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Cramer Changes Tune On Goldman, Says Charge Is Not "Frivolous" And Firm Will Have To Settle Or Pay $2-3 Billion Fine
What a difference a day makes. First Cramer was firmly planted in the Steve Liesman camp, who in turn for the past week has been moonlighting as the semi-official Goldman PR manager, in "leaking" every piece of useless "absolving" information (a job only secondary in worthlessness to that of worst financial stock analyst ever Dick Bove who has been buying Goldman all the day down from $185), however now after actually doing some thinking, the troubled theStreet.com owner who himself is no stranger to SEC investigations, has diametrically changed his tune. In this morning's edition of "Morning Joe" on MSNBC, Cramer said: "What makes this worse than most situations is that it’s entirely possible this young guy, who’s now holding the whole firm hostage, Fabrice Tourre – it’s entirely possible that he sold it fraudulently. If he did, then Goldman has no defense. So, what I would emphasize at this particular moment is that this guy is way too powerful. The hearings are going to go badly. Goldman knew they were going to have a Wells Notice, knew they were going to get prosecuted. They didn’t reveal it. It was totally material. Again they did that wrong.” But we thought that according to "GAMECHANGING" information which you yourself Jim broke, Goldman was ok: after all they lost "money on the deal", a conclusion so moronic it immediately led to derisive ridicule from fringe blog Zero Hedge. That said, we are pleased to bury the hatchet - after all even former Goldmanite and seasned CNBSer Jim now agrees that the vampire squid is in deep shit.
As Jeff Poor of Business and Media reports:
Cramer argued that Goldman would have better served by approaching the government hat in hand rather than taking an aggressive tack against the charges. As things are, however, he predicted serious consequences for the firm and its management.
“The main thing you have to understand is that Goldman has basically said, ‘Government, you're just dead wrong,’ instead of saying, government, ‘We’re sorry, what do you need to do?’” Cramer explained. “In order to end this, if it’s a settlement, they will have to pay the largest fine in history and it's questionable whether senior management’s going to be able to stay. A lot of this is Goldman’s doing.”
“Morning Joe” co-host Mika Brzezinski was skeptical of Cramer’s analysis, telling him to “separate the fact that you worked there,” and asked why criminal charges aren’t being pressed against employees at Goldman Sachs.
“Look, because they haven't referred it,” Cramer explained. “Remember, who commissioners said – no, no, it’s not criminal. As a lawyer, it’s not criminal.”
But the “Mad Money” host said it isn’t frivolous either. The government “has a real case,” he said, that “Goldman has to settle. This is a ridiculous thing Goldman is doing.” The bottom line, according to Cramer is a settlement for “$2 Billion, $3 billion, and management may not stay.”
Don't worry Jim - if there is any trace of justice left, not only will Goldman be slapped with the $3 billion fine (thank you FDIC for your generous TLGP funding) which again will be paid out by taxpayers, but quite a few DAs are already smelling squid ink. Of that, we can assure you.
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Cramers sudden change of of his impromptu legal analysis of the merits of the case is a bit shady,imo.
Nah I just think more things have come to light. Look, the guy is a permabull so until something really smacks him in the face, he'll remains bullish.
I would bet he's overestimating the size of the fine so when it gets lowballed it will be something to hit the 'cramer conviction buy button' on. He'll fail to realize the slew of lawsuits this opens up thoug... everybody who ever had any exposure will want a partial settlement now (class action suits baby).
His opinion has changed cos the price is down - change opinion to fit the market action.
Hahahaha....some kid pushing nickels into wrappers just fucked up and went rogue !!
Hahahahahhahhahahahahahahahaha !!
$2-3B is peanuts to the Squid. Clawback all profits & bonuses. this is G_d's will.
Exactly. Only perp walks are going to register on my give-a-shitometer.
I'm not sure who is worse here - GS or Cramer. Both are convicted liars.
