Jim Cramer's TheStreet Is Being Investigated By The SEC

Tyler Durden's picture

Seek and ye shall find. Never has this been more true than combing through theStreet's (much delayed if at all available) financials. As investors may have been digging through the company's SEC reports to find out just what the financial website's unadjusted EBITDA is (hint: much, much less than its "adjusted" cousin), one stumbles upon this gem just filed in today's Form 12B-25:

As a result of the need for the Company and its independent registered public accounting firm to focus attention on matters related to the Company's previously-announced review of the accounting in its former Promotions.com subsidiary, which subsidiary the Company sold in December 2009 -- including matters related to the preparation and filing by the Company in February 2010 of a Form 10-K/A for the year ended December 31, 2008, a Form 10-Q/A for the quarter ended March 31, 2009 and Forms 10-Q for the quarters ended June 30, 2009 and September 30, 2009, respectively, and matters related to an investigation commenced by Securities and Exchange Commission in March 2010 -- the Company requires additional time  to prepare its financial statements, assess its internal controls and file its Form 10-K for the year ended December 31, 2009 ("2009 Form 10-K"). 

Oops. We can't wait to see how Mr. Cramer will explain to the Mad Money faithful this particular twist on the hangover of the show's five year birthday bash. Also, we wonder if CNBC will finally cancel the ludicrous Jim "truth" Cramer campaign once this news breaks. We doubt it- in the quest for evaporating eyeballs, all is fair.

h/t Praveen

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digalert's picture

Not Jim "Bernanke is my hero buy buy buy" Cramer.

aint no fortunate son's picture

Every day I flip through Crammer's show for about 10 seconds, hoping and praying that this will be the day I see that officious little turd being led off the set in chains by US Marshalls. It hasn't happened yet, but I continue my lonely vigil in hopes that one day I shall be rewarded...

Careless Whisper's picture

I still haven't heard of one hospital wing that's named after Cramer's "charitable trust".

Bthewee's picture

So sorry for Jackin the post - my apologies.



I/We have not Seen MARLA - post-comment-edit-or do anything in AT least 2 months!!!

WHAT..... ZH has become of Marla?? and the Great job she has done for this site??

Bthewee's picture

So sorry for Jackin the post - my apologies.



I/We have not Seen MARLA - post-comment-edit-or do anything in AT least 2 months!!!

WHAT..... ZH has become of Marla?? and the Great job she has done for this site??

Pamela Anderson's picture

Jim "Mr. Bozo" & "The Corrupt" Cramer represents all the values and reasons why American economy is where it is today. Arrogant, Stupid, Sociopath, Imprudent, etc. and also this proves that ERIN BURNETT has a lack of common sense that is JUST ASTONISHING... THIS CUNT PRAISES THIS PIECE OF SCUM!!!! ERIN BURNETT I JUST THROW UP ALL OVER YOU!

Buck Johnson's picture

Hey it's Christy Canyon, I love that chick.  Nice pic

Mr Lennon Hendrix's picture

Oh yes!  This is great news!  Get that guy off the air, he fleeces 'merica for the "Bavarian Illuminati."

I bet he is having some fun on his soundboard today!  Flatline........


HedgeAccordingly's picture

Great detective work.. i love it.. I hope the 5 year party went well.. 

Hulk's picture

The SEC couldn't find any problems with Madoff and you

expect that they will turn up something with Cramer?


Rick64's picture

He is a small player they just might find something. Its those big fish that are so elusive.

sysin3's picture

Time to buy with both feet when that charlatan's act is canceled with extreme prejudice.

buzzsaw99's picture

The SEC will bring the hookers and cocaine.

Mr Lennon Hendrix's picture

"Get over here already!" -Cramer

Roy Bush's picture

Awesome!  I hope that phony chump goes to jail...better yet, gets put in the stocks and pelted with tomatoes.

I saw the tail end of his 5 year anniversary show last night.  What was totally incredible was that Tim Geithner came on the television and congratulated Cramer on his success.  This is a public official congratulating an open speculator and ex-Goldman hedge-fund manager who has a show that is produced by the former Jerry Springer producer!  Chutzpah!  

sheeple's picture


Master Bates's picture

Somebody should call in to his lightning round and ask what he thinks of The Street's stock.

Bob's picture

So now Jim the Clown is going to "assess his internal controls" ?

Does he really have any?  Any at all?  Booyaahh!

Still, as a measure of how rotten the entire system has become, Cramer is only another small fry.  Wonder how many they're gonna serve up for appearances' sake?

Problem Is's picture

"So now Jim the Clown..."

Every time I see Cramer with that bald top three quarter cranial, hair sticking out around his ears, frothing at the mouth...

It reminds me of Bozo the Clown playing cartoons when I was a kid. Both were dumber than a box of rocks.

The only difference, Bozo's hair was red or orange and Cramer's ought to be...

Ripped Chunk's picture

Been dirty for years. His time has finally come.

See Ya Jimmy! You douche bag!

Pound Of Flesh's picture

Non event

Jim Cramer not = TSCM

and if it were Cramer he would deface the subpoena on tv and laugh it off like he's done before......This is no defense of Cramer but he's more than likely buddy pal ole friend and confidant to scam WITH the SEC.

The SEC should investigate the SEC.


Well, DOW 30 hit it's Jan high and pulled back going into the jobs report after being straight up for a month. AA was the driver for no apparent news other than HELLO stock piles of Aluminum are high in China (bearish) but who cares about reality or news in bubble world.....just make AA go a point higher and ring the bell at the Jan high..........what a market.

position: Cautiously bearish, wouldn't go long with Cramer's money

SilverIsKing's picture

This is how CNBC cancels a show without making a payout.

