Cramer's Worst Stock Pick - BSC

[wayneL]

OMG!!!!!!!!

Note the speaker mentions the elephant in the room- JP Morgan part owns the Federal reserve - BABOOM

Required viewing!! This guy is kewel!

 

[dhukka]

Re: Cramer's Worst Stock Pick-BSC

Thanks for that wayne, Cramer is an absolute muppet as he continues to demonstrate with advice like that. How he is able to stay on the air boggles the mind.

 

[theasxgorilla]

Joe, can we look at extending the amount of space that signatures are allowed to take. I suspect Wayne is going to need it that way things are shaping up

 

[wayneL]

Joe, can we look at extending the amount of space that signatures are allowed to take. I suspect Wayne is going to need it that way things are shaping up

Yer!

Can I have, like... 10,000 characters please?

 

[chops_a_must]

Best mad money EVAR! Going on right now...

Squirm squirm squirm.

 

[theasxgorilla]

I just watched that in its entirety. Never seen him before, but it was brilliant. Makes me thankful for the Internet.

Thanks for sharing Wayne.

 

[theasxgorilla]

Best mad money EVAR! Going on right now...

Got a link Chops?

 

[DB008]

1) If your watching CNBC for your stock pick's, that's not really smart, is it?

2) If you watching Cramer for your stock pick's, that's not really smart is it?

3) Does anyone know how to get that green screen saver that is in the background, seems kinda cool?

4) Throwing money at the problem isn't going to fix everything. Kind of like a small hole in a bursting dam...


Cramer defending himself;
http://www.cnbc.com/id/23678693

"People who banked with Bear Stearns – hedge funds, prime brokerage clients – haven’t suffered despite the company’s need for a Federal Reserve bailout.

So CNBC stock guru Jim Cramer was right on the money."

http://www.cnbc.com/id/18724672/site/14081545/

 

[Sean K]

Interesting spin.

 

[wayneL]

Interesting spin.

Adam Warner parses the spin: http://adamsoptions.blogspot.com/2008/03/can-you-afford-not-to-watch-jim-cramer.html

OK, let's try to timeline this Cramer thing.

March 11th, 1:19 he has this video up titled "Bear is Solvent" on theStreet.com, clearly extolling BSC the stock. I document it in this post, with quotes such as "my sources indicate the Bear is totally solvent" ....."my understanding,very firmly, is that Bear is not in trouble." ........."Bear I understand is not in trouble, i want to make that point vociferously".......... "Now Bear is one of those companies that is selling way below book. Normally when i see that in a brokerage, I want to buy ITM calls".......... "I am like everybody else, so gun shy at this point, .....that i know that i would buy a small position in Bear options. it's too low, it fell too fast"......... "Everyone has to recognize you can rumor stocks down, but it's harder to rumor them down when you're -8 on the oscilator"

March 11th, 6:30ish PM On Mad Money, he answers the email heard around the world and discounts any notion of Bear having liquidity problems. There is some dispute whether he is saying the stock is safe, or is just saying money held in accounts at Bear is safe.

March 14th 9 AM: Fed and JPM announce Bear bailout.

March 14th 12:39 PM On Street TV, he (correctly) points out that to speculate on a Bear takeover, you should play it with Bear debt. He incorrectly says that BSC stock will probably be taken out unch. and JPM stock is not a buy.

March 14th, 2:40 PM He reiterates much of the above on Stop Trading, but does note Bear's stock "could" be worthless in a deal. Keep in mind at that point, BSC was already down 50% from the open and this interpretation was getting popular. TradelikeMike had this to say over an hour earlier " I’m looking at the stock trading around $35 and I think it might be a short sale here. Even with a bailout, what’s the company worth? Almost nothing! "

March 16th 8 PM "Ex-Squeeze me"? Yes, BSC has been bought out for $2/share? That has to be a misprint. Um....no.

March 17th, 10 AM The video of Cramer's horrible BSC call from 3/11 goes viral. My first glance at the vid. is thanks to a comment here by Puck. It shows up on Drudge, meaning approximately 3 billions viewers have now seen it.

March 17th, 2:40 PM Victory is declared. Yes, CNBC has this headline on their Stop Trading recap, " Cramer Was Right About Bear Stearns". He is "cross-examined" by Erin Burnett with much the same rigor of an infomercial and it is determined (by Cramer) that last Tuesday, Cramer was refering to money held at Bear, not stock itself. So he called it to a tee in Bizarro World: Bear was taken over and money deposited there is still safe.

March 17th, 11PM Daily Show runs his call from March 11th, you know the one where the entire world outside the CNBC bubble is pretty convinced he was plugging the stock pretty hard while it was still trading $62. Another billion or so will see this clip.

A commenter here, Bryce, sums it up pretty well. "As straightforward as he customarily is on TV, if he really meant money held at BSC, in whatever capacity, he would have stressed that he meant that over common stock. He *HAS* to be clear about that distinction, since most of his audience is listening in for stock tips... the fact that he didn't draw that line suggests to me that he meant common stock to begin with."

And I would add that's even if you give Cramer benefit of the doubt on the above, in holds no water, He very clearly makes a bullish case for BSC, the stock, on the Street video at the top of the timeline.

And I would also add that if you are bit distrustful of Big Media to begin with, CNBC puts another huge brick in the wall with that "Cramer is Right" piece. The percent of people who get their information solely from TV and/or a newspaper dwindles by the second; you really can't create your own truth any more and expect to maintain any sort of credibility.

 

[BentRod]

Great Link Wayne, I'll bookmark that guy's site(Donharrold.net), I like his style.

You have to feel sorry for the average people invested in that company.

 

[wayneL]

Don Harold exposes the Cramer subterfuge subsequent to his BSC call.

Cramer's BSC call part II

 

[kransky]

I had no idea the Fed was a privately held corporation... its insane that JPM own a % of the Fed and the Fed decides to "bail out" BS with 30Bn and then let JPM buy them for a pittance.

Surely the RBA is gov't owned.

 

[Judd]

I had no idea the Fed was a privately held corporation... its insane that JPM own a % of the Fed and the Fed decides to "bail out" BS with 30Bn and then let JPM buy them for a pittance.

Surely the RBA is gov't owned.

If your interested here is the link to the Federal Reserve

http://www.federalreserve.gov/aboutthefed/default.htm

It was John Pierpont Morgan who was the catalyst for the Fed's establishment when the US Government turned to him when banks were going down the gurgler. The fed system is established by an Act of Congress. Fascinating stuff.

As for the RBA, which is a statutory authority, the link is

www.rba.gov.au

Cheers

Judd

 

[burglar]

burglar believes JFK tried to back USDollar with silver.
Conspiracy theorists would have us believe that this would have finished off the Federal Reserve, so JFK was assasinated.

Just a theory, DYOR