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Cramer's TheStreet.com Charged With Accounting Fraud

Tyler Durden's picture





 

Over two years ago, while scouring through TheStreet.com's filing we stumbled upon something interesting: "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." This was in April 2010. Today, we got resolution on the matter, as the SEC finally has put the matter to close.

From the SEC:

SEC Charges Financial Media Company and Executives Involved in Accounting Fraud

Washington, D.C., Dec. 18, 2012 — The Securities and Exchange Commission today charged a digital financial media company and three executives for their roles in an accounting fraud that artificially inflated company revenues and misstated operating income to investors.

Additional Materials

The SEC alleges that TheStreet Inc., which operates the website TheStreet.com, filed false financial reports throughout 2008 by reporting revenue from fraudulent transactions at a subsidiary it had acquired the previous year.  The co-presidents of the subsidiary – Gregg Alwine and David Barnett – entered into sham transactions with friendly counterparties that had little or no economic substance.  They also fabricated and backdated contracts and other documents to facilitate the fraudulent accounting.  Barnett is additionally charged with misleading TheStreet’s auditor to believe that the subsidiary had performed services to earn revenue on a specific transaction when in fact it did not perform the services.  The SEC also alleges that TheStreet’s former chief financial officer Eric Ashman caused the company to report revenue before it had been earned.  

The three executives agreed to pay financial penalties and accept officer-and-director bars to settle the SEC’s charges.

“Alwine and Barnett used crooked tactics, Ashman ignored basic accounting rules, and TheStreet failed to put controls in place to spot the wrongdoing,” said Andrew M. Calamari, Director of the SEC’s New York Regional Office.  “The SEC will continue to root out accounting fraud and punish the executives responsible.”

According to the SEC’s complaints filed in federal court in Manhattan, the subsidiary acquired by TheStreet specializes in online promotions such as sweepstakes.  After the acquisition, TheStreet failed to implement a system of internal controls at the subsidiary, which enabled the accounting fraud. 

The SEC alleges that through the actions of Ashman, Alwine, and Barnett, TheStreet:

  • Improperly recognized revenue based on sham transactions.
  • Used the percentage-of-completion method of revenue recognition without meeting fundamental prerequisites to do so, including reliably estimating and documenting progress toward the completion of relevant contracts.
  • Prematurely recognized revenue when the subsidiary had not performed actual work and therefore had not really earned the revenue. 

According to the SEC’s complaint, when the subsidiary’s financial results were consolidated with TheStreet’s financial results for financial reporting purposes, the improper revenue on the subsidiary’s books resulted in material misstatements in the company’s quarterly and annual reports for fiscal year 2008.  On Feb. 8, 2010, TheStreet restated its 2008 Form 10-K and disclosed a number of improprieties related to revenue recognition at its subsidiary, including transactions that lacked economic substance, internal control deficiencies, and improper accounting for certain contracts. 

Ashman agreed to pay a $125,000 penalty and reimburse TheStreet $34,240.40 under the clawback provision (Section 304) of the Sarbanes-Oxley Act, and he will be barred from acting as a director or officer of a public company for three years.  Barnett and Alwine agreed to pay penalties of $130,000 and $120,000 respectively, and to be barred from serving as officers or directors of a public company for 10 years.  Without admitting or denying the allegations, the three executives and TheStreet agreed to be permanently enjoined from future violations of the federal securities laws. 

The SEC’s investigation was conducted by Senior Counsel Maureen P. King and Staff Accountant Nandy Celamy of the New York Regional Office.  Aaron Arnzen served as Senior Trial Counsel in the matter. 

* * *

How totally shocking...

 


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Tue, 12/18/2012 - 14:04 | Link to Comment CunnyFunt
CunnyFunt's picture

"Without admitting or denying the allegations, ..."

TYPICAL

Tue, 12/18/2012 - 14:10 | Link to Comment camaro68ss
camaro68ss's picture

Bahahahahaha, This is classic.

(in deep voice) HOUSE OF PAIN

BITCHEZ!!!!

Tue, 12/18/2012 - 14:17 | Link to Comment francis_sawyer
francis_sawyer's picture

What's the name of that fucking nerdy dweeb who always talksabout S&P 2,000?... I hope they put him in a cell with a dude named Bubba...