Please, would someone play Jim (N days ago) to Jim (now) and ask the obvious questions: "Are you off your meds? Don't you stay bought? Do your orders change that fast? Do you think that being such a chameleon endears you to straightforward people? Won't you at least couch this flip-flop in terms of your previous statements and give us a mea cupla? Can we see your blood funnel, we've been told you are not human? How about this garlic bread, smells good, eh? I'm curious is pensioner blood appreciably less in nutritive value to say *a virgin?* Would you join a forum we are putting together where the panelists are required to answer questions from Professor Bill Black?"
not a good sign for GS when this shill turns on them.
Damn, now I know GS is innocent.
Hilarious.
Awesome.
Sell eveything at 7,000 and back up the truck now. Cramer is a moron and always will be. Anyone remember his call on CMGI at 125? He said 200. I think it is zero now.
2-3 billion in fines?
How about jail bars, or blood?
Do you know how the average American feels about terrorists, financial and otherwise?
Ratings people, ratings. With his credibility and show now colder than a husky's nut sack, Ole Jimbo's hedging.
If Jimbo would just scream... lunge across the table face down grabbing Mika's tits sobbing "Come to daddy"...he would be:
1. A youtube sensation.
2. An Amerikan hero.
3. A ratings saving game changer for his game show.
4. And all would be forgiven for every bad Cramer call with the Amerikan public.
DO IT JIMBO!
Dive and grab that rack!
She flaunted them in the opening of the clip. She looks down, feigning paperwork, as if thinking, "Does this bra work?"
Hilarious. I was too busy staring thinking "Nice MILF rack, Mika..." to notice where she was looking...
Where have you guys been? Mika is a known hottie MILF. Now go check out Joe Scarborough saying "f***" live on the Morning Joe on You Tube.
Joe must have been telegraphing to Ms. Brzezinski if he cursed his sex life in front of her. Dead give away he hasn't gotten any as fine as hers since, well, she might have let him have some once. Probably not. I wouldn't have been so crude.
She has the look of an angel; trouble is the DNA. But I would do it, for sure wearing a condom. Not only has that most likely been shared around the upper ranks, but my sperm is devilish enough, and the combination of Hendrix/Brzezinski may start the fire.
"Someone say tits?" Put your kid to bed.
Massive Attack's "Angel" synced w/ Fantasia Night on Bald Mountain:http://www.youtube.com/watch?v=pFQhBmAZHaA
Joe Scarborough is Like Your Annoying Christian Neighbor with the Giant Noggin
You know the one that always comes up to you in your yard when you are minding your own business and starts the conversation with:
"You know, it is really none of my business but... "
While noggin is yakking at you, Marcy his Christian wife is prancing around behind his giant noggin unloading the car and giving you all kinds of T&A shots...
You let the hose run on the guys loafers but he never shuts up and never takes his giant, trash can sized noggin home...
Joe Scarborough IS that neighbor...
Dumber than a box of rocks... a giant box...
colder than a husky's nut sack
+1000
I have hought about this way too much. Imagine you have a slef selecting group of sociopaths. he who moves up is the one who screws people over the most and doesn't get caught. over time they all are sociopaths. that in summary is our financial system. regulstors hsve to approach their job as in dealing with sociopaths. i.e. they (like a substance abuser) will search for loop holes. Of course one big problem is those sociopaths will be giving you a job later. let the regulstory agencies free and let those who catch folks get the rewards for cathching the criminials. let the sociopaths leave industry then work for regulators and make money!!!! you'll see how fast things turn.
LOL... Cramer is such an attention whore.
your name suits you well.
OH BULLSHIT that's not changing any tune.
He says Goldman was wrong...to not disclose the Wells Notice.
But the rest of the do-do is FabFab self's, his own self, his very own self fault. Goldman is thus only guilty of the lack of notification of the Material Event...and we're back to just what constitutes Material?
That FabFab was Waaaaaaaaay Too Powerful. OMG, only a Minor Failure to Supervise.
