Democracy Soup

Making sense out of the world of politics

CNBC’s Jim Cramer represents corruption at the heart of Wall Street meltdown

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Originally published on BuzzFlash.com on Wed, 03/11/2009 – 1:47pm

When Jon Stewart went after CNBC following Rick Santelli’s rant, multiple members of the on-air staff took some hard hits. Stewart even wondered whether he would rather see the CNBC interviewer go to jail over Sir Allen Stanford.

Jim Cramer, perhaps the best-known personality on the business channel, came across relatively well in Stewart’s initial attack. But Cramer made the attack on CNBC about Cramer.

This might end up being a rather huge mistake on Cramer’s part. The Internet journalism community is helping Stewart’s fight, and uncovered this 2006 video of Cramer (above) admitting several things that don’t seem, well, ethical. And you have Cramer saying to the interviewer that he wouldn’t say this on TV. But we can see the video of Cramer admitting to certain business practices that sound, well, bad.

The Huffington Post ran with this story this morning. And Cramer’s scheduled interview with Jon Stewart on Thursday could get much more interesting if Stewart brings up this newest video. If Cramer knows one thing, and Santelli can back this up, he won’t cancel on Jon Stewart.

Cramer admits on the video that he regularly manipulated the market when he ran his hedge fund, and suggested all hedge fund managers do the same. He notes that while fomenting, or falsely creating the impression a stock is down, is a violation, Cramer says, “…But you do it anyway because the SEC doesn’t understand it.”

People are angry at Wall Street, and they’ve been carrying this anger around for at least 6 months. Until Santelli stuck his head out, there wasn’t a personification for the lack of coverage from the business media. Cramer is now that persona, the epicenter of people’s frustration with their lost money.

And we’ve been on the forefront of that criticism, of wondering where the business media was during the biggest crisis since TV was invented.

The irony is that if there was anyone at Comedy Central who was making fun of Cramer, it wasn’t Stewart, but Stephen Colbert. Cramer and his buttons are mocked in an ongoing series “Bears and Balls,” where Colbert does the mocking and Cramer is the target. But Cramer has been on the “Colbert Report” a few times, including one recent episode where Colbert brought out the button for Cramer to press.

During the Today show interview this week, Cramer mocked the idea that a comedian was attacking him. Well, Stewart is landing the punches, but the analogy is closer to wrestling than boxing. This video may be the first in a series of tag-team challengers. And they hit a hell of a lot harder than a comedian.

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Written by democracysoup

March 11, 2009 at 1:47 pm

Posted in Uncategorized

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