Edit: "Altucher" ~ that's who I'm looking for... Fuck that little prick... Hey Cramer... You still got a BUY BUY BUY on BEAR STEARNS?...

~~~

BYE BYE BYE you fucking morons!

Tue, 12/18/2012 - 14:32 | Link to Comment Tijuana Donkey Show
Tijuana Donkey Show's picture

+1000 for dissing Altucher. My dog is a better writer, and all she puts down is roof roof. 

Tue, 12/18/2012 - 16:16 | Link to Comment Metalredneck
Metalredneck's picture

Some of us love minimalist poetry.

Tue, 12/18/2012 - 20:29 | Link to Comment Dave Thomas
Dave Thomas's picture

You'd love mine then, it puts down shit mandelas.

Tue, 12/18/2012 - 14:33 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

TheStreet.com is fiine!

Tue, 12/18/2012 - 15:28 | Link to Comment Pegasus Muse
Pegasus Muse's picture

Boo-Hoo-Ya Cramer and CNBC:  A perfectly matched pair.

Tue, 12/18/2012 - 15:32 | Link to Comment The Limerick King
The Limerick King's picture

 

 

Jim Cramer is looking at fraud

It's time for the world to applaud

A phoney, a fake

A nerd on the take

Cramerica just lost their God

Tue, 12/18/2012 - 15:39 | Link to Comment nope-1004
nope-1004's picture

 

 

Jim Cramer IS a fraud

The SEC just gave the nod

He doesn't talk like a guy

Tries to convince us to buy

Hoping the Green Shoots will one day be sod

Tue, 12/18/2012 - 16:09 | Link to Comment Zer0head
Zer0head's picture

Am I missing something?

This is ancient history and a quater million dollar accounting boondogle.   If it took the SEC this long on something this basic and small it would seem to me the real story is that  the real thieves of Wall Street have noting to fear. 

Cramer must have doen something to really piss off these guys -- now think back to early in the Obama first term - Cramer went nuts on him.  Now think to the last election and Cramer all but gave him a blow job.    Now we know why.

Tue, 12/18/2012 - 16:28 | Link to Comment Supernova Born
Supernova Born's picture

One of his "proudest" moments modified for the circumstances:

"They KNOW something?! They KNOW something!"

-Jim Cramer, December 2012

Tue, 12/18/2012 - 16:22 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Jim Cramer the investing dope,

Finally reached the end of his rope,

His friends all said,

You'd be better off dead,

And don't bend over to pick up the soap!

Tue, 12/18/2012 - 14:38 | Link to Comment midtowng
midtowng's picture

I still have total faith in Cramer. He wouldn't lie to us, right?

Tue, 12/18/2012 - 15:10 | Link to Comment MachoMan
MachoMan's picture

nevermind, carry on.

Tue, 12/18/2012 - 19:53 | Link to Comment nmewn
nmewn's picture

All I want for Christmas is to see Krammer in ass pounding prison...along with Corzine.

Tue, 12/18/2012 - 16:06 | Link to Comment Freddie
Freddie's picture

Back when he was running his hedge fund, he would whisper stories to Maria about stocks. 

It was widely believed he was front running but his best buddy was Elliot Spitzer also known as Customer #8.

Cramer probably had a get out of jail card like Bernie Madoff did.  

I bet a lot of people knew Bernie was run a big ponzi scheme but as long as it was "working" - everyone kept their mouth shut.

Tue, 12/18/2012 - 16:45 | Link to Comment ToNYC
ToNYC's picture

"...but as long as it was "working" - everyone kept their mouth shut." 

It could be that autistic children get this hard lesson quite early and keep their mouths shut early.

Tue, 12/18/2012 - 14:56 | Link to Comment Ignatius
Ignatius's picture

Let's face it, we ALL want to see Cramer in jail.

The SEC will then claim "See, we're cleaning up the banking mess."

Turd sandwich, anyone?

Tue, 12/18/2012 - 15:01 | Link to Comment kliguy38
kliguy38's picture

Yeh...they need to "Martha Stewart" Biatch slap him......That should let the peeps know the bankers have been put on notice there's a "new sheriff in town! BWAAAAAAAAA

Tue, 12/18/2012 - 17:05 | Link to Comment Remington IV
Remington IV's picture

Booyah !!!

Tue, 12/18/2012 - 14:11 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

It pays to be badge-wearing carnival barker for financial douchebaggery. 

Tue, 12/18/2012 - 14:11 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

SOO Many LOLZZZ .. content scraping morons 

Tue, 12/18/2012 - 14:13 | Link to Comment LongSoupLine
LongSoupLine's picture

BOOYAA you fucking stinking fucking asshole.  Eat shit Cramer, you fuck!

Tue, 12/18/2012 - 14:28 | Link to Comment El Viejo
El Viejo's picture

Man, you are in a good mood today!

