Taking It To The Street(.com)
By Marla Singer and Geoffrey Batt
Jim "Dykstra Is One Of The Great Ones In The Business" Cramer's thestreet.com appears to be suffering. The company failed to produce their 10-Q filing for the second quarter explaining that "the Company has identified an issue relating to its recording of certain revenue in a non-core business, Promotions.com, that the Company acquired in August 2007...." Nasdaq promptly sent thestreet.com an official notice of the firm's failure to comply with listing rules (to wit Rule 5250(c)(1)) and gave the firm until October 12th to explain themselves. Apparently, no explanation has been forthcoming (or at least if it has we have been unable to uncover it- EDGAR doesn't list ANY filings by the company after August) nor does it appear that Nasdaq has yet seen fit to bless thestreet.com with an extension. It seems just one of the latest hurdles for the sound effects driven firm. A literal "abandon ship" exercise seems to have gripped the company's executive and professional advisory corps. For instance:
- Last October, Jeffrey Cunningham resigned as a member of the Board of Directors.
- In January, Jay Hoag resigned as a member of the Board of Directors.
- In March, Steve Elkes, Chief Revenue Officer, departed.
- In April, Eric Ashman, the company's Chief Financial Officer resigned.
- In June, Teresa Santos ceased to be the firm's General Counsel and Secretary.
- In August Jeffrey Sonnenfeld (Dean of the Business School Executive Programs at Yale Business) resigned from the Board of Directors.
The firm's investor relations group did not immediately return Zero Hedge's calls, NASDAQ does not comment on these sorts of actions and Mr. Cramer appears to be "on holiday" this AM- likely, given the shallow executive bench at the firm, penning a re-listing compliance plan.
(6 votes)
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on Fri, 10/23/2009 - 12:05
#108348
Ouch.
follow the money.
Oh ... there isn't any. Excel sheet business plans sure get folks and Fed Chairmen in trouble
on Fri, 10/23/2009 - 12:09
#108350
"Whatever money you may need for the next five years, please take it out of the stock market right now, this week. I do not believe that you should risk those assets in the stock market right now."
on Fri, 10/23/2009 - 12:10
#108352
karma does exist. one hive of fraud at a time, these parasites will be exterminated and forced to actually contribute to society, in a prison labor camp.
on Fri, 10/23/2009 - 12:53
#108415
You paint a lovely destination for these guys.. I'm also sick of money for nothing by parasites and goons..
on Fri, 10/23/2009 - 13:14
#108446
is the prison definition of "backspread" the same?
Jon Stewart might like this story
on Fri, 10/23/2009 - 13:33
#108421
This certainly explains something that's been going on for the past 2 months. I haven't visited street.com in years and I haven't logged into my dormant street.com account in over 5 years.
Yet for the past 2 months I've been getting hourly e-mails from them like we're old friends and it's time to get reacquainted.
Blow me Jimbo. Booya.
on Fri, 10/23/2009 - 12:15
#108359
couldn't happen to nicer bunch of crooks. i wonder if cramer is a teflon man, or will this stick to him as well.
on Fri, 10/23/2009 - 12:54
#108420
I'm sure his ass is puckering..
on Fri, 10/23/2009 - 13:34
#108468
Cramer calls BULL on SEC.
Jimmy is protected, he is pumper boy for GS and friends.
on Fri, 10/23/2009 - 12:17
#108364
It always take longer than one would like. And in this case (Street.com) it took 5 years longer than it should. But, it seems Jim Cramer will be run out of business (directly or indirectly). Few know this or remember, but back around 2000, Jim Cramer was investigated for "insider trading" by the SEC. Absolved due to lack of evidence, but reading between the lines here -- he may have another year or two and then he'll be forced to fold his stock pump (and dump) schemes on the general public.
on Fri, 10/23/2009 - 12:20
#108368
Buy TSCM with both fists right now...IT'S A NO BRAINER!!!!...sarcasm off
on Fri, 10/23/2009 - 12:26
#108377
I hope Cramer's Dykstra, AAPL and soon to be AMZN love (gotta love a stock that has gone up 25% in one day and trades at 20+ X EBITDA) go down in flames.
on Fri, 10/23/2009 - 12:34
#108387
This is a must watch (scroll to minute 2:00) and watch Melissa Lee scold Charlie
http://www.cnbc.com/id/15840232?video=1304386328&play=1
on Fri, 10/23/2009 - 12:46
#108401
"Obama is a borderline socialist" If that makes sense to you then how about: "George W. Bush was a borderline capitalist."
Their policies are indistinguishable.
on Fri, 10/23/2009 - 12:45
#108399
Quote of the day!
on Fri, 10/23/2009 - 12:46
#108400
Perhaps if he filed with his now all too familiar....
"If you can read, you can read my mind!"
on Fri, 10/23/2009 - 12:47
#108402
Speaking of failures, today is Friday, therefore FDIC Friday.
How many banks to go today? Over/under 3 1/2.
Happy FDIC Friday all.
on Fri, 10/23/2009 - 12:59
#108429
It is only a matter of hours before the 100th bank failure of 2009. When that happens, 72-year-old John Morrison will be ready.