List goes on and on.
Of course, Goldman is responsible for the Minor Infraction, but FabFab takes the Rest.
And in any case, AIG is Goldman's E&O,D&O carrier, no? No $2-3 Bil. there, what's the deductible?
Viola! Management Off the Hook
"It was not the worst mortgages they could find, ACA upgraded it"... complete BS (surprise, surprise)... ACA made the changes to ensure the AAA rating, and this clown knows it. Almost makes me wish I could still watch him on CNBS... so I could stop in disgust (again).
Mr. Cramer... "you lie!"
Say all you want about what a clown Cramer is but he has been absolutely right on this rally. He's right to conclude it will continue as well. See this from Bloomberg: US Stocks Cheapest Since 1990"
"“The stock market is incredibly inexpensive,” said Kevin Rendino, who manages $11 billion in Plainsboro, New Jersey, for BlackRock, the world’s largest asset manager. “I don’t know how the bears can argue against how well corporations are doing.”
I have to say, I agree completely with that assessment.
Whatever. You don't know your ass from your elbow.
Cramer is a shill, and is saving his own ass by turning on Goldman...but he has called this rally pretty spot on. Try following the advice of Bob Prechter or any of the other bearish pundits in the stock market since September and you will have lost a small fortune...sad but true.
Exactly. All those bears were on tv constantly talking their short book. Now that the rally has solidified and anyone with half a brain can see it's a bull market as opposed to a bear market rally. Those guys lost a lot of money and credibility. Hard to find them any longer. After looking like fools for months on end on every imaginable business program, they've thankfully faded from view.
is this cheeky or chumba messin with us? harry wanger, how much higher do we have to go?
I've said it several times here that we won't see any meaningful pull back over 5% until we challenge the all time highs on Dow and SPX. That won't happen until spring of 2011 in my view. But technically, you can pretty much bank on Dow in the 12,500+ area by end of this year.
Last time SPX p/e was at this low level was in March 2009. Before that, in 1990. What occurred was a monster 95% rally back then. That will take us right to 12,500. Technically and fundamentally, the two compare beautifully.
asset inflation, think ben will turn the rates up at dow 13.5k?
Not sure I am as bullish as you are...the rally certainly does seem to have a little more juice in it...However, if there are more soverign debt failures (which I think there will be), and if there is a failed treausury auction, and/or if rates move up then I would say the govt stimulas/ZIRP bull market will be over in short order.
He's the mouthpiece of The Squid...If the Squid wants the market higher he gets out and preaches it to the masses. He relies heavily on their research in all of his calls. As for the rally, yeah, it keeps going until it doesn't. You can only count on cutting costs and the Tsunami of liquidity for so long. If we have learned anything over the last 10 years its that reality can only be ignored for so long. Gravity must eventually be obeyed.
Do you have a pimp cup? Real pimps have pimp cups.
In my opinion, fines will not satisfy the mob. Because there are enough smart people in the mob to realize that fines don't mean anything to GS. They made $14 billion last year, or something like that. So the big, bad government is going to take back $3 billion? Big, phucking deal. They still have $11 billion. The mob wants jail time.
Hey Cramer:
Props to you for turning on your masters - you finally grew a pair.
But a fine ain't gonna cut it. This whole Abacus affair is a drop in the bucket compared to the serial rape of their customers through scalping, front-running, sub-pennying, naked shorting, and all the other high crimes and misdemeanors.
We need to get rid of "Enron On The Hudson".
Only pitchforks, torches, trees and boiled rope will do.
KrvtKpt. laughing swordfish
DKM Trading Division
With Cramer flipping and singing "GS guilty" tune, GS is now (almost) a buy!!!!!!
Just wait until Lloyb makes mockery of those fools on the Hill who, in addition to being clueless, have been long long ago bought and paid for by GS, and BUY that damn GS! I think 10pts short-term bounce is a given
This dumb mofo con artist doesn't have any original thoughts. If he says it Goldman wants him to say it.