Tue, 12/18/2012 - 14:36 | Link to Comment LongSoupLine
LongSoupLine's picture

Picturing Cramer getting his ass ripped by cell mate Bubba just helped my mood...although I'm well aware conviction or jail time is a fucking pipe dream for anyone in the fucking piece of shit financial shitpool.

Tue, 12/18/2012 - 15:09 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

I hope his cell mate is Elmo Blatch...

http://www.youtube.com/watch?v=MtnDFS0RhuY

Tue, 12/18/2012 - 15:10 | Link to Comment MsCreant
MsCreant's picture

Does it change your mind if Cramer likes it? He looks like a bottom to me. Just sayin'...

Tue, 12/18/2012 - 15:51 | Link to Comment koncaswatch
koncaswatch's picture

No jail time for GS alumni... just won't happen.

Tue, 12/18/2012 - 14:17 | Link to Comment FL_Conservative
FL_Conservative's picture

Hey Cramer....how do those bracelets feel on you?  They look good though.

Tue, 12/18/2012 - 18:45 | Link to Comment ball-and-chain
ball-and-chain's picture

The Street.

What a joke.

Jim should be cornholed and shot.

What a disgrace.

http://www.angrysinner.blogspot.kr/2012/12/wednesday.html

Tue, 12/18/2012 - 14:06 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

boooyah jim

 

Tue, 12/18/2012 - 14:07 | Link to Comment Flakmeister
Flakmeister's picture

It is as if a convicted shoplifter could avoid punishment by simply paying 50% of the price of the stolen item....

Oh, and they get to keep the item...

Tue, 12/18/2012 - 15:21 | Link to Comment ToNYC
ToNYC's picture

Central Bankers have that beat; create from thin air and charge what the traffic will bear.

Tue, 12/18/2012 - 15:44 | Link to Comment Flakmeister
Flakmeister's picture

Can you provide proof that you have never used credit in any form? Just curious...

Tue, 12/18/2012 - 14:07 | Link to Comment Stoploss
Stoploss's picture

Sell!! Sell!! Sell!!

Tue, 12/18/2012 - 14:07 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

His non profit trading vehicle.

Go figure.

Tue, 12/18/2012 - 14:20 | Link to Comment wisefool
wisefool's picture

Non-profit tax free trading vehicle. A long time ago, when I could afford to watch the tax funded CNBS channel I remember the only times he advocated investing in gold was when he was talking about how he ran this "charity". Otherwise, the closest he would get is advocating investing in "Junior Miners".

Tue, 12/18/2012 - 15:31 | Link to Comment ToNYC
ToNYC's picture

Junior Miners buy their mine maps from senior miners who know leaverite and lose money until investors show up. Then they lose more money and save some areas for later.

There's always a bulls*it market somewhere, 'cause he makes 'em up on his own.

Tue, 12/18/2012 - 14:08 | Link to Comment HANKREARDON
HANKREARDON's picture

Crooks in finance?! Say it ain't so.

Tue, 12/18/2012 - 14:08 | Link to Comment Godisanhftbot
Godisanhftbot's picture

 They set him up because he does good work, helping ma and pa beat the market.

 

 Oh yeah, TST,  -99 % for the last 10 years. Nice job Jimbo!

Tue, 12/18/2012 - 15:20 | Link to Comment francis_sawyer
francis_sawyer's picture

Don't forget NYX... Call of a fucking lifetime... I'm sure tonight he'd be top ticking the Nikkei... Fuck CNBS too...

Tue, 12/18/2012 - 16:25 | Link to Comment Squid Vicious
Squid Vicious's picture

never forget his BUY BUY BUY on netflix at 295... well, he was right for 5 bucks!

Tue, 12/18/2012 - 14:08 | Link to Comment StoleYourMoney
StoleYourMoney's picture

Lulz

Tue, 12/18/2012 - 14:08 | Link to Comment Racer
Racer's picture

And how much money did they earn whilst doing the fraud?

Tue, 12/18/2012 - 14:09 | Link to Comment Godisanhftbot
Godisanhftbot's picture

 given the stocks trajectory, not enough.

 

 booya

Tue, 12/18/2012 - 14:08 | Link to Comment Levadiakos
Levadiakos's picture

Boo-Yah. The SEC succeeds.......oh wait

Tue, 12/18/2012 - 14:08 | Link to Comment Flakmeister
Flakmeister's picture

Ever notice that if Mad Money is on and the TV is muted how much the show resembles a colorized version of Howdy Doody?

Tue, 12/18/2012 - 14:09 | Link to Comment Godisanhftbot
Godisanhftbot's picture

 leave out the howdy part, and you have .....

Tue, 12/18/2012 - 14:08 | Link to Comment The Gooch
The Gooch's picture

Where's Corzine?

Tue, 12/18/2012 - 16:19 | Link to Comment Harbanger
Harbanger's picture

Probably sippin cognac somewhere in the Hamptons.

Tue, 12/18/2012 - 14:17 | Link to Comment Disenchanted
Disenchanted's picture

 

 

Jim Cramer is shocked...shocked that this was going on @ The Street dot con

 

