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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 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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Wed, 03/17/2010 - 16:51 | 268615 digalert
digalert's picture

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

Wed, 03/17/2010 - 20:42 | 268845 aint no fortuna...
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...

Wed, 03/17/2010 - 21:33 | 268883 Careless Whisper
Careless Whisper's picture

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

Wed, 03/17/2010 - 23:16 | 268956 Bthewee
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??

Wed, 03/17/2010 - 23:16 | 268955 Bthewee
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??

Wed, 03/17/2010 - 23:55 | 268985 Pamela Anderson
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!

Thu, 03/18/2010 - 00:06 | 268993 aint no fortuna...
aint no fortunate son's picture


Thu, 03/18/2010 - 23:31 | 269886 Buck Johnson
Buck Johnson's picture

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

Wed, 03/17/2010 - 16:57 | 268620 Mr Lennon Hendrix
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........

Wed, 03/17/2010 - 17:01 | 268627 HedgeAccordingly
HedgeAccordingly's picture

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

Wed, 03/17/2010 - 17:02 | 268628 Hulk
Hulk's picture

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

expect that they will turn up something with Cramer?


Wed, 03/17/2010 - 19:53 | 268807 Rick64
Rick64's picture

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

Wed, 03/17/2010 - 17:05 | 268631 sysin3
sysin3's picture

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

Wed, 03/17/2010 - 17:08 | 268634 buzzsaw99
buzzsaw99's picture

The SEC will bring the hookers and cocaine.

Wed, 03/17/2010 - 17:09 | 268638 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Get over here already!" -Cramer

Wed, 03/17/2010 - 17:12 | 268640 Roy Bush
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!  

Wed, 03/17/2010 - 17:15 | 268647 sheeple
sheeple's picture


Wed, 03/17/2010 - 17:18 | 268651 Master Bates
Master Bates's picture

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

Wed, 03/17/2010 - 17:38 | 268657 Bob
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?

Wed, 03/17/2010 - 17:44 | 268679 Problem Is
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...

Wed, 03/17/2010 - 17:25 | 268658 Ripped Chunk
Ripped Chunk's picture

Been dirty for years. His time has finally come.

See Ya Jimmy! You douche bag!

Wed, 03/17/2010 - 17:34 | 268670 Pound Of Flesh
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

Wed, 03/17/2010 - 17:36 | 268674 SilverIsKing
SilverIsKing's picture

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

Wed, 03/17/2010 - 17:42 | 268677 Master Bates
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?

Wed, 03/17/2010 - 17:47 | 268681 Mercury
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? 

Wed, 03/17/2010 - 17:50 | 268683 MarketTruth
MarketTruth's picture


You mean this guy

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


Wed, 03/17/2010 - 18:00 | 268691 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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

Wed, 03/17/2010 - 18:34 | 268735 Missing_Link
Missing_Link's picture

Then, while admiring that, go to  and press the "Nothing" and "Whip" buttons alternately, followed by "Man Out Window" and "Hallelujah."

Wed, 03/17/2010 - 17:52 | 268685 2discern
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-



Wed, 03/17/2010 - 21:21 | 268875 merehuman
merehuman's picture

2 discern is amazing. Shapiro  is a co defendant.

No wonder she cant run her agency

Wed, 03/17/2010 - 17:53 | 268687 Astute Investor
Astute Investor's picture

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

Wed, 03/17/2010 - 18:03 | 268694 carbonmutant
carbonmutant's picture

Circuses with out the bread.

Public floggings will commence shortly...

Wed, 03/17/2010 - 18:05 | 268696 AxiosAdv
AxiosAdv's picture

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

Wed, 03/17/2010 - 18:09 | 268702 Headbanger
Headbanger's picture

That just made my day! Thank you!!

Wed, 03/17/2010 - 18:12 | 268706 goldfreak
goldfreak's picture

Kramer is a Klingon

Thu, 03/18/2010 - 12:24 | 269389 fromthebleachers
fromthebleachers's picture

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

Wed, 03/17/2010 - 18:13 | 268707 anony
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?



Wed, 03/17/2010 - 19:27 | 268784 gmrpeabody
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?

Wed, 03/17/2010 - 18:24 | 268721 Brokenarrow
Brokenarrow's picture

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

Wed, 03/17/2010 - 18:25 | 268725 William Wallace
William Wallace's picture

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

Wed, 03/17/2010 - 18:34 | 268733 bugs_
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.

Wed, 03/17/2010 - 18:34 | 268734 bonddude
bonddude's picture


Wed, 03/17/2010 - 18:38 | 268743 johngaltfla
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?

Thu, 04/01/2010 - 18:05 | 268809 wyosteven
wyosteven's picture

** Edited for Content **

Wed, 03/17/2010 - 18:44 | 268754 Village Idiot
Village Idiot's picture

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

Wed, 03/17/2010 - 18:52 | 268759 AnonymousMonetarist
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

Wed, 03/17/2010 - 19:16 | 268767 Howard_Beale
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:!v=gUkbdjetlY8&feature=related


Wed, 03/17/2010 - 19:24 | 268782 NGC 6888
NGC 6888's picture

How much stock did Cramer sell during the disputed periods?

Wed, 03/17/2010 - 19:31 | 268788 the grateful un...
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 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.

Wed, 03/17/2010 - 20:30 | 268808 NGC 6888
NGC 6888's picture

I totally agree w/ you and would go one further.  First, one needs to realize that the FCC, the SEC, etcetera are simple bureaucracies that can easily be exploited and do not have a grand picture of how to protect investors/viewers from all but the most obviously criminal infractions.  Second, Cramer is an entertainer (in my view a cheesy one in a land of total boors) in an industry (television programming) that does not care about the health of its viewers.  THIRD, CNBC programming is attrocious, but it is truly one of the best franchises on TV.  The reason is that there is a dependable stream of businesses that keep it running in the background with the volume turned off.  It is a singular monopoly in business programming.  Most people have never heard of Bloomberg or Fox Business.  Also, most people hate watching investments TV and don't understand it but are aware of the CNBC product so it is appropriate to air the network in a place of business on mute.

