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CNBC Guest Tells Truth, Calls Cramer Shallow, Is Yanked Off Air

Tyler Durden's picture





 

Any time Erin Burnett tells a guest "You will not be back, you have to be more polite than that" you know the "guest" is telling the truth, the one commodity rarely if ever discussed on General Electric's circus station. Enter (or rather, exit) R&R Consulting's Sylvain Raynes, a structured finance expert, who at 3:10 into the clip takes on what he calls the "public relations officers" for Goldman, and asks "is it all right if I am a little critical?" Apparently the answer is no. First, Sylvain completely destroys Cramer's false "breaking news" about Goldman being long Abacus, using the same logic we discussed earlier: "It's quite possible that Goldman had an equity position, they probably wrote it off on the closing date. So they stood to lose a few million and make a few hundred million... Goldman was clearly in the know, they knew what they were doing. In fact, if they are defending themselves against a fraud charge they will have to make a case that they didn't know. I think too highly of Goldman Sachs to think that they didn't know what they were doing... These deals were made to be shorted." And the kicker "We don't have time to go into details, I want to remain shallow in deference to Mr. Cramer." At which point all hell breaks loose and the Goldman alumni just blow their collective lids. Best CNBC comedy since the Pisani-Liesman/Jeff Macke chronicles.

 


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Fri, 04/16/2010 - 15:57 | Link to Comment nope-1004
nope-1004's picture

HA!  What a laugh.  Thought maybe Pisani or Liesman might chime in and argue the gender of the head of the IMF.

 

Way to go "leader in business news" channel.

Fri, 04/16/2010 - 17:45 | Link to Comment WaterWings
WaterWings's picture

Calm, collected, erudite SMACKDOWN.

Bitches!!!

Fri, 04/16/2010 - 19:11 | Link to Comment Strider52
Strider52's picture

Cramer vs. Creamer.

  I feel sorry for Cramer. He already has "Mad" in his TV show's name. He's an older, bald guy trying to make a living, but he pretty much plays a clown with all those bells and whistles and "Booyah's". And he got creamed a while back by one of those "Daily" shows, making fun of how often he's wrong.

  It's too easy to make fun of Cramer.

Sat, 04/17/2010 - 01:14 | Link to Comment Pamela Anderson
Pamela Anderson's picture

Erin Burnett... this is precisely why I don't like you. You are stupid enough to defend the undefendable, just because as you pointed out a couple of months ago in an interview "Money is what makes the world go around..." You are just the pretentious daughter of a wannabe farmer, whom played a sport that only rich and spoiled girls played.

Keep defending Cramer...keep licking Mr. Trump's balls... and keep pretending that you do a great contribution to our society by doing your "job" at CNBC. I salute you Erin Burnett:

http://mafiaman.glogster.com/mooning/

 

 

Sat, 04/17/2010 - 13:10 | Link to Comment Dirtt
Dirtt's picture

Boooyah!

Fri, 04/16/2010 - 15:58 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

Cramer, I know you are reading this so i have a message for you;

Fuck you motherfucker, when your ass lands in jail i hope Bubba takes a grand tour trough your body cavities, spelunking style.

Fucker.

Fri, 04/16/2010 - 16:01 | Link to Comment Howard_Beale
Howard_Beale's picture

Well put CB. LMAO.

Fri, 04/16/2010 - 16:19 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

NBC, or whomever owns that two bit piece of shit CNBC [Pump&Dump TV] should fire ALL the people who regularly appear on the screen, if not for the sake of credibility, than as a prevention to be named as one of the defendants in a class action law suit that will surely follow if the investigation into GS gets the ball rolling. I would not be surprised if some mid-cap hedge funds and pension funds decide to take all the people responsible in front of a judge in both civil and criminal charges. I say fuck em, fuck em all. Let them lose everything they "earned" while working in favor of a banking cartel. Money honeys can sell poontang for a living and the guys can fuck each other and earn commissions on "volume".

Fri, 04/16/2010 - 16:43 | Link to Comment john_connor
john_connor's picture

+10

Sat, 04/17/2010 - 01:44 | Link to Comment Rick64
Rick64's picture

CB

I feel like you write, but your version is much funnier.

Fri, 04/16/2010 - 16:23 | Link to Comment BlackBeard
BlackBeard's picture

Just one small suggestion.  Instead of "spelunking" style, how about NY subway style?

Fri, 04/16/2010 - 16:27 | Link to Comment rebeltraders
rebeltraders's picture

CNBC is just disgusting. Want to tell the truth? Then CNBC does not want you.

Fri, 04/16/2010 - 18:39 | Link to Comment Hephasteus
Hephasteus's picture

The first casualty of war is the truth. We've been in economic war since the first civilization began.

Fri, 04/16/2010 - 18:25 | Link to Comment FEDbuster
FEDbuster's picture

Maybe Cramer and "Fabulous Fab" can bunk in a triple with the biggest, baddest Bubba they can find?  I would pay to make sure Bubba had a steady supply of Viagra worked into his diet.

Fri, 04/16/2010 - 22:49 | Link to Comment Cookie
Cookie's picture

I pray for this outcome daily!!