Years later, in a venue he apparently did not anticipate would become public, Jim described how he really felt about those compliant analysts and reporters he manipulated artfully and with such apparent ease. Here is a transcript of the event. For the full video, see here. Or, just go here and pick whichever part of the video grabs you. It matters not where you start it, as throughout it Jim Cramer displays his comfort with stock manipulation in ways that he claims no no one else will admit, but which are illegal and beyond the capacity of the SEC to grasp, as he sees it. Also throughout it Jim displays his thorough comfort at fleecing the rubes (that is, cheating other market participants by manipulating stocks): in fact, the video is an exercise in Jim’s pride in that direction.

Tue, 12/18/2012 - 14:28 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

sort of like Dan Dorfman...

Tue, 12/18/2012 - 14:10 | Link to Comment catacl1sm
catacl1sm's picture

Oops.

Tue, 12/18/2012 - 14:11 | Link to Comment larz
larz's picture

Are you sure? There was no mention of this on Mad Money what gives?

Tue, 12/18/2012 - 14:11 | Link to Comment dirtbagger
dirtbagger's picture

Watch Cramer with the sound on mute.  A shifty eyed SOB

Tue, 12/18/2012 - 20:47 | Link to Comment Water Is Wet
Water Is Wet's picture

Don't watch Cramer.

Tue, 12/18/2012 - 14:12 | Link to Comment Bastiat009
Bastiat009's picture

Cramer is not better than the rest but he is not worse. He is very bad like all the people who make only predictions and are never held accountable for them.

Cramer: buy Bearn Stearns.

Gold lover: QE is positive.

Politicos: Bernanke rocks.

Many people: real estate is a good investment.

More people: debt is wealth.

This is the world we live in folks. Accept it or change it.

Tue, 12/18/2012 - 14:55 | Link to Comment TWSceptic
TWSceptic's picture

Gold lover: QE is positive.

 

It is, have you been asleep the last decade? Just because there's some technical selling / fiscal cliff pressure doesn't mean that QE won't be positive for PM in the coming years. No asset goes up in a straight line. You never seem to post on a rally.

Bastiat009: money printing is bad for metals.

Tue, 12/18/2012 - 16:08 | Link to Comment Harbanger
Harbanger's picture

Money printing is bad for the USD. interesting how the USD is weaker and so is paper gold, I think their selling off paper to catch the rally. The market is rallying because they're pricing in the "fix" for the fiscal cliff, it won't last.  In the near future, comes the sell off, and the overcorrection until the next "fix" is announced, we've this before.  Consider these downturns in PM's a gift, in the long term the stock markets are overpriced when compared to our growth. We never allowed the markets to correct. I think when everyone realizes this, pm's and commodities will go thru the roof.

Tue, 12/18/2012 - 14:12 | Link to Comment Rathmullan
Rathmullan's picture

"OORAH" big shout out to all you jimmy wannabee students  of "THE ohio state university.

Tue, 12/18/2012 - 14:13 | Link to Comment buzzsaw99
buzzsaw99's picture

Typical punishment. Thirty lashes with a wet noodle.

Tue, 12/18/2012 - 14:14 | Link to Comment ZippyBananaPants
ZippyBananaPants's picture

Cramer can lick my balls!

 

Tue, 12/18/2012 - 14:14 | Link to Comment JustObserving
JustObserving's picture

Jim Cramer has always been a criminal.  Has always been.

 

In recent weeks, “The Daily Show”’s Jon Stewart has exposed TV personality Jim Cramer as a liar (see these recent clips, 1 2 3). But I think he’s worse: I think he’s a criminal.

If that sounds hard to believe, please see this video (which Jim did not expect to reach the public) of Jim Cramer bragging about using the press to manipulate the stock market illegally. For a full analysis of the career of Jim Cramer, please read my essay: “Jim Cramer is a Complicated Man.”

Warren Buffet says that, “If you ever sit down at a poker table and in 15 minutes haven’t figured out who the pigeon is, you’re the pigeon.” Similarly, if you are getting any advice from Jim Cramer or CNBC, you are the pigeon. CNBC is a 24/7 hedge fund infomecial designed to trick you into making bad investments for the benefit of hedge funds. Again, watch the tape of Jim. Then read the critique. Then turn off CNBC.

http://www.thecontrarianmedia.com/2009/03/overstock-ceo-calls-jim-cramer...

Tue, 12/18/2012 - 14:31 | Link to Comment therearetoomany...
therearetoomanyidiots's picture