Undoubtedly GS shorted their own shares or bought massive quantities of puts.
+1
Cramer's really only useful to Goldman while sucking Goldman's cock.
After a while, the damn thing goes off, and he's free to flee the premises like Robert Downey Jr. (in Less Than Zero) attempting an escape.
Hey Jim, wipe your chin you stupid fuck.
He's pandering...tomorrow he'll be on the View or Regis
"What makes this worse than most situations is that it’s entirely possible this young guy, who’s now holding the whole firm hostage, Fabrice Tourre – it’s entirely possible that he sold it fraudulently.
So... one guy... after legal vetted the Billions... as well as Paulson's legal vetted... what was to be offered and thusly sold is too blame...
Fabrice Tourre.... did it all... I feel so sad for Goldman, being taken advantage of like that.. Poor "God's Work" people over at Goldman...
Billions in unsupervised sales... really? seriously? anyone stupid enough to listen to that idiot deserves what they get!
The strong will survive, if your not one of the strong... then your fucked if it all falls apart.. maybe some of you dim wits should think that thru before rooting for the self correcting markets or broad failure that you pontificate about?
Or not... my ammo trumps your gold, all day... every day.
Cramer the Clown: Always Thinking With the Wrong Head
That is why Cramer owns the Penis Brain category... another name
for Dick Head...
Sometimes it feels like ZH exists in a myriad of converging counsciousness.
Cramer changes tune on everything constantly. He is their court jester (they live boring and meaningless lives). He is also ALWAYS wrong, or in other words, he has bad timing. "[HONK HONK!! BLAMP BLMAP!! WEEOO WEEOO!!]." Goes James Cramer.
Oh and in front of Ms. Brzezinski he switches tune?! I can't wait! Oh my I just started it, but I am now excited and wanted to say how excited I am! POPCORN!
P[opc]orn, yes indeed.
Actually her tits are magical truth producing devices ...
"He is also ALWAYS wrong, or in other words, he has bad timing. "[HONK HONK!! BLAMP BLMAP!! WEEOO WEEOO!!]." Goes James Cramer."
Yeah, the Only Thing I Can't Figure Out About Cramer...
Is he the Gene Rayburn of financial game show hosts...
Or the Jack Narz of financial game show hosts...(any of you remember Beat the Clock? Amatures...)
Jim Cramer is a garbage clown.
That was the biggest shitshow ever. Mika is confused, Cramer blames Fab-Fab and is a lawyer, and Joe is a car salesman. Way to fail at convaying the n.e.w.s. properly clowns.
Still HILARIOUS!!! AH HAHA!!! DANCE CLOWNS!
Fab Fab = Lone Gunman ...
Blankenstein was on the grassy knoll ...
Fab Fab was the sales boy. No way he had the authority to play around with that much GS cash
Cramer pure vaudeville act! Anyone that listens to this guy for advice needs to be ram rodded hard up the you know where and probably just blew in from StupidTown.
Get educated at ZH or die broke.
"Problem Is" - LOL on your grabbing "Mika's" tits scenario. Hilarious, and yes I could almost forgive Jimbo for all the stupid QCOM and CMGI buy recommendations he gave everyone at the top of the tech bubble.
"Come to Daddy" - classic - always good.
Maybe the SEC folks dealing with TSC have reminded Crammer of his own matters before the Commission. He's been Obama's juice man for two years. NBC reminded him of where his loyalties are supposed to be.
Jimmy, don't you know that you are supposed to swim in any sh*t necessary to make Obama the hero.
Could Cramer be right this time?
Cramer is the wind--it changes direction often, his wind comes after I eat cabbage! I sent him info on a Wells Notice (owned my BD for 15 years) 30 minutes after the charges, explaining GSCO responsibility to the SEC!! I have received 2 in 15 (no charges+plus no sleep) Do I get a response, ? I know....I should not---Jim is a $%%^^^&
Another possibility is GS now realizes how deep the shit they are in and are having their stooge float a damage control trial baloon at an amount they estimte sounds impressive but really does them little damage.
