DEPT. OF DEAD HORSE BEATINGS: Cramer Buy Recommendation CIT Goes Bankrupt

[marmar]

from the Wall Street Cheat Sheet:


Cramer Buy Recommendation CIT Goes Bankrupt
Posted on November 01 2009.


When will the SEC start regulating game shows masquerading as investment advisory? This weekend, CIT Group (CIT) filed Chapter 11. Merely four weeks ago, Mad Money host and TheStreet.com (Nasdaq: TSCM) founder Jim Cramer said he would buy CIT (”Citi and CIT are Primed for Upside“). This type of incredibly speculative advice is as radioactive to the general investing public as a post nuclear explosion site:


http://wallstcheatsheet.com/breaking-news/cramer-buy-recommendation-cit-goes-bankrupt/?p=3228/

[Stevenmarc]

1. And this is why Cramer has to actually work for a living, instead of living off investments

[the other one]

2. Kramer is no idiot

unlike those who watch his show and take his advice.

[Ian David]

13. He now has a service where you can supposedly "match" his trades. n/t

[peekaloo]

3. #5

classic ass vs hole in the ground confusion.

[HughMoran]

4. Uranus Hertz

...as I always like to say :)

[tanyev]

5. Time for a Daily Show update!

[RaleighNCDUer]

14. My first thought, also.

You'd think he'd have learned after getting schooled by Jon Stewart last year.

[janet118]

6. Anyone who takes advice from Cramer . . .

or any other tv "stock anal-ist" . . . is beyond stupid. Why are these people given air time?

[HughBeaumont]

7. "BEAR STEARNS IS FINE!!"

AAaaaaaand - ah-FAIL! (last link in the entry)

[adamuu]

8. As you can see in the chart above, Cramer recommended to buy CIT at the exact top.

Thus, if “In Cramer You Trust” (like the CNBC commercials tell you to do), you are probably going to have lost 90+% of your investment by the open on Monday.


Game show, indeed.

[Warpy]

9. You've missed the point of listening to Cramer

He's like our last president, whatever he says is the opposite of what's true.

If he told you to buy CIT, that's when you should have looked at your portfolio and dumped it.

If you pay close attention to him and follow this simple rule, you'll come out ahead every time.

[L0oniX]

10. LOL

[Ikonoklast]

16. Someone on the web shorts Cramer, they back-tested the model

and figured you'd be in the money 2/3 of the time by being a Cramer Contrarian.

[Odin2005]

11. When Cramer says something, do the opposite.

Wasn't he caught scamming people? Hyping a stock he owned and then selling it?

[Phoebe Loosinhouse]

12. This will get him back on the Daily Show

This is right up there with his Bear Stearns debacle.

[Oilwellian]

15. I created this video shortly before the Daily Show exposed Cramer

The 2006 video of Jim Cramer explaining to a young protege how to manipulate the market via short selling was obscurely hidden on YouTube. I had been studying up on naked short selling and Jim Cramer with the intent of doing a video, and discovered this remarkable clip of him admitting to a crime, long before the Daily Show exposed him. Within a week of posting my video here and on DKos, Jon Stewart did his devastating show on Jim Cramer and the rest is history. I'd like to think I played a small roll in exposing the game Cramer and his hedge fund cronies are still playing to this day. I can't understand why the Democrats and Obama haven't put an end to this fucking scam. They have destroyed thousands of companies and ripped off countless investors, while using his show on CNBC to do it. I've written the FCC about this but of course, Cramer is still on the air scamming people. Here's the video I created:

http://www.youtube.com/user/Oilwellian#p/u/3/1qxdJ3FdRZM

[TexasObserver]

17. The only time Jim Cramer is right is when he shuts up.

[stanwyck]

18. The only person wrong more times than Cramer is

Bill Kristol.
And both have the same "winning" smile.

[JVS]

19. LOL! That guy sucks at calling them.

[Vinnie From Indy]

20. It is important to mention that there are probably real people that have been devastated by Cramer

Jim Cramer has undoubtedly ripped apart many families and destroyed many lives.

[dixiegrrrrl]

21. His show is 56% down in viewers....there is a god.

According to Denninger, Cramer has lost over half of his audience.