Sat, 04/17/2010 - 01:24 | Link to Comment Rick64
Rick64's picture

LOL

Fri, 04/16/2010 - 15:59 | Link to Comment Howard_Beale
Howard_Beale's picture

Watched it live--couldn't believe how Cramer was brought in with his "sources" and the market ramped. It was like being Gasparinoed during Bear and Lehman. Phucknut Cramer made a real fool of himself. Erin Burnett, the other Goldman alum, just lost what little credibility she had (and that wasn't much).

Fri, 04/16/2010 - 16:23 | Link to Comment TraderMark
TraderMark's picture

Don't forget pre Bear we were Gasparino'd almost every 3rd day (after 3:45 PM of course) on Ambak or MBIA rescues

 

They recycyled that story at least 5-6 times and pumped the market 1-2%+ almost every time!

Fri, 04/16/2010 - 16:02 | Link to Comment TwoJacks
TwoJacks's picture

how does anyone still watch that channel, even to record nonsense like this?  wow

Fri, 04/16/2010 - 16:43 | Link to Comment Let them all fail
Let them all fail's picture

Not sure, I actually go out of my way never to watch anything on this channel...The reporters (if we want to call them that) on CNBC are embarrassingly laughable, aren't they aware of this?  I don't know how I could live with myself if I was them, they must have to take some damn hot showers with lots of soap at the end of the day to scrub away the filth they spew all day.

Fri, 04/16/2010 - 18:16 | Link to Comment sgt_doom
sgt_doom's picture

You make an excellent point, TwoJacks.

I mean, this is the same Daffy the Duck clown (Jimmy Cramer) who proclaimed awhile back that "..the subprime meltdown is nothing to be worried about...." --- and several days later starts bawling on TV begging for a government bailout of Wall Street.

Even when it comes to mewling and begging, Cramer a complete wuss.....

Sat, 04/17/2010 - 00:15 | Link to Comment dabug
dabug's picture

Actually I thought that was brilliant entertainment, was thinking I may have to start watching regularly, still grinning :-)

Sat, 04/17/2010 - 11:23 | Link to Comment fsudirectory
fsudirectory's picture

Don't give them the ratings, just wait for clips to show up on here, you know, until CNBC files copyright claim against the youtube video.

Fri, 04/16/2010 - 16:13 | Link to Comment ZeroPower
ZeroPower's picture

Faber asks "why did you need to create a synthetic market for mortgages" (CDO market) when an exisiting $12T one already exists.

To him i reply, what do you think structured finance is? And you do realize a CDS is nothing more than a synthentic position in a co's bond matched with a UST of the same maturity? So why create these CDSs?

Finance just gets more exotic by the day. Dont ask 'why did we get here?' but ask 'whats next?'.

Fri, 04/16/2010 - 16:15 | Link to Comment Howard_Beale
Howard_Beale's picture

Faber is one of the last real reporters on CNBS. He actually knows a thing or two. Now let's get ready to see what Ratigan does for Joe Q Public. This could be fun.

2 minutes later: Ratigan having a field day with this!

Fri, 04/16/2010 - 18:25 | Link to Comment velobabe
velobabe's picture

dylan had one today.

except he never really let nomi speak much.

she was quite gracious about it, i thought.

thought the CT AG was sincere. should i?

 

             some of you guyz have twisty visuals in your brain, just saying.

Sat, 04/17/2010 - 11:32 | Link to Comment fsudirectory
fsudirectory's picture

Since when does Ratigan ever let someone talk?

 

You should be well aware of that prior to appearing on his show, that he will take the first 3 words out of your mouth and run with it.

However, he usually puts on a good show now that he has left the Wall ST Fluffer station

Fri, 04/16/2010 - 16:20 | Link to Comment Citizen of an I...
Citizen of an IKEA World's picture

Faber sounds like a complete idiot . . . like some Friday fill-in drafted from the remote production crew of Top Chef Masters trying to bullshit his way through 90 seconds of screentime.

Fri, 04/16/2010 - 16:13 | Link to Comment ZeroPower
ZeroPower's picture

(double post :x)

Fri, 04/16/2010 - 16:12 | Link to Comment TraderMark
TraderMark's picture

Today was like the best day ever in markets. Goldman kicked in nuts and Cramer undressed.

If only the other 364 days could be so blessed :)

Fri, 04/16/2010 - 16:33 | Link to Comment Tart
Tart's picture

+10

Fri, 04/16/2010 - 19:43 | Link to Comment -1Delta
-1Delta's picture

+10,000

Sat, 04/17/2010 - 10:05 | Link to Comment Missing_Link
Missing_Link's picture

+  ...   oh, Jeez, I can't count that high.

Sat, 04/17/2010 - 10:44 | Link to Comment FEDbuster
FEDbuster's picture

Thanks for the good laugh.  That was a good one! 

I am still waiting for the Don Harrold commentary on the Cramer smackdown on Youtube. Don has been bitch slapping Jimmy for a couple of years.

Sat, 04/17/2010 - 12:06 | Link to Comment Mark McGoldrick
Mark McGoldrick's picture

Don Harrold is an obsessive compulsive idiot, who appeals to an audience with the same intelligence level as Cramer's audience. Sorry to be so blunt, but that guy is a creepy stalker who has been riding Cramer's coattails to the point of psychotic obsession.

I'm not defending Cramer.  I think Cramer has, over the years, caused far more harm than good.  But Don Harold?  Give me a break.  The ZH audience is not the Don Harrold audience.    

