a look. Meanwhile, let's all hope Stewart sees this.
As background, for those who haven't seen it, here is Stewart taking down CNBC. And here Stewart takes down Cramer.
Then again, CNBC and Cramer really have taken down themselves...