" Jim Cramer bragging about using the press to manipulate the stock market illegally'

So what, the government does this all the time, with the market, with the insider trading perpetrated by congresspeople, with the jobs numbers, the Corzines, the Geithners, the Diamonds.   You going to make this guy hang when huge abuses of the aforementioned political and economic elite dwarf him?

 

I say JAIL JAIL JAIL for em all.

Tue, 12/18/2012 - 14:14 | Link to Comment stant
stant's picture

madmoney you cant afford to watch it

Tue, 12/18/2012 - 14:16 | Link to Comment gwar5
gwar5's picture

Leonard the Monkey still has better returns and has never been charged.

 

Tue, 12/18/2012 - 14:17 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

call cnbc demand a story or interview with Jim 201 735 2622

Tue, 12/18/2012 - 14:17 | Link to Comment surf0766
surf0766's picture

He is partly responsible for the crash. That tv rant about they know nothing looked like it was intentional to push the market down and elect BO.

 

 

Tue, 12/18/2012 - 14:19 | Link to Comment NoDebt
NoDebt's picture

Rogue trader!  Rogue trader!

Proof that Jimmy boy is definitely a "little fish" in the financial world..... he got pinched.  Only little fish have to endure the slings and arrows of the SEC.  Steal big, or go home. 

 

Tue, 12/18/2012 - 14:18 | Link to Comment jjsilver
jjsilver's picture

Cramer is one of the boys, he probally didn't play ball on something and this is his thank you

Tue, 12/18/2012 - 14:22 | Link to Comment madcows
madcows's picture

Phew! Now I won't need to see him screaming on tv.  In all reality he'll probably get off the hook.  He's probably haning in St. Somewhere with Corzine and a couple politicians right now.

Tue, 12/18/2012 - 14:23 | Link to Comment NemoDeNovo
NemoDeNovo's picture

FU Cramer I hope you and all your Cronies/Cheerleaders DIAF Bitch.

Tue, 12/18/2012 - 14:25 | Link to Comment williambanzai7
williambanzai7's picture

I did not inhale...

Tue, 12/18/2012 - 14:26 | Link to Comment jubber
jubber's picture

Nothing less than the death sentence would be appropiate for him, preferably the Electric chair, there must be one a museum they could use.

Tue, 12/18/2012 - 14:25 | Link to Comment therearetoomany...
therearetoomanyidiots's picture

JAIL! JAIL! JAIL!!!

 

Tue, 12/18/2012 - 14:26 | Link to Comment Gypsyducks
Gypsyducks's picture

Where the FUCK is Jon Corzine?

Tue, 12/18/2012 - 15:40 | Link to Comment ToNYC
ToNYC's picture

Stephanie Link, the new Fast Money contributor (My name is Stephanie Link, I am Fast Money) is touted from thestreetdotcom. Does she have the scoop ready?

Tue, 12/18/2012 - 14:26 | Link to Comment azzhatter
azzhatter's picture

I laugh at how this fucking twit drops to his knees everytime he finds a CEO willing to appear on his carnival hour. It's like desperation to prove he's one of the boys. The guy talks to his fanboys like he's a business expert and has never run anything even remotely associated with a business. I find this despicable twit insufferable and always hope for some terrible disease to attach itself to him. He used to suck on Corzine so much, I think Dimon got jealous.

Tue, 12/18/2012 - 14:30 | Link to Comment Yen Cross
Yen Cross's picture

 Five years was a good run for a reality T.V. show on CNBS, Jimmy... /sarc

Tue, 12/18/2012 - 14:31 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Jersey Bore starring James J. Cramer

[fist pump]

Booyah!

Tue, 12/18/2012 - 14:34 | Link to Comment El Viejo
El Viejo's picture

surreality TV

Tue, 12/18/2012 - 14:31 | Link to Comment chunga
chunga's picture

"No! No! No! thestreet is not in trouble."

Fuck you Cramer, you douche.

Tue, 12/18/2012 - 14:30 | Link to Comment BigT4451
BigT4451's picture

Based on the responses, it doesn't look like many actually read the article (or understand accounting fraud).  It looks like the subsidiary purchased by The Street was the perpetrator.  Considering they were purchased, they were probably trying to influence their purchase price.

When reading this, I don't see how anybody could attribute this to Jim Cramer himself.  The Street is going to take the PR hit here, but they appear to be the victim if you actually read what was going on. 

 

 

Tue, 12/18/2012 - 14:39 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

may I say from all my fellow zhedgies....FUCK YOU--- dont come on here and tell us we dont understand this or that...based on your keen observation what about their due diligence... GO FUCK YOURSELF