Sat, 04/17/2010 - 17:06 | Link to Comment FEDbuster
FEDbuster's picture

No one says you have to be a fan on Don Harrold.  I am just looking forward to his reaction to the CNBS segment. 

The only Youtube commentator I really enjoyed and miss is Kevin Rowland aka "walstreetpro2".   Here's one for all those who sent in a check on Thursday:

http://www.youtube.com/watch?v=UE3f2GNlVm8

Fri, 04/16/2010 - 16:15 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

The hang dog "serious" face on Cramer when he "broke" the news that his "sources" had told him GS had a position in the fund, so they couldn't possibly have done anything wrong and making the law suit moot, was priceless. Even Erin was a bit surprised Cramer would be so publicly certain about the vampire squid's innocence.

Well, if Cramer says GS is innocent and did nothing wrong, that's good enough for me. In fact, I'm getting out my very best linen stationary and gold fountain pen tonight and I'll write Blankfein a personal apology for ever doubting him. 

Fri, 04/16/2010 - 17:56 | Link to Comment Gold...Bitches
Gold...Bitches's picture

Actually, what made me laugh was Cramer going "Take it back, take back what you said".  What a fucking joke.  Are you five years old Cramer?  Jesus.

Fri, 04/16/2010 - 18:12 | Link to Comment Forbes
Forbes's picture

>Are you five years old Cramer?

Yes.

Fri, 04/16/2010 - 18:47 | Link to Comment Mark McGoldrick
Mark McGoldrick's picture

I agree.  Cramer's breaking news before this particular segment seemed so....contrived.  And it was also apparent that Cramer seemed particularly unnerved by these fraud allegations.  He acted less like a reporter, and more like someone trying to frantically manage some damage control. 

I know this sounds cryptic, but it was one of those moments when someone's face and tone say more than their words.

In reality, all he did was "report" some sort of half-truth that added up to nothing.  

And it was immediately obvious that the breaking news wasn't news, but rather a lame attempt to scare the shorts and reverse the selloff.

 

 

 

Fri, 04/16/2010 - 16:13 | Link to Comment Confused
Confused's picture

Wow. He just got the old vaudville hook huh? haha. Good for him.

Fri, 04/16/2010 - 16:13 | Link to Comment Mont Bleu
Mont Bleu's picture

Of course he's part of the Baruch MFE team: these guys know their stuff

Fri, 04/16/2010 - 16:14 | Link to Comment conspiracies ar...
conspiracies are nothing of the sort's picture

GS is taking one for the team. It is civil. They shorted everything and were buying massive amounts of vol yesterday. God knows how much APR they bot for free and for the kicker they had gold and silver obliterated for the good ole USA!

 

Remind me again why Gold and Silver get crushed on days like this. Flight to bull shit?

Fri, 04/16/2010 - 16:32 | Link to Comment Entremanure
Entremanure's picture

Most likely Paulson & Co dumping gold from their gold hedge fund to raise liquidity for their exit to a non-extradition country.

Fri, 04/16/2010 - 16:17 | Link to Comment Mitchman
Mitchman's picture

This is pitiful watching.  Faber is all but absolving GS and is taking a "Nothing to see here folks.  Just move along." attitude.  Cramer is being unusually stupid.  And the one guy who is actually saying something cogent is the guy who gets thrown off the show!  Then people can't understand why networks like Fox lead all news ratings categories. 

Fri, 04/16/2010 - 17:14 | Link to Comment Carl Spackler
Carl Spackler's picture

I am waiting for Cramer to, "my trust fund is long GS."

THAT is why he is acting so foolishly today.

Sat, 04/17/2010 - 14:04 | Link to Comment Hephasteus
Hephasteus's picture

He'd never say that. He'd say my "CHARITABLE trust". Because it's ok to manipulate and steal if it's for CHARITY. Though for some reason it's not working. Maybe because they only get 2 percent of the proceeds.

Fri, 04/16/2010 - 16:18 | Link to Comment kilroy
kilroy's picture

I miss Jeff Macke.

Fri, 04/16/2010 - 16:23 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

+ "fucking used car salesmen"

Fri, 04/16/2010 - 17:16 | Link to Comment Captain Obviousness
Captain Obviousness's picture

Head over to Minyanville where you can read Macke's Goldman apologist article.

Sat, 04/17/2010 - 10:16 | Link to Comment Missing_Link
Missing_Link's picture

Minyanville?  You mean that "investor" website with the retarded cartoon animals?

Fri, 04/16/2010 - 16:18 | Link to Comment lsbumblebee
lsbumblebee's picture

Yep. There it is. I looked it up:

po·lite –adjective,-lit·er, -lit·est.
1. To exhibit affection or attempt to please, as a dog does by wagging its tail, whining, or cringing. 2. bootlicking, fawning, sycophantic, toadyish
Fri, 04/16/2010 - 16:23 | Link to Comment Confused
Confused's picture

+10

 

And yes it was very uncomfortable to watch those idiots reactions.

Fri, 04/16/2010 - 16:20 | Link to Comment spekulatn
spekulatn's picture

Ladies and Gentleman I implore you....

 

Cramer=Creamer, per Tyler durden.

Thank you for your time.

Fri, 04/16/2010 - 16:20 | Link to Comment BlackBeard
BlackBeard's picture

HAH! that was fucking GOLD!  Amanda Drury > Erin Burnett.

