Cramer "Breaks" News About Goldman Being Long Abacus, No Disclosure On Goldman's Short Exposure In The Structured Product

Tyler Durden's picture

Creamer has just come to the rescue of this former co-workers at Goldman, claiming a "source" has notified him that Goldman was "long" Abacus. Well, duh - that's how structured finance works. They are long one tranche and short another. Cramer should also immediately provide "factual" information to all those who may have bought Goldman on his BS, whether Goldman wasin fact net short via CDS with AIG... Yeah, remember that whole thing about Goldman being short CDOs via CDS underwritten by AIG? Apparently it slipped the mind of Cramer's source. This is yet another semantic loophole abused by the world's greatest wealth destroying stock pumper. And by the way, Jim, take a look at the CDOs that Goldman had protection on AIG with before you "break" any more news, and find out what Goldman's exposure really was: because our sources tell us Goldman was short. Also, this is not even remotely a "game changer" at all, because the SEC's contention has nothing do with whether Goldman was shorting the CDO, but how the CDO was designed in the first place, with the explicit purpose of benefiting one party whose material involvement was not disclosed, and in fact was misrepresented!

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John McCloy's picture

Damage control to resuce the dying Wall Street industry. They are a liability now.

spekulatn's picture

Creamer has just come to the rescue of this former co-workers at Goldman,


Well done, Tyler. That be some funny shit. Kramer= Creamer ;)

knukles's picture

Yeah.  The piece thay choose to hold, and got the patsy at the table to write a CDS against it, specifically. 
Jesus Christ!  They really think we're idiots!


SDRII's picture


but but the real story is about Paulson's coming gold dump - see its down down down today, mention of the WFC/Sh$ty etc.. holdings because presumably they are officially sanctioned

fuggetaboutit's picture

Here is the best part about today - who the hell cares what goldman did or didnt do? How about:

1. GE order book 21% from this time a quarter ago. How about GE order book down 10% FROM THIS TIME A YEAR AGO!? 10% lower than the worst quarter of global commerce ever? Really?

2. Consumer confidence having its biggest one month nose dive in about a year, with the "Intent to Purchase" category dropping to its lowest level of the year. But hey dont bet against the US consumer, who statisticians would have you believe is "in great shape" in a period of time when wages dropped for the first time in forever and confidence fell completely off a cliff.

3. Google whiffed. I thought not only was advertising coming back, but the secular shift to the net was unstoppable? Apparently one of those two is broken (or both).

But hey lets make sure we buy and sell assets today based on whether goldman lied (ofcourse they lied, they lie every day) and not on the fact that the economy is in much worse shape than it was a year ago when we normalize for the trillions of dollars thrown into the system that have done nothing except cause the stock prices of the worst bag of crap in the russell 2000 triple in a year.

Pladizow's picture

How do you kill a vampire squid?

Carl Spackler's picture

With an even bigger vampire squid!  (see Administration, Obama)

Son of Shame's picture

I would not be shocked if the market turns positive by the end of the session.

Caviar Emptor's picture

Way to go Tyler!

The AIG deal is very much back on the front burner. The ABACUS deal demonstrates that Goldman cheats its clients for money on the side, EVEN WHEN THOSE CLIENTS ARE BANKS! Abacus clients named in the SEC case include ABN Amro and IKB Bank!

I've said it before, AIG didn't slip, they were pushed. Goldman learned in 1998 that the Fed rushed in with taxpayer bailout money to make them whole after their little Russian Bond Fraud where they also WENT SHORT their own portfolio.

Sound familiar? This is not the 1st, 2nd or 3rd time Goldman has pulled this fraud. It's in their standard bag of tricks.

john_connor's picture

This is not the 1st, 2nd or 3rd time Goldman has pulled this fraud. It's in their standard bag of tricks


BTW, I say Cramer will be off the air within 12 months.

Carl Spackler's picture

Alienated win the "Analogy of the Day' award

svendthrift's picture

That was an awesome CNBC segment. The Chris Hitchens looking dude seemd to have an issue with JC. That bald banker douchebag.

Alienated Serf's picture

hey!@ nothing wrong with being bald.  a lot wrong with being cramer.

Problem Is's picture

Cramer Is Not Bald

Cramer has that three quarter cranial Bozo the Clown fringe hair shooting out the sides thing going on...

There IS nothing wrong with being bald....

There is something wrong with being bald, a clown and an ass-hat game show host with a cow bell on a financial network...

As Timmay Geithner's Aunt Lloyd Blank-dick-fein Has Shown

There is something wrong with being bald, a fraudster, PLUS a TBTF dick... AND a Gov't Bailout Welfare Ho...

Comrade de Chaos's picture

A source notification sounds rather like a potential insider tip. 

