Wednesday :: Mar 11, 2009

Jon Stewart Should See This


by Turkana

We've all seen the video Jon Stewart taking down the odious CNBC:

We've all seen the video of Stewart specifically taking down the odious Jim Cramer:

Comedy Central has now announced that Cramer will be appearing on The Daily Show, tomorrow. Before he does, Stewart and his staff should see this:

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.

Turkana :: 12:02 PM :: Comments (13) :: Spotlight :: Digg It!