Fri, 04/16/2010 - 16:20 | Link to Comment buzzsaw99
buzzsaw99's picture

GS will defend its vampire squid reputation tooth and nail. What a hoot!

Fri, 04/16/2010 - 16:20 | Link to Comment Mrmojorisin515
Mrmojorisin515's picture

Why is Erin Burnett on the Council on foreign relations?  Seriously?

http://en.wikipedia.org/wiki/Council_on_Foreign_Relations

 

Fri, 04/16/2010 - 16:25 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

Erin Burnett= CFR Bukkake bowl 

Fri, 04/16/2010 - 16:30 | Link to Comment Citizen of an I...
Citizen of an IKEA World's picture

In just five words, you sure manage to paint a picture . . .

Fri, 04/16/2010 - 16:33 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

Yes; people call me  Michelangelo of a little known genre of "profanity haiku". Chumba is also well renowned in the "profanity haiku" literary circles, but nowadays he focuses his energy more on "free verse profanity poetry".

Be sure to read us :D.

 

Fucker.

Sat, 04/17/2010 - 09:17 | Link to Comment Howard_Beale
Howard_Beale's picture

I love it. Everytime you post something hysterical you get junked. And then I get junked for puking with laughter at your shenanigans.

 

Fuckers.

Fri, 04/16/2010 - 16:30 | Link to Comment faustian bargain
faustian bargain's picture

I wonder what that makes Angelina Jolie.

Fri, 04/16/2010 - 16:36 | Link to Comment Cheeky Bastard
Fri, 04/16/2010 - 16:52 | Link to Comment GoodBanker
GoodBanker's picture

Oh, Cheeky, how we missed thee (longtime reader, more recent post-er). I second the Erin/Angelina indictments, fwiw.

Fri, 04/16/2010 - 18:19 | Link to Comment sgt_doom
sgt_doom's picture

salt???

Fri, 04/16/2010 - 16:40 | Link to Comment Alienated Serf
Alienated Serf's picture

she is in this video, if you look real close

http://www.youtube.com/watch?v=UwB9m4FslO4

Fri, 04/16/2010 - 17:40 | Link to Comment Husk-Erzulie
Husk-Erzulie's picture

God you're brutal, LOL

Sat, 04/17/2010 - 00:16 | Link to Comment brooklynlou
brooklynlou's picture

Genius. I'm trying to hold back the frickin tears ...

Fri, 04/16/2010 - 16:31 | Link to Comment koaj
koaj's picture

i'm more shocked that David Stern, commishioner of the NBA is on the list

Fri, 04/16/2010 - 18:19 | Link to Comment Forbes
Forbes's picture

She wrote them a check--that's how it works. It's a personal vanity project.

Sat, 04/17/2010 - 20:15 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I would say two reasons.  First, she is into BDSM.  Second, and most importantly, so is Billy Clinton.

Fri, 04/16/2010 - 16:22 | Link to Comment Dehrow
Dehrow's picture

CNBdumb.

Fri, 04/16/2010 - 16:22 | Link to Comment wgpitts
wgpitts's picture

Jim Cramer explains how the Stock Market is Manipulated

http://www.youtube.com/watch?v=HRa0B34jMOQ

Fri, 04/16/2010 - 16:23 | Link to Comment Selah
Selah's picture

Cramer has done more damage to little retail than any other entity on TV/Wall Street.

He should be apologizing to "Cramerica", rather than acting childish. Oh, I forgot, childishness is his schtick. I hope it goes well in a jail cell.

Fri, 04/16/2010 - 16:25 | Link to Comment 101 years and c...
101 years and counting's picture

There is a job opening at CNBC as we speak.  They are currently looking for a new guest booker.  The person that previously held that position was relieved of his duties about 30 minutes ago.

 

 

Fri, 04/16/2010 - 17:10 | Link to Comment cougar_w
cougar_w's picture

Oh see you misread that.

It's guest hooker.

Fri, 04/16/2010 - 17:42 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

That soooooooo fits.

Fri, 04/16/2010 - 18:25 | Link to Comment Forbes
Forbes's picture

I used to appear frequently as a guest on CNBC in the '90s--until the bookers started telling me the story the segment producer wanted me to flog. Very common. I said no--they stopped calling. Apparently my credibility was more important to me than my ego.

Sat, 04/17/2010 - 09:26 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

Good for you. The last thing you should deprave yourself of is pride; it sure feels better to be able to hold your head high wherever you go than the alternative. My pride cost me dearly in both money and personal relationship, but at night i sleep like a baby who was titty fed. 

"Never compromise, not even in the face of Armageddon."

Sat, 04/17/2010 - 16:39 | Link to Comment velobabe
velobabe's picture

there are some pretty funny fuckers in here, but you take the cake†

oh, maybe that is what is on your face.

Fri, 04/16/2010 - 16:27 | Link to Comment Tart
Tart's picture

oh god, score one for the home team; can't describe how nice that video is. My bear claws were rippin at the screen! What's their problem that man said the former guest was a Goldman spokesman; he didn't say he got paid for it.....maybe some anal sex performed on him every now and then but not paid! Geez, lighten up CNBC, like Dennis says "Hope, get religion".

Fri, 04/16/2010 - 16:28 | Link to Comment Handle with care
Handle with care's picture

Maybe I'm missing the point, but this caveat emptor and the buyers were complicit stuff seems to me to be irrelevant.

