Filed under: Television, Bear Stearns Cos (BSC)
I’m all for beating up on Jim Cramer — it’s a pastime that I engage in myself from time to time. But right now, he’s taking a lot of heat for screaming that “The Bear Stearns Companies, Inc. (NYSE: BSC) is fine. Do not take your money out… Bear Stearns is not in trouble” as recently as March 11th.
Portolio blasted him, rating him a sell, citing his “rant last week that no one should sell Bear Stearns.” But if you watch the actual clip (See below), you’ll see that he was referring to withdrawing money from brokerage accounts held with the firm — Money held with the firm is safe. That’s all that he was saying. I can’t see anything to suggest that he was saying that investors should buy Bear Stearns stock. He was just answering a viewer’s question.
In fact, on March 6th, Cramer said on the Lightning Round that he wouldn’t get behind any banks given the current uncertainty. There’s no reason to jump on him over something that’s a non-issue.
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