SEC, do you hear me now, do you hear me now?



Comrade de Chaos's picture

A source notification sounds rather like a potential insider tip. 

SEC, do you hear me now, do you hear me now?



Eduardo's picture

Is justice such an unusual event these days that it is now a black swan event ?

Problem Is's picture

"Is justice such an unusual event these days..."

There Is NO Justice... Yet

As Tyler pointed out earlier, some fumbling SEC hacks will be forced to temporarily put those pedophile and tranny pron sites on hold...

Let Us Peer Into One of Lloyd Blank-dick-fein's Crystal Balls:

SEC hacks will shuffle some papers on a matter they can't find out anything about, an ALEGDED Goldman fraud they don't understand and go before judge Rakoff recommending a low 7 figure settlement with no admission of wrong doing....

Grandpa Bear Hug's picture

Vigilant Grandpa has one wish: To learn that Cramer was punked and he is handcuffed while on the air and no chance of bail. He remains one pathetic snake however he does collect a paycheck from an appropriate pathetic zookeeper.

I might actually get on my knees and pray since nothing else appears to be working. My voodoo doll is shredded.

svendthrift's picture

CNBC is in full defend Vampire Squid mode. God damn snakes.

Captain Obviousness's picture

How about Cramer recommending the "worthless" insurers the other day?  Some of them must have gotten worthless in part by having written CDS's to Goldman.  Did he know this was coming and expect a huge pop in them when people realized they might be able to sue Goldman?

John McCloy's picture

Cramers career is officially over. He proved himself what we knew all along..just another thief who provides nothing productive to this Country but aids in parting fools from their cash.

Winterland's picture

That was a smackdown Cramer just got! Hilarious!

Tyler is you can repost that CNBC segment, much appreciated.

digalert's picture

Crammit has got his sleeves rolled up now, fight!

rebeltraders's picture

Did you guys notice how nervous Cramer got after that smackdown? His body language was scary, like someone who was scared his secret would be discovered.

Cheeky Bastard's picture

The second shoe has officially dropped. Not only because of the situation with GS but also the following:

Tax receipts WAY down

BAC profit drops 25% Y-O-Y   

Industrial output is catastrophic

Real unemployment 20%+ 

Companies have no more room to maximize profits by firing people

Inflation is on the rise




Pretty much the gig is up and the only thing that could possibly save it is FED introduces negative rates, but there is more chance of Jennifer Aniston winning an Oscar than that.

Alienated Serf's picture

any idea when the IRS releases total 2009 personal income tax reciepts?

RichardENixon's picture

Where's that HarryWagner dude to tell us all this stuff represents a "buying opportunity?" I need my afternoon chuckle.

Zombie Investor's picture

There must be some legal precedent that would allow anyone that has a cable package that includes CNBC, to sue Goldman Sachs for having at one time employed Cramer.

b_thunder's picture

I'd think that even a dumb***k like Cramer would realize that on the day when one of Goldman's directors decides not to stand for reelection due to him being implicated in Galleon insider trading case,  it's not wise to talk about the info one gets from an anonymous "source" inside of GS...

Gentlemen, is it possibel that we're witnessing "Bear Sterns is FINE!!!!!" 2.0?


monmick's picture

Cramer is doing for his buddies what he, himself, got the media to do when he was managing his hedge fund (as he famously disclosed in that infamous interview). He's gone from being a puppeteer to a puppet. Nice...

RichardENixon's picture

I thought he revealed enough in that "infamous interview" to land him in the slammer, but I'm no lawyer, thank God.

BlackBeard's picture

Someday, when a class action lawsuit is filed against this clown.  I'm gonna jizz in my pants.

ThePipedPipeoftheU.S.A a.k.a China's picture

I would like to make Cramer my PERSONAL HAND PUPPET!!!

Brokenarrow's picture

Cramer has harmed more people than Hitler, Bin Laden, and Stalin combined. He is a manace to society of the scale of a herion importer. Think of all the retirements, educations, vacations, charatible donations, and personal security he has destroyed. Right now the naive and elderly are more vunerable than in the last fifty years. He prays on their desperation for his personal gain.


If I post what I really think? I'm afraid who may shoe up at my door.

DavidC's picture

It would be so poetic if the market turn has started because of a 'slight problem' with Goldman Sachs, notwithstanding CB's post (rightfully!) pointing out all the underlying problems that have had no effect on the pump ups over the last two months.


Double down's picture

Cramer might become the Wallstreet fall guy!

Temporalist's picture

I like the swearing here. I am never leaving.

Number 156's picture

What a stupid sock puppet. I hope he gets the subpoena he deserves for running his mouth off, because he certainly knows more than he's leading us to believe.

Cramer is the Baghdad Bob of Goldman Sachs.