I thought the reason it was fraud is because GS was in possession of material information (That Paulson was shorting) and didn't reveal it to those they were selling to?

Fri, 04/16/2010 - 17:07 | Link to Comment Captain Obviousness
Captain Obviousness's picture

Do the same securities laws apply to selling CDO's?  Is there a statute that requires them to disclose material information in a CDO sale?  Even if there isn't it seems like common law fraud.

Fri, 04/16/2010 - 18:03 | Link to Comment dpbnyc
dpbnyc's picture

Yes. All material information must be disclosed. The same rules apply across the board whether for public equity offerings, private equity funds, venture capital funds, etc. It's a very basic requirement.

Fri, 04/16/2010 - 16:28 | Link to Comment macfly
macfly's picture

GE no doubt not only pay Cramer & Co's paycheck, but also 'banks' with GS. The corruption is so deep and so insidious I can't see the SEC as having any chance of really changing it. The GS owned White House will stop anything really bad happening.

Fri, 04/16/2010 - 17:31 | Link to Comment mudduck
mudduck's picture

This could really mess with GS's program, like maybe cutting bonus pool down to a lousy 20 to 30 billion. Sarcasm aside, congrats to ZH crew and TD for bringing this story out and keeping it an issue until something had to be done. I hope that its more than bullshit to impress the serfs but I'm not holding my breath. 

Fri, 04/16/2010 - 18:22 | Link to Comment sgt_doom
sgt_doom's picture

You are aware that GE would have been the first to go down without those TARP bailouts???

Just asking....

Fri, 04/16/2010 - 18:44 | Link to Comment sgt_doom
sgt_doom's picture

Naaaahhh...GE's too strapped for cash, they didn't even have to pay any fed taxes this year, as usual:

http://money.cnn.com/2010/04/16/news/companies/ge_7000_tax_returns/index.htm

 

Fri, 04/16/2010 - 16:33 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

I almost felt sorry for Cramer , he is such a stupid crawling little shit.

Kind of like that golum character in the lord of the rings thingy.

He is a sad specimen of humanity

I suspect he is consumed with self hatred

Fri, 04/16/2010 - 18:35 | Link to Comment FEDbuster
FEDbuster's picture

 

Or the deformed, hunchback in the movie "300".  I imagine this is what he feels like at GS reunion parties.

Sat, 04/17/2010 - 10:47 | Link to Comment Missing_Link
Missing_Link's picture

Kind of like that golum character in the lord of the rings thingy.

Well put.  He's like Gollum on methamphetamines  ...  If Gollum had a cheesy sound board, had been a former hedge fund manager, and knew that The Ring was located in Goldman Sachs HQ.

Fri, 04/16/2010 - 16:33 | Link to Comment ShankyS
ShankyS's picture

At a time when the rating genie is about to pop out if the bottle these bozos throw this out there? IMO they are as guilty as the rest on Wall St. Can't wait for Ratigan and Jon Stewart to get ahold of this one.

Fri, 04/16/2010 - 16:45 | Link to Comment dead hobo
dead hobo's picture

Funny.

What interests me most is the defensiveness on basic news shown by CNBC. It look more like a bout of CYA and defend your buddy than a news show. Wow. It makes me think they are in the know about a lot more fraud than they are letting on. They looked really stressed and like they felt like they were on the spot. Protect your advertisers.

The wonderful thing about fraud prosecutions is nobody cares about what CNBC promotes. GS is looking at a full $1 billion of civil claims for actively abetting a fraud plus innumerable civil lawsuits.

You know, I'm starting to think of GS as being less of a puppet master and more of a servant bitch who will use it's incredible talent to steal on a consulting basis for clients with  bad intent. Then, of course, make side bets to steal from those who they fooled.

Sat, 04/17/2010 - 10:48 | Link to Comment Missing_Link
Missing_Link's picture

What interests me most is the defensiveness on basic news shown by CNBC.

^^ Truth

Fri, 04/16/2010 - 16:37 | Link to Comment Double down
Double down's picture

Time to dump the crew on CNBC, ok maybe not Santelli, but the rest of the bag pipers and pretend journalist.

"public relations officers" priceless, because it is true. 

Fri, 04/16/2010 - 16:37 | Link to Comment Magua
Magua's picture

I am not sure why Creamer got pissy - was it because the guy said he was in the employ of GS or him realising someone at squid central used him shamelessly for a small talking point as to their "investment" in Abacus.

The guy crushed that one out of the park.

Fri, 04/16/2010 - 17:00 | Link to Comment ToNYC
ToNYC's picture

Cramer just realized he was not getting a check and deeply resented that fact. David Faber's face tells the tale in his keenly observant head. I love the berathless way Cramer comes up with Gasparino-sized (Campagnolo-fueled) drama-manic inside dope that keeps his Girl'S skirts clean.  Anytime you want to feel superior and glad you are no longer on the Street; there it is ..

Fri, 04/16/2010 - 16:38 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Cramer ought to shut the fuck up.

As it is, he is the poster boy for euthanasia 68 weeks running,

 

Fri, 04/16/2010 - 16:39 | Link to Comment chancee
chancee's picture

Get ready for the 'Fast Money Crew' -- so gay -- to be up in arms about the Goldman News.  Uber-wealthy, Karen shalom Finerman will be irate.  And Joe Terranova will surely think O - bomber is behind it.