Most of the so called viewers are oblivious to the programming quality or lack thereof.  How many nursing homes or senile old timers flipping channels get counted as Mad Money viewers?

I see a total resistance to change for any outcome other than indictment and/or complete scandal (but then again we are talking about boors so that is unlikely).

Wed, 03/17/2010 - 23:32 | 268968 the grateful un...
the grateful unemployed's picture

you were aware that while he ran his hedge fund back in the go go late 90's that he was accused by some of his own people of using maria bartiromo to pump up shares of mister softy, in the morning, so he could sell into the rally in the afternoon. that high fives among them were common place. that he bragged about the relationship and how profitable it was.

his hedge fund was a comparative bust. his website was better, i was a subscriber for a while, and the information they gave out was solid. and he did some bylines i still remember, good stuff. he knows how rotten the system was, and still is probably, which is why his multiple personality skit is so disturbing.

i wonder does anyone know, is the karen who is on fast money, the trading goddess, his wife, he spoke about in reverential terms? sometime the history of jim cramer should be written (as a cautionary tale).



Thu, 03/18/2010 - 21:28 | 269817 NGC 6888
NGC 6888's picture

I never got into his website.  I was mentioned once, in a small blurb, on his website and still have the clipping somewhere.


Yes, he was a scammer that exploited the system in borderline illegal ways and probable fraudulent ways but was never prosecuted.  He made a gazillion dollars before his scams were busted. In a bar, he would probably admit as much.  I guess that makes him a sharp dresser, a talented opera singer and unnaturally pleasant smelling.


It is a different Karen.

Wed, 03/17/2010 - 19:38 | 268795 JuicedGamma
JuicedGamma's picture

who is this Cramer?

Wed, 03/17/2010 - 19:59 | 268811 lsbumblebee
lsbumblebee's picture

No wonder I saw an extra special shit-eatin-grin on his face tonight. I think this can be taken care of with an autographed copy of "Getting Back to Even".

Wed, 03/17/2010 - 20:40 | 268841 Reflexivity
Reflexivity's picture

It would be interesting to know the demographics of his audience...IQ, net worth, career, schooling, income, etc., etc.

Unbelievable that people watch him.

Wed, 03/17/2010 - 20:51 | 268853 lsbumblebee
lsbumblebee's picture

To give you an example of the sad state of this country, I've seen shows where he gives "advice" to crowds of students on college campuses.

Wed, 03/17/2010 - 21:26 | 268877 NGC 6888
NGC 6888's picture

There is a fresh batch of suckers at MIT or U of Michigan every year.  Cramer is smart enough to realize that.  Fact is, his long time viewers (?) are serial money losers or skeptics, critics or fans of dark humor.


My guess is there are fewer than 50,000 sane people that watch CNBC regularly for more than 5 minutes a day- unmuted- and take it seriously.

Thu, 03/18/2010 - 10:14 | 269207 Reflexivity
Reflexivity's picture

College students:  people with overconfidence and zero excess cash (and usually in debt)...  The last people who should be messing with the stock market.  They should be finding good jobs and paying off student loans and building up a healthy emergency fund of cash.  I'm not saying a few day-trading millionaires weren't made in the last bull market in dorm rooms across America's college campuses, but buy and large Cramer's buy, buy, buy, sell, sell, sell trading recommendations are not a real strategy for the average college student (or really anyone else for that matter).

Although:  zero cash + in debt + overly-self-confident = hungry market for get-rich-quick advice

Wed, 03/17/2010 - 21:20 | 268874 Harbourcity
Harbourcity's picture

Without a doubt, Cramer from Seinfeld was based on Jim Cramer.

Wed, 03/17/2010 - 23:00 | 268941 Fish Gone Bad
Fish Gone Bad's picture

Someone at Apple said that Cramer kills puppies with a claw hammer right before his show.  Those Apple people can be pretty funny to talk to.

Thu, 03/18/2010 - 00:04 | 268991 marginnayan
marginnayan's picture

Put Crazy Mad Cramer behind bars for good. LOL.

Thu, 03/18/2010 - 01:04 | 269032 OCTOPVS
OCTOPVS's picture

How about Mad Money with Marc Faber. Its about time.

Thu, 03/18/2010 - 03:59 | 269072 anastos
anastos's picture

Mad Money with Mark Haines

Thu, 03/18/2010 - 01:33 | 269044 BlackBeard
BlackBeard's picture

Put that retiree abusing piece of work behind bars.

Thu, 03/18/2010 - 05:09 | 269079 qp
qp's picture


Jim Crimer???

Thu, 03/18/2010 - 09:09 | 269152 trichotil
trichotil's picture

one look at his ridiculous shirt sleeves tells you all you need to know.

rot in hell douchebag.

Thu, 03/18/2010 - 11:57 | 269348 fsudirectory
fsudirectory's picture

Cramer and Dykstra sitting in a tree....

Thu, 03/18/2010 - 14:42 | 269541 zeta34
zeta34's picture

Jim "DSL is the most undervalued stock in the market" Cramer.

Fri, 03/19/2010 - 00:46 | 269927 Buck Johnson
Buck Johnson's picture

I knew something like this would eventually come up with his website.

Wed, 04/14/2010 - 08:39 | 299765 mark456
mark456's picture

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sun's picture

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