Filed under: Television, Scandals
After I defended Jim Cramer’s seemingly bullish comments on Bear Stearns (NYSE: BSC) — and received some hate-mail for it — I’m now feeling obligated to go back to slamming Mr. Cramer.
Back in July, Cramer said in an interview for TheStreet.com (see YouTube video below) that “if every loan that was subprime in 2006 blew up, we would still not notice it … It has no relevance whatsoever … it’s been divided and split among so many different entities that no one guy is actually being hurt other than the dumb guy who ran Bear Stearns.”
Well James Cayne got hurt — and so did every other shareholder in the company. Cramer also said, in a stunning display of condescension that financial journalists are trying to “look like they in the room with the big boys. It’s a fascination with trying to prove that you know as much as the hedge funds.”
It looks like the omniscient hedge fund masters of the universe got it wrong — and journalists like Herb Greenberg got it right.
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