Fri, 04/16/2010 - 16:43 | Link to Comment Armando Javier ...
Armando Javier Finkeltein of the Boise Finkelsteins's picture

They are just doing god's work.

Fri, 04/16/2010 - 16:51 | Link to Comment sschu
sschu's picture

The best was the past when he said (paraphrase) "I am sure Goldman was just trying to make an honest buck on Wall Street"

Even to a novice outsider like me the corruption is so obvious and insidious.

sschu

     

 

Fri, 04/16/2010 - 17:05 | Link to Comment ToNYC
ToNYC's picture

An honest buck: that brings to mind the report of the doe who dusts herself off after leaving the forest saying, "That's the last time I do that for two bucks!"

Fri, 04/16/2010 - 16:46 | Link to Comment johngaltfla
johngaltfla's picture

If anyone thinks that the Fed's Propaganda Arm via GE is going to get yanked off anything, you're smoking some Kudlow.

Fri, 04/16/2010 - 16:49 | Link to Comment Alienated Serf
Alienated Serf's picture

tru that

Fri, 04/16/2010 - 16:47 | Link to Comment Gloomy
Fri, 04/16/2010 - 16:49 | Link to Comment HEHEHE
HEHEHE's picture

That guy is awesome:)

Fri, 04/16/2010 - 16:50 | Link to Comment DavosSherman
DavosSherman's picture

"Mr." Cramer. Phucking morons don't need a sir name. Other than that, best CNBS clip I've watched.

Fri, 04/16/2010 - 16:50 | Link to Comment Let them all fail
Let them all fail's picture

So according to Cramer, it was Madoff's investors' fault because their due diligence wasn't thorough?  That was great.

Fri, 04/16/2010 - 16:58 | Link to Comment 1fortheroad
1fortheroad's picture

+ 10

Fri, 04/16/2010 - 16:51 | Link to Comment Pure Evil
Pure Evil's picture

I didn't know you could make an honest buck on Wall Street. I was under the impression that when you made money in the markets it was always at the expense of someone else. Sorta like playing the lottery, you're always betting it's the other guy that's gonna lose.

I have to wonder if the tiny little wheels are starting to come off the Goldman bus. But, I'm pretty sure Nut Sachs position is secure at least until either Geithner leaves the Treasury or The Messiah leaves the White House.

Sat, 04/17/2010 - 05:00 | Link to Comment LeBalance
LeBalance's picture

Like you I have to wonder at the "education" level and due diligence chain.  An educational service is being provided by "Wall Street," but it is the same one received at the carnival.  I think most ZHers understand the lesson.

Certainly, one can "judge" and find fault with GS, or with the investment house, or with the individual broker, but who is responsible for making choices concerning personal energy (/money/)?  As some may point to GS or others, please point to yourself as well.

As Joshua (Whopper) in War Games said (after learning the lesson):

"The only way to win is not to play."

Fri, 04/16/2010 - 16:54 | Link to Comment LongShortSally
LongShortSally's picture

 "I want to remain shallow in deference to Mr. Cramer."  Brilliant! Best line of the entire financial crisis.  First time I've ever said, "ROFLMAO."  Haha.

Fri, 04/16/2010 - 17:01 | Link to Comment Selah
Selah's picture

How about "SMPL": Shit My Pants Laughing...

 

Fri, 04/16/2010 - 17:04 | Link to Comment SRV - ES339
SRV - ES339's picture

WTF... I take three hours off to get my daughter's car on the road and miss all the action!

Anyway... about time! Claw ALL the money back, and through every one of them in jail (no matter how little involvement they had)!

Sun, 04/18/2010 - 19:50 | Link to Comment Alienated Serf
Alienated Serf's picture

"Best line of the entire financial crisis" gets my vote for best line of the entire financial crisis! 

Fri, 04/16/2010 - 16:58 | Link to Comment Gloomy
Gloomy's picture


IG report: SEC knew of Stanford scheme since 1997 SEC knew of Stanford scheme since 1997, according to SEC inspector general


, On Friday April 16, 2010, 4:42 pm

WASHINGTON (AP) -- The Securities and Exchange Commission knew since 1997 that R. Allen Stanford likely was operating a Ponzi scheme and an agency enforcement official who helped quash investigations of his business later represented the billionaire, according to a new report by the SEC inspector general.

The SEC didn't bring charges against Stanford until February 2009, when it alleged a $7 billion fraud. The SEC inspector general also said in a report released Friday that "institutional influence" in the enforcement division was a factor in the agency's repeated decisions not to conduct a full investigation.

Complex cases like Stanford's that couldn't be quickly resolved were discouraged by enforcement higher-ups, the IG's report said.

The report by Inspector General David Kotz said his office's examination didn't find that the reluctance of the SEC's Fort Worth enforcement attorneys to investigate Stanford was tied to "any improper professional, social or financial relationship on the part of any former or current SEC employee."

The IG's office did find evidence, however, that "institutional influence" within the enforcement division contributed to the repeated decisions not to conduct a thorough investigation of Stanford, the report says. Senior agency officials in the Fort Worth office believed they were being judged on the number of cases they brought, and told their enforcement staff that novel or complex cases -- as opposed to "quick-hit" cases -- were discouraged, the IG's inquiry found.

