http://www.donharrold.net
NOTE: My video is dated 3/19/2008. That is an error. This video was created and uploaded on 3/18/2008.
I cannot believe the gall and recklessness of Jim Cramer. His rant tonight forced me to discuss the HORRIBLE calls he made on Bear Stearns (NYSE:BSC) again. Furthermore, the facts are extremely clear and, more important: PROVABLE.
1) Jim Cramer called BSC a buy at an average price of $80.45 over the last two months.
2) Jim Cramer’s own site, TheStreet.com, added his call of March 11, 2008 as a BUY, too.
3) Jim Cramer did not mention it was a bad idea to hold BSC “common stock” until AFTER the stock tanked on Friday, March 14, 2008. This is a KEY point. Because, if Jim had mentioned BSC was “worthless” LAST TUESDAY none of this would be an issue. Since he did not, he must now own up to his bad calls and stop peddling a false premise: That he got folks out of BSC with some sort of “prescient” call (to use his language).
4) TheStreet.com REMOVED the “buy” call they listed from Jim Cramer on BSC from March 11, 2008. This removal was sometime on Monday, March 17, 2008. An investigation needs to be done to find out who removed the buy call, and under whose direction the removal was made.
It is time for BSC shareholders to take action and contact the SEC. For some reason, Jim would rather say he said things he DID NOT SAY on a timeline he CONSTRUCTED AFTER THE FACT, than tell the truth.
The truth is that Jim’s calls to buy BSC were disastrous. Nothing less than a debacle of painful proportion.
Finally, it’s one thing for CNBC to post a disclaimer on Jim’s show. It’s another for CNBC to continue to profit from his blatant attempts to revise history while his calls hurt investors who followed his advice.
You can reach the SEC at http://www.sec.gov
Duration : 0:4:42
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