Tue, 12/18/2012 - 14:39 | Link to Comment buzzsaw99
buzzsaw99's picture

The SEC alleges that TheStreet Inc., which operates the website TheStreet.com, filed false financial reports throughout 2008 by reporting revenue from fraudulent transactions at a subsidiary it had acquired the previous year. 

Tue, 12/18/2012 - 14:50 | Link to Comment dadichris
dadichris's picture

roflmao - i should give you an upvote just for the entertainment value

Tue, 12/18/2012 - 14:58 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

and by the way you pompous ass

 

"In 2009, Cramer received earnings of $461,276 from TheStreet.com."

Tue, 12/18/2012 - 15:49 | Link to Comment Dingleberry
Dingleberry's picture

"Big T" you would make a fine bankster.....

Tue, 12/18/2012 - 14:32 | Link to Comment gwar5
gwar5's picture

Cramer forgot to pay protection money like Corzine.

 

Tue, 12/18/2012 - 14:34 | Link to Comment Temporalist
Temporalist's picture

Andrew M. Calamari, Director of the SEC’s New York Regional Office

A squid catching a squid?  Must be a sign of the Mayan prophesy.

Ixtab (the goddess of hanging/suicide)

Mitnal (Mayan hell where wrongdoers are punished)

Tue, 12/18/2012 - 14:34 | Link to Comment TheGardener
TheGardener's picture

Accounting fraud ? So paying each other 30 million on
a joint project in dot.com days were not legit revenues...
who would have thought ...

Tue, 12/18/2012 - 14:35 | Link to Comment Inthemix96
Inthemix96's picture

And the single most terrifying aspect of jim cramer is people believe him.  Normal folk, people who have no skin in the game believe every bullshit word he speaks.

Let that sink in, a good proportion of folk believe him.  In-fucking-credible?????????

Tue, 12/18/2012 - 14:46 | Link to Comment ebworthen
ebworthen's picture

"Booyah Jimmy!  Thanks so much for helping us individual investors succeed and understand the markets!"

Baaaahhhh!

Bleat, bleat.

Tue, 12/18/2012 - 15:15 | Link to Comment Dr. Engali
Dr. Engali's picture

I used to have clients come in and want to buy a stock because Cramer said buy..I would give them all the reasons to the contrary on why they shouldn't. Sure enough they would buy the stock and lose their ass, but wouldn't you know it they would be back in the very next week. It was unfuckingbelievable.

Tue, 12/18/2012 - 16:37 | Link to Comment ToNYC
ToNYC's picture

Cramerica has nicely illustrated that TV viewers people will perform any repetitive losing routine behavior rather than independent thinking, which is the hardest work of all. Uncritical eyeballs are highly-prized and satisfied with approved disabled concepts and QE words, now including qualitative metrics in the eye of the beholder.

Tue, 12/18/2012 - 14:38 | Link to Comment Steak
Steak's picture

Hi ZHers, its meat again.

As a foil to the manic Cramer, here is a youtube playlist of the seminal chill album Far Away Trains Passing By - Ulrich Schnauss

http://www.youtube.com/watch?v=-s50jAWtCdQ&list=PLFLFnr3-RKSxsgU1zrHpT-s...

Pleasant listening!

Tue, 12/18/2012 - 14:39 | Link to Comment Meatballs
Meatballs's picture

BOOYAH. LMAO.

Tue, 12/18/2012 - 14:43 | Link to Comment Texas Ginslinger
Texas Ginslinger's picture

Stewart also discussed how short-selling was detrimental to the markets and investors. Cramer admitted to Stewart that short-selling was detrimental, stated his opposition to it, and claimed that he had never engaged in it, which contradicts earlier statements in which he described going short while managing a hedge fund. In a December 2006 interview from TheStreet.com's "Wall Street Confidential" webcast Cramer said, "A lot of times when I was short at my hedge fund...When I was positioned short—meaning I needed it down—I would create a level of activity beforehand that could drive the futures." He said, "I will say this: I am trying to expose this stuff, exactly what you guys do, and I've been trying to get the regulators to look at it." However, Stewart played several video clips from 2006 where Cramer discussed the spreading of false rumors to drive down stock prices and encouraged short-selling by hedge funds as a means to generate returns. At one point in a clip from December 22, 2006, he said, "I would encourage anyone in a hedge fund to do it." He called it a very quick way to make money and very satisfying. He continued, "By the way, no one else in the world would ever admit that, but I don't care, and again, I'm not gonna say it on TV."

http://en.wikipedia.org/wiki/Jim_Cramer