Fri, 04/16/2010 - 17:08 | Link to Comment huggy_in_london
huggy_in_london's picture

Cramer is such an arrogant tool.  A total wanker.  A market manipulator (http://www.youtube.com/watch?v=HRa0B34jMOQ) and his extreme arrogance will eventually trip this bell-end up.  Idiots like him, and that stupid anchor, are actually part of the problem.  2 minutes earlier he was boasting that he was a big boy in the market etc, but clearly not big enough to take a bit of criticism.  These cnbc monkeys are a total joke.  "I want to remain shallow in deference to Mr. Cramer" ... gold Jerry, gold .....

Fri, 04/16/2010 - 17:03 | Link to Comment chindit13
chindit13's picture

The beauty was he did it with a smug arrogance that out-CNBC'd CNBC.  He knew exactly where the wounds and tender skin were located, and he headed straight for them with his salt and jug of turpentine.  His heart rate never popped 50 bpm, but both Cramer and Burnett will be palpitating all weekend, and drunk to boot.  There's going to be a dog drop kicked in the Cramer residence tonight.  Meanwhile, Mr. Raynes will be sleeping like a baby, content that he added value to the world this day.

 

Fri, 04/16/2010 - 18:16 | Link to Comment faustian bargain
faustian bargain's picture

:-)

Fri, 04/16/2010 - 18:58 | Link to Comment wake the roach
wake the roach's picture

There's going to be a dog drop kicked in the Cramer residence tonight. 

 

Bahahahahaha...  Savour it, love it ;-)

Fri, 04/16/2010 - 19:49 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

totally dead on chindit LOL f*ck Cramer and that two bit twat Burnett

Sat, 04/17/2010 - 00:33 | Link to Comment dabug
dabug's picture

Still grinning, still palpitating :-)

Sat, 04/17/2010 - 01:10 | Link to Comment Big Red
Big Red's picture

why in the hell isn't there a "Flag as "good"* for each post??

*pick something, I'm up , so might as well catch F1 on Speed at 2am... (although BBC is much better... (thebox.bz) )

Sat, 04/17/2010 - 10:56 | Link to Comment FEDbuster
FEDbuster's picture

Boooo fucking Yaaaaa! Can you imagine the shit fit Jimmy had after the segment was over?

Fri, 04/16/2010 - 17:05 | Link to Comment Magua
Magua's picture

Okay so let me review what I have heard. We have Rubin testifying before Congress that he had no clue what was in the CDOS made under his watch at Citi, and Greenspan saying that he was skilled in mathematics and he couldn't figure them out, and we had rating agencies rating them triple A, and yet we have the squid's mouthpiece Cramer saying the German Bank should have done their homework, etal for pension funds across the USA.

He is a disgusting shill at his best.

 

Fri, 04/16/2010 - 17:05 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

Cramer do thou protest too much. 

The Man just said that previous Guests Public Relations People for Goldman Sachs. He did not say anything about the Prior Guests being paid by Goldman Sachs.

Why did Cramer come out and start to pick a fight with him and say that he was not paid by Goldman Sachs?  Why did Cramer take it personally?  The Guy did not even try to continue the argument with Cramer. Why did they cut the Guy off?

I personally wanted to hear what he had to say.  I think it was CNBC that was not polite and literally shut the guy down for no reason.

BOO CNBC.

p.s. I ALSO THINK CNBC AND THE HOSTS ARE PUBLIC RELATIONS FOR GOLDMAN SACHS.

So, cut me off I am a viewer.

Fri, 04/16/2010 - 17:10 | Link to Comment ToNYC
ToNYC's picture

Don't be so rash. Precious quickie moments in the hall closet are to be treasured. Let them get their skirts on again, clean up, and blow-up their bubble again.

Fri, 04/16/2010 - 17:15 | Link to Comment Selah
Selah's picture

In Cramer's defense, he was once poor. He lived in a car for nine months. I know some people like that who have become successful. He will do ANYTHING to avoid returning to that condition and most likely lives with that fear every day. It doesn't matter how much money he has, he feels he needs more to protect himself from a return to poverty.

 

Fri, 04/16/2010 - 17:26 | Link to Comment huggy_in_london
huggy_in_london's picture

yeah but the car was a maybach!!  He's a cock...nothing more needs to be said.

Fri, 04/16/2010 - 17:44 | Link to Comment JohnKing
JohnKing's picture

That's no defense. I know plenty of poor and formerly poor (of which Cramer isn't one) and they don't lie, cheat and steal to put food on the table.

 

You insult poor people.

Fri, 04/16/2010 - 17:55 | Link to Comment You Cant Handle...
You Cant Handle the Truth's picture

+infinity

Fri, 04/16/2010 - 18:30 | Link to Comment Selah
Selah's picture

I'm not generalizing poor people, and yes, Cramer was once poor. He didn't live in a car because of a choice.

I'm just saying that I personally know three people who are successful, but once dirt poor, and they live as if in fear that they will return to that condition at any time.

If you knew anyone like that, you would understand the connection.

Fri, 04/16/2010 - 23:33 | Link to Comment JohnKing
JohnKing's picture

I don't believe Cramers BS story about living in a car. It sounds like something he made up..his apartment was robbed so he had to live in his car? While he still had gainful employment and a Harvard degree ..ahhh.. somehow I can't get the dots connected there.

If he lived in his car it's because he wanted to live in his car, not because he was without means.