Cramer is merely repeating what Miss R. Emanuel told him to say.
Wait... which one is the bitch in that relationship?
Better have Neel "Down Bitch" Kashlari figure that one out... Neel knows Bitches...
The fact that Cramer is on a main morning "retail/mom & pop" show should be your indicator. Whatever he is saying essentially means that Goldman is beyond guilty and if they can get away with simply paying 2-3 billion fine and the tax payers be appeased they will be content. The goal here is to prevent further digging.
' Jim Cramer is always hard at work for the interest of Goldman so this to me indicates that not only did they profit from the crisis with banks, subprime and housing that they caused a majority of the runs and naked shorting of weaker companies in possesion of these assets in order to force a payout.
Ask youself...Have we ever see a rally this controlled? NO
Have we ever seen such a cascading forced selloff? No?
What about Cramer frightening Jane & Joe into selling at dow 10k? No
What is the most bearish you have ever seen CNBC?? During the crash when they were being fed info about AIG or should I say rumors meant to move markets.
When is the most bullish you saw CNBC?? After the crash for no reason on dime as if they had the very words of those who control the markets that the intent was to ramp markets and ignore losses and fake accounting.
So Cramer being on this show tells me that Goldman is BEGGING to only pay 3 billion and move on with business as usual because investigation will show they were shorting bear, Leh and causing rumors in order to induce a payout and since they already locked in their payouts in stock years from now they are trapped. Cramer WOULD NEVER bash GS unless they want him on this show pretending 3 Billion would be huge hit an business as usual.
Like a friend of mine at Merrill once said."Goldman...haha...They cheat..the people cheat and their computers cheat"
Bottom line..we lost billions..GS made billions from the taxpayer.
Cramer is faced with the fact that his ratings are terrible and Americans want answers and not pumps that will lead to losses shortly.
This is the greatest post I have ever read.
Funny how it's the kid who's way too powerful. Could he be more blatantly bias?
The only way the kid would be too powerful is if he broke the law and Goldman is liable. And if that's true, then the real news is that GOLDMAN BROKE THE LAW. Not that the kid is too powerful.
Yeah that fuckin' kid... Tanked the whole economy. Cramer said so. And he's a fuckin' Frenchy!
Get the ROPE! TORCHES! PITCH FORKS! Let's GO!
See how easily Amerikans are led around by their former nut sacks? I mean Cramer's?
http://www.globalsurance.com/blog/legal-conundrum-aig-insurance-covers-g...
How much does AIG cover?
Where you stand depends upon where you sit!
I will sit on Mika's face after I stand on Cramer's.
Don't you mean Mika will sit on your face as a reward for you standing on Cramer's?
Wait... LH... you think Mika is a bit masochistic? Working with Joe-dick and all...
Agreed. Shareholders will eventually run this co, not traders or management.
If bonus compensation can be reduced from 43% (reduced from 50%) of total net revenue down to 10% this will be a clean, profitable and shareholder worthy co.
In Due Time. Maybe I will trade there when the smoke clears.
ok, so he shilled for goldman, "they were long and lost money", but that got no traction. so now, goldman knows they are fcked and they get cramer to put out the trial baloon of what the fine should be. crame is a puppet of the power elite.
2 or 3 billion fine ????
That's absurd! How could they even think of forfeiting the bonus check that their tenured janitor makes in a year?
This could get worse people. I mean we wouldn't want to piss GS traders off seeing how the gold flush handles on the toilets wouldn't be properly cleaned.
Rogue trader I knew it ! We need a special Oversight committee for rogue traders. I recommend former rogue traders to head it, and maybe a few politicians that know nothing about trading.
Bove LOL
Hum. Now this means I have to get long.