 With that admission, why should anyone believe anything Jim Cramer says..???

Tue, 12/18/2012 - 14:43 | Link to Comment ebworthen
ebworthen's picture

And of course, no jail time for anyone (that's for kids with that dangerous marijuana!).

Tue, 12/18/2012 - 14:44 | Link to Comment dadichris
dadichris's picture

I just enrolled in a new course at Wharton - "Pathways to corporate profits - the complete guide to accounting fraud"

Tue, 12/18/2012 - 14:47 | Link to Comment WSP
WSP's picture

WHY would CNBC cancel this criminals show when the entire CNBC operation is nothing more than a propaganda outlet for the criminal Federal Reserve, criminal banksters, and by extension, all of the complicit criminals who support the corrupt, socialist USSA system?  Seriously?  Accounting fraud is encouraged in the new USSA!

Tue, 12/18/2012 - 14:48 | Link to Comment ebworthen
ebworthen's picture

Another guppy catch with the little net while the Great White sharks and Giant Squid roam free.

 

Tue, 12/18/2012 - 14:51 | Link to Comment glenlloyd
glenlloyd's picture

should surprise no one

Tue, 12/18/2012 - 15:08 | Link to Comment Dr. Engali
Dr. Engali's picture

I'm sure CNBS is all over this story.....Too bad Cramer wasn't charged.He should be charged with more than accounting fraud. He should be spending time with Corzine getting gang raped at the local penitentiary. 

Tue, 12/18/2012 - 14:58 | Link to Comment Miss Expectations
Miss Expectations's picture

It's rather touching how agreeable these criminals are...

"Barnett and Alwine agreed to pay penalties of $130,000 and $120,000 respectively, and to be barred from serving as officers or directors of a public company for 10 years."

 

PS...The whole thing kind of sounds like money laundering to me.

Tue, 12/18/2012 - 14:58 | Link to Comment caimen garou
caimen garou's picture

all these market pumpers should be thrown in jail with cell mate named bubba and leroy. all they are doing is trying to push people into stocks, not buying it msm pumps! how about pushing your bs to the population on planet dreamit!

Tue, 12/18/2012 - 14:58 | Link to Comment muppet_master
muppet_master's picture

spx @ 1447 = TOP !!!!

SELL !!! its now @ 1444 = SELL !!!!

gold sell-off is your sell-off indicator...same thing when QE3 gold @ $1750 and spx @ 1474...GOLD SOLD OFF FIRST !!!

Tue, 12/18/2012 - 15:01 | Link to Comment Buzz Fuzzel
Buzz Fuzzel's picture

I'm shocked I tell you shocked.  How could this possibly be.

Tue, 12/18/2012 - 15:07 | Link to Comment muppet_master
muppet_master's picture

but, but

he's a demon-rat HYPOCRITE democrat !!! he pays his "taxes" (political contributions) to them..how could they do this to him?? how could odummer do this to him??

just like buffet and his tax deductions on his planes...the IRS gave him a bill for like $25mm?? LOL !!!!!!!!!

hypocritic demon-rats !!! ROFLMAO !!!!!

Tue, 12/18/2012 - 15:04 | Link to Comment muppet_master
muppet_master's picture

who listens to that crank-a-holic??

sometimes i do..but can't stand him for more than 5 minutes..i used him as a CONTRARIAN INDICATOR

NFLX @ $300 he says BUY!!! = me short

SLV @ $45 in 4-2011, he says BUY !!! = me short

AAPL @ $628 he says: to $1000 makes "arithmetic sense" = me short...then it tanks to $540 = cover shorts..

aapl @ $700, i posted here on ZH "TOP"...shorted..now @ $540 or so, after deadcat bounce....@ sub $425 will sell deep in the money puts and after another pop to maybe $490-$500 will buy back those puts and STILL KEEP MY $700 AAPL SHORTS...wash, rinse, repeat

also the crank SHOE SHINE BOY told you on 11-11-11 to buy gold @ $1800..now @ $1674...LOL !!!!!!!! ROFLMAO !!!!!!!!!!!!!

Tue, 12/18/2012 - 15:06 | Link to Comment roadhazard
roadhazard's picture

How  many daze left until housing comes back, Jimbo, you moron.

 

Is Cramer too big to fail? 

Tue, 12/18/2012 - 15:10 | Link to Comment muppet_master
muppet_master's picture

"getting back to EVEN" he says

so  he RODE all the way down from djia 13k to 6.6k on march 2009 ??? LOL !!!!! too funny !!!

while he was "breaking even" others were doubling their freaking money !!!

Tue, 12/18/2012 - 15:13 | Link to Comment muppet_master
muppet_master's picture

the crank's response to the SEC:

"YOUR NUTS, YOUR NUTS, YOU KNOW NOTHING" !!

stupid shoe shine boy..= contrarian indicator...(see post above, regarding aapl, nflx and slv) he says buy = me short..

he's one of my many proprietary shoe shine boys contrarian indicators...however i don't spend an hour listening to that freak..otherwise i would loose my hearing.