The man is pure and total bullshit, a pathological liar.

Sat, 04/17/2010 - 00:16 | Link to Comment nabi
nabi's picture

+ ∞

 

Fri, 04/16/2010 - 17:18 | Link to Comment myshadow
myshadow's picture

Well, it was impressive all morning, mark haines, was dumping all over GS.

He kept asking 'Who would do business with someone who bet against you.Since, michelle c squared wasn't there it was left to dennis kneale to run pathetic interference for goldman. cramer was all bluster after getting pwned...This can't be one fabulous vp getting thrown under the bus.  They did need to have a perp walk, to start.  This thing won't fly as having teeth unless there are multiple perp walks.  With people in cuffs....

Fri, 04/16/2010 - 19:36 | Link to Comment i.knoknot
i.knoknot's picture

He kept asking 'Who would do business with someone who bet against you...'

 

even more so, they bet against you, then they take you out...

Fri, 04/16/2010 - 17:25 | Link to Comment ginunn
ginunn's picture

Typical of a CNBC program and the reason I don't watch CNBC. The entire crew seem unable to think or function beyond a 15 second sound byte and may exhaust themselves after 5. Still, CNBC is to be commended for its affirmative action in employing people who exhibit the characteristics of an extreme case of ADHD.

 

Fri, 04/16/2010 - 17:27 | Link to Comment b_thunder
b_thunder's picture

my stupid letter to CNBC:

 

Dear CNBC Programming:

Today Erin Burnett told the guest Sylvan Raines that he "won't be back."
I too will not be back wasting my time watching the tv channel featuring two ex-Goldman employees shutting up an independent expert.  I have erased all CNBC recordings from my DVR schedule, and removed the channel from the channel guide. I will not watch this notoriously biased garbage again.
Hello Bloomberg and Fox business.
I hope to see David Faber on one of these channels soon.  I also hope to see James Cramer share a cell with Bernie Madoff.

Sayonara, CNBC!

Fri, 04/16/2010 - 18:11 | Link to Comment Gold...Bitches
Gold...Bitches's picture

good for you.  and from someone that watches bloomberg regularly they are a much nicer viewing experience.  Way way way way less yelling.  They have these incredible things called discussions and debates.  They let people with contra views come on and have their say.  And when the Asia coverage starts and they have guests on in Hong Kong talking about the US stuff, I guarantee you that you will never see anything like it on CNBC.  They let Faber talk for multiple segments about the death of the dollar, etc...  Not that it is news, but CNBC talking heads would have their head explode.  I saw it before when he was on there (Faber) and then, right after he said that (dollar dead) he was gone, and prior to that they had been bragging how he was going to be there for an hour etc...  and of course they used the old canard of 'breaking news' that wasnt breaking and wasnt worth any time anyway...

Complete bullshit.  But then again, thats why they have seen a steadily declining viewership.

Fri, 04/16/2010 - 17:34 | Link to Comment Pitchman
Pitchman's picture

Re Goldman; The Cheer Leaders at CNBC are questioning if this fraud was a one off?  CNBC is a non credible news service who has stripped their staff of investigative reporters (sans David Faber but they have him on a very short leash) and apparently they don't read.  This type of fraud is not an isolated incident and, will weigh heavily on the sector as the breath of it is exposed. -EC aka Pitchman

Inflection Point

 

Fri, 04/16/2010 - 17:58 | Link to Comment Implicit simplicit
Implicit simplicit's picture

Lets not forget the prominent  member of the oligarchy that owns CNBC-GE. They could  have something to hide too, along with all the other  real rulers in the fascist regime: BAC, JPM...etc.

Fri, 04/16/2010 - 17:35 | Link to Comment You Cant Handle...
You Cant Handle the Truth's picture

Cramer had so much GS dick in his mouth I'm surprised he was able to talk.  

Fri, 04/16/2010 - 17:47 | Link to Comment JohnKing
JohnKing's picture

I think what Sylvan Raines was really saying is "I know I'll never be back on this jalopy  network and I don't give a flying fuck".

 

Go Sylvan!

Fri, 04/16/2010 - 21:38 | Link to Comment Sisyphus
Sisyphus's picture

+1000

Fri, 04/16/2010 - 17:50 | Link to Comment billwilson
billwilson's picture

FU CNBC

Fri, 04/16/2010 - 17:52 | Link to Comment Get_to_the_choppa
Get_to_the_choppa's picture

Cramer is about to be thrown under the bus.  And then hopefully in jail.

Fri, 04/16/2010 - 18:08 | Link to Comment You Cant Handle...
You Cant Handle the Truth's picture

Perhaps that explains his blood pressure in that clip . . .

Fri, 04/16/2010 - 18:04 | Link to Comment Dixie Normous
Dixie Normous's picture

Never gets old laughing at CNBS.

Listening to Erin Burnett act like the guy was dissing the POTUS, makes me want to punch her in ther head.

Fri, 04/16/2010 - 18:07 | Link to Comment No More Bubbles
No More Bubbles's picture

The question I must ask is WHY ARE CNBS & CRAMER even relevant anymore?

Seriously!  They are a total joke!

I also must ask, how come Cramer hasn't been clipped yet?  He must have some excellent bodyguards.

Fri, 04/16/2010 - 18:10 | Link to Comment Captain Obviousness
Captain Obviousness's picture

delete

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