The chief executive of tiny Stillwater, Minn.-based Central Bank has been on an acquisition spree since August, buying two failed banks and adding them to his 16-branch network. He has just received the government's blessing to purchase another bank that is about to fail -- though he won't name it before the deal is announced.
"We've owned a lot of banks in different places. This is not a new situation for us," said Mr. Morrison, who estimates ...
To be continued.............
on Fri, 10/23/2009 - 13:15
#108447
something weird going on with fdic friday last few weeks....something very eerie.
either we got a big surprise coming up or it'll be 3 mom and pops.
on Fri, 10/23/2009 - 13:51
#108482
DH - Since I am now hit or miss I suspect that until the debt ceiling gets lifted we are in for some fdic educed slumbers. I agree that there are enough gathering storm clouds to warrant close observation.
Screaball, I'll take the under action, big time. Shelia is out of tokens for the time being.
on Fri, 10/23/2009 - 15:00
#108550
IMHO: a very well orchestrated CRASH...
on Fri, 10/23/2009 - 12:49
#108405
I found this interesting link when I was just searching for somewhere that published Cramer's call on AAPL in 2006...
http://seekingalpha.com/article/22953-jim-cramer-s-wall-street-confidential-dec-22
Hope you don't mind if I go ahead and cut&paste the full length (and hope this isn't rehashing anything already posted elsewhere here).
Recap of Jim Cramer’s comments on Wall Street Confidential, Friday December 22 [2006]. Click on a stock ticker for more analysis:
on Fri, 10/23/2009 - 13:03
#108432
Yep, it's business as usual. Explains why markets fall on good news
on Fri, 10/23/2009 - 14:24
#108505
What's truly amazing is that, to this day, CNBC still runs "In Cramer we Trust" spots.
on Fri, 10/23/2009 - 15:38
#108605
They also run a spot called "Stop Trading with Jim Cramer", which is hilarious on several different levels.
on Fri, 10/23/2009 - 17:34
#108780
Unfortunately your response to this information is a classic case of "shooting the messenger." All hedge fund managers participate in this shady (if not yet illegal) activity, but Cramer is the only one who told you about it. So he's the bad guy? How about all the other market-manipulating scum who want to make sure you never hear about this stuff. Are they off the hook because they keep silent?
on Fri, 10/23/2009 - 20:34
#109038
please speak for yourself. why would any quant fund have any part of this? they don't need to.
cheating is for people who can't find a way to succeed legitimately and don't have an adequately-developed sense of right and wrong.
In his books, Cramer strongly hints at receiving inside information and acting on it, and I'm sure he wasn't the only manager that did, but in his case that seems to have been the secret to his success--trading on inside info and levering up twice after market bottoms because if he didn't he'd have been out of business anyway.
on Fri, 10/23/2009 - 12:50
#108407
Jim Cramer's beckoning of Lenny "one of the great ones of all time " is my favorite Cramer idiotic quote!!!!! Jim is truely a lunatic. Five seconds with Lenny D. would tell anyone that he is a moron and a thief.
on Fri, 10/23/2009 - 12:55
#108423
Bernie should prepare the bunk next to him. I would pay admission to the jail to see those 2 holed up together.
on Fri, 10/23/2009 - 12:57
#108425
Thanks very much for this post.
I had a great scalp in TSCM, and this put me over the edge to selling the balance. Nice trade and there will be a little something for ZH in the Paypal account shortly.
Keep up the awesome work.
Making money beats dogma, or anything else, for that matter.
on Fri, 10/23/2009 - 13:02
#108431
Serious Question: Who patrons theStreet.com?
I've been to it a handful of times, always through an occasional link on yahoo finance. I think the only site on the internet that has a worse design, and possibly content, would be MySpace.com
on Sat, 10/24/2009 - 02:03
#109244
I use it. The free portion of the site is useless, but I find the articles and running commentary in the paid subscription portion (realmoney/realmoney silver) to be quite useful to me.
Dystra's articles were a joke, even amongst the commentators. They were pretty polite in their commentary, but "worse trading strategy ever" was bandied about a couple of times even before he went live with his newsletter.
The thing with Cramer is that he pumps up everyone on his site whether they disagree with him or not. Stuff like, if you followed this guy, you would have made a bundle. Occasionally he'll irritate a commentator as they are all very opinated but have pretty thick skin. Cramer for the most part is just one of many. His voice isn't even necessarily the loudest day to day.
on Fri, 10/23/2009 - 13:04
#108434
Cramer is simply an expert at the art of war.
The problem is, finances and the larger economy are NOT supposed to be warfare.
I know, lots of you think otherwise. But is "the invisible hand" supposed to be about aggression?
Do you serious think that it has to always be a zero-sum game?
Can't both parties in a trade gain something? Even if it is something different, and they don't agree on what is valuable? Isn't a difference in opinion here the very BASIS of any trade? If so, then lying to people about the trade robs them of any opportunity to gain from the trade. Heads-I-win-tails-you-lose is for LOSERS.
The "win by killing the other guy" attitude has cast us over a cliff. It was NOT worth it. The gains were temporary, any evidence of this being progress was an illusion. The lie is over, the books are being balanced, and in the end we are not found to have made a profit.
There is no air under these wings. There is no lift, only turbulence. This thing can bounce but it cannot fly.
cougar
on Fri, 10/23/2009 - 13:07
#108435
"TAKE MY SHOW AWAY!"
on Fri, 10/23/2009 - 13:08
#108436
JimBob is a Goldman boi so wouldn't that mean a waiver of some sort?
Where is Sergey? FREE SERGEY
on Fri, 10/23/2009 - 13:24
#108461
The little weasel will squirm out of it all.
See the cram job he did with CIT a couple weeks ago, his alleged "bad" buy/sell calls probably earn him some stock parking space at the hedge funds he shills for, or some sweet front running from same, but bottom line is that he is dirty and everyone should know it.
Hope he gets sent to Rikers and takes it up the azz
BoooooooooYOOOOOOWWWWWWWWW!!!!
It hurts! It hurts! It hurts!
Whimper.......sniffle.........
Yea a fine thought
Waldo
on Fri, 10/23/2009 - 13:31
#108465
Let's make it one happy family, shall we..
Bernard Madoff
Jim Cramer
Larry Summers
Robert Rubin
Hank Paulson
Bringing up the rear..... ha
Helicopter Ben "the clamshell" Bernanke
Six of the best the U.S. can produce
on Fri, 10/23/2009 - 13:48
#108481
PROMOTIONS
on Fri, 10/23/2009 - 13:53
#108485
Marla, perhaps Cramer & Dykstra got stuck in a crumbling Chipotle box.
on Fri, 10/23/2009 - 14:59
#108549
Dykstra is a lying, sleazy, lowlife. Using Cramer's criteria, those are the qualities that make a man great.
on Fri, 10/23/2009 - 15:11
#108566
Your picture is making it difficult to move on th the next post.....
on Fri, 10/23/2009 - 15:13
#108569
Not a good week for CNBC between Cramer and Bove.
Maybe the rest of the hucksters will be shown for what they are there as well.
on Fri, 10/23/2009 - 15:36
#108601
SELLSELLSELL! Ahooooga!
on Fri, 10/23/2009 - 15:56
#108640
So by "Dean of the Business School at Yale" you meant "Dean of Executive Programs at the Business School at Yale," right? Not-so-small difference.
on Fri, 10/23/2009 - 17:26
#108762
Everything about Cramer is a lie. With his rolled up sleeves and his claim that he lived out of his car, he acts like he's a working class guy who came up from the streets. When, in fact, he's from an affluent Philly suburb and went to Harvard.
on Fri, 10/23/2009 - 18:26
#108877
cramer is a freekin thief
end of story
on Fri, 10/23/2009 - 21:10
#109071
Dykstra is one of the best. LMAO. However, 'CIT is a buy' before a 40% plunge next day is gold. Cramer is a pump merchant.
on Sat, 10/24/2009 - 04:47
#109268
Enjoy this bit of Cramer magic: http://www.youtube.com/watch?v=EsoURla7kCM
on Sat, 10/24/2009 - 11:22
#109446
If every company in the Us Could come on national tv and get free pumping of their stock, The Street.com, and free pumping of their new books, we would have nothing on television. The street has proven many bad advises especially in many sectors. Im sure Jims a nice guy but you cant have you apple and candy at the same time. The sec should ban him from securities, selling, and ban him from ownership of print of securities in print and ads as well. This Market Manipulation has done great damage to this country even though we know who someone behind him is pulling the strings.
Cnbc should surely be investigated and journalist to ties with organized crime.
on Sun, 10/25/2009 - 11:16
#110014
You are DEAD WRONG on THIS one, PAL! Even without Cramer, we would still have gems all over the television universe - show like "The Terrell Owens Show," "The Hills," "Wife Swap," "Two Girls and a Gyno," and my favorite, "I Can't Believe That's Not (a) Butterface."
And as for not having your apple AND your candy at the same time, take THIS, sucka!
http://farm3.static.flickr.com/2016/1940607079_f16adf05a6.jpg
http://en.wikipedia.org/wiki/Candy_apple
I am THE CZAR OF CRAMERICA! YOU WILL ALL KNEEL BEFORE ME AND KISS MY HARCOVER!
[Sarcasm light is on, BTW...]
on Sun, 10/25/2009 - 21:55
#110367
All this talk about Cramer, don't forget about his born, bred and feed with greed protoges, Jeff Berkowitz and the ever popular "I'm all about Education, the Journey and my Word" - Todd "the opportunist" Harrison. Cramer may or may not go down but don't forget he's got peeps out there who came up through his ranks and are no better if not worse. Cramer knows he's a hype job and lives to tell about it, this other fellow Harrison, he'll make you think he's there for the humanity of it all and will clean your clock and on multiple levels. With Harrison it's all about the fame, the ducats, only he thinks he's doing good for mankind and that's the 'Universal' reward. A pretty scary fellow and people believe in him just like they did and do Cramer. With Cramer in or out of the picture the infestation remains.