Master Bates's picture

LMAO!!!  Look at this asshole.  "I can't remember the last time you had a bullish guest on CNBC."

Really?  Do you WATCH CNBC, ever?


Mercury's picture

I love how Cramer's 'RealMoney' site has a 'Fight Club' segment now.  Isn't that weird? That book/movie is over a decade old.  Where did that idea come from? 

MarketTruth's picture


You mean this guy

And yes, i know FOR FACT the SEC is well-aware of this video.


Mr Lennon Hendrix's picture

The video that left Cramer speechless (vs. Stewart).  Priceless....

Missing_Link's picture

Then, while admiring that, go to  http://www.cnbc.com/id/18724672/  and press the "Nothing" and "Whip" buttons alternately, followed by "Man Out Window" and "Hallelujah."

2discern's picture

I am still amazed that not one financial media outlet will expose the largest SEC lawsuit in history. To ask the SEC to investigate anything is like, well, OK it is well worn saying but, "like asking the fox to guard the chicken coop."

The intelligence service in London (reporting for over 40years) has this report regarding the SEC- http://www.globalanalysis.net/news/265_service_of_cmkmcmkx_3.87_trillion....



merehuman's picture

2 discern is amazing. Shapiro  is a co defendant.

No wonder she cant run her agency

Astute Investor's picture

Convicted....?  Never CONVICTED....yet!

carbonmutant's picture

Circuses with out the bread.

Public floggings will commence shortly...

AxiosAdv's picture

This clown is a self-professed cheater and manipulator.  I still don't know how he's not in jail.

Headbanger's picture

That just made my day! Thank you!!

goldfreak's picture

Kramer is a Klingon

fromthebleachers's picture

Check out Geithner when he wrinkles his forehead and raises his eyebrows. Cre-e-e-e-e-py.

anony's picture

Why is everybody getting exicted about the SEC investigating Cramer when they should be looking at the activity in options pumping on any number of Goldman Sucks trades two days before Op expiry?



gmrpeabody's picture

BECAUSE......the SEC investigating Cramer when they should be looking at the activity in options pumping on any number of Goldman Sucks trades two days before Op expiry?

Brokenarrow's picture

My dream scarerio is Madoff and Cramer keeping "company" in the joint--butt buddies style.

William Wallace's picture

When I first starting reading this post, I thought it said, "Seek and ye shill find."

bugs_'s picture

SEC asks Rakoff to delay insider trading case
against Raj on Feb 21 2010.  Unusual but
Rakoff agrees.  March 2010 SEC is looking at

Deep Shah.

bonddude's picture


johngaltfla's picture

Jim, if you read these pages, I have one nagging question. I am still holding my BSC stock, should I sell it now?

Village Idiot's picture

My barber used to cut Jim's hair (singular).  I'm laughing.

AnonymousMonetarist's picture

Cramer: You just create an image that there's going to be news next week that s going to frighten everybody. This is what s really going on under the market that you don t see.

Q: And that nobody else talks about except you.

CRAMER: Right, but what s important when you re in hedge-fund mode is to not do anything remotely truthful, because the truth is so against your view that it s important to create a new truth, to develop a fiction.

Q: SO you re talking about the mechanics of the market-

CRAMER: Well, the mechanics are much more important than the fundamentals.

Q: Well, okay, but in terms of the fundamentals-

CRAMER: Who cares about the fundamentals? Look at what people can do. The great thing about the market is that it has nothing to do with the actual stocks. Now look, maybe two weeks from now buyers will come to their senses and realize everything they heard was a lie but then again Fannie Mae lied about their earnings for six billion dollars, so you know-

Q: Right, and Bristol-Myers lied.

CRAMER: It s just fiction and fiction and fiction. I think it s important that people recognize that the way the market really works is to have that nexus: hit the brokerage houses with a series of orders that can push it down, then leak it to the press, and then get it on CNBC-that s also very important. Then you have sort of a vicious cycle down. It s a pretty good game, and it can pay for a percent or two

Howard_Beale's picture

You could pretty much spend the entire evening at YouTube with Cramer thrashings. They are a riot, for instance, Cramer vs. Santelli montage:


And of course this brilliant call on 3/11/08:



NGC 6888's picture

How much stock did Cramer sell during the disputed periods?

the grateful unemployed's picture

The reason Cramer continues on the air has more to do with the way the industry markets cable content. Mad Money is part of the CNBC package. Imagine you go to dinner at your favorite chain restaurant and the waitress brings you a Pepsi. You say, I hate Pepsi, get it out of here, she says it comes with your meal. Even if you refuse it registers as a sale. Now if you think that violates the racketeering laws you are probably correct. The difficulty is there is no feedback mechanism in place to registers viewer complaints, not that anyone would complain about free Pepsi anyway. What do you want, fewer channels maybe?

Sure the FCC should do something, but without the cover of the CNBC corporate umbrella, (how much of theStreet.com do they own I wonder?, his business would dry up and blow away probably. However even if his ratings slip, CNBC would just move him back into the main body of the show, which is what they do with Kudlow, and they would stuff him down your throat anyway. Their programming is an extended stock market informercial, and Cramer plays a role in the process, and will continue to do so until the bear market reasserts itself, although you must admit the CNBC people are pretty nimble at getting on the bears side when the market turns. The NBC Nightly News is just as porous. Soon they will go to custom subscriptions, and that should change a lot of things.