Tue, 12/18/2012 - 15:15 | Link to Comment MillionDollarBoner_
MillionDollarBoner_'s picture

"Andrew M. Calamari, Director of the SEC’s New York Regional Office."

AKA The Squid.

GS is everywhere !;O)

Sat, 12/22/2012 - 22:10 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

it's like the Taliban and a terrorist named "al Talibani" and in Iraq Bush mentioned one named "al Iraqi" - just kabuki theater

what's next, al Million Dollar Bonus?

Tue, 12/18/2012 - 15:19 | Link to Comment muppet_master
muppet_master's picture

i don't watch cnbc...

i rather watch cartoon network with tom & jerry...

but i hope cnbc does not cancell that crank-aholic shoe shine boy-contrarian indicator's "show"

i want to see his stupid crying face when spx is @ sub 300 and gold @ sub $350....i want to see his "explanation" to his stupid folllwing = widows n orphans...who don't know anything about the ponzi sheme...

 i spend maybe 5-10 minutes/week "listening" to the shoe boy...i listen to them near market turns and do the OPPOSITE of what he says.

Tue, 12/18/2012 - 15:21 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

Hey....!!! Look over there...!!!

Tue, 12/18/2012 - 15:25 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

To any SEC members reading this(and I know yous do) hows that silver fraud and manipulation investigation going...????

 

Ps....fuck yous,ya dog and pony show.....literally.

Tue, 12/18/2012 - 15:27 | Link to Comment naiverealist
naiverealist's picture

"Without admitting or denying the allegations, the three executives and TheStreet agreed to be permanently enjoined from future violations of the federal securities laws."

 

Is this saying that the execs and TheStreet are forbidden from violating future securities laws.  Without this, would they be permitted to violate future securities laws? 

 

What gives?

Tue, 12/18/2012 - 15:38 | Link to Comment yogibear
yogibear's picture

LOL, the real Cramer. Criminals Inc. 

CNBC going to show one of their own as a con artist?

Guess who's running the show? The same crimnals that caused the housing bubble. Nobody goes to jail so it's off to bigger and better schemes.

 

Tue, 12/18/2012 - 15:41 | Link to Comment yogibear
yogibear's picture

Corzine is like Cramer, laughing all the way to the bank. The criminals are running the show.

Tue, 12/18/2012 - 15:51 | Link to Comment Seasmoke
Seasmoke's picture

Quick, get Stacey Keech on the phone.

Tue, 12/18/2012 - 16:26 | Link to Comment Supernova Born
Supernova Born's picture

Cramer will talk. He believes he can bullshit all of the people, all the time.

Tue, 12/18/2012 - 16:25 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

"Andrew M. Calamari, Director of the SEC’s New York Regional Office" - how fitting. Where the Squid lives.

Tue, 12/18/2012 - 16:30 | Link to Comment PAWNMAN
PAWNMAN's picture

This guy, Kudlow and Blodget are 3 of the biggest criminals! Should all be behind bars, instead of T.V. Only in America!!!

Tue, 12/18/2012 - 16:38 | Link to Comment Squid Vicious
Squid Vicious's picture

Jim seems like the kind of guy i'd like to have a few beers with... then piss them on him after my bladder is full...

Tue, 12/18/2012 - 18:23 | Link to Comment Quantum Nucleonics
Quantum Nucleonics's picture

Come on Tyler, you're turning an ant hill into Mt. Pinatubo.  So Cramer, et al, bought a company that was using sham accounting to swindle a buyer to pay a higher price.  Gee, that never happens!  Autonomy, cough, cough.  It would be fair to say Cramer is a tool for getting swindled on the deal, but that hardly makes him the next Jeff Skilling.  (God, I can't believe I just defended Jim Cramer!)  This sort of guilt by association is one more example of the complete incompetence of the SEC.  So, if my moron cousin Jimmy marries a hooker, the whole family is then guilty of prostitution?

Wed, 12/19/2012 - 00:52 | Link to Comment unununium
unununium's picture

Jim Cramer is fond of saying

ACCOUNTING IRREGULARITIES = SELL !

Wed, 12/19/2012 - 03:42 | Link to Comment nastaking
nastaking's picture

Oppo's Cubot C8 Smart Phone 5 is one of the first smartphones to come with a full HD 1080p display

Wed, 12/19/2012 - 04:39 | Link to Comment StychoKiller
StychoKiller's picture

I'm beginning to think that there are ZERO corp's that have any honesty left in their financial statements! (Could it be that FRNs, worth around $85/Ton have NO VALUE???)

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