Jon Stewart Takes Out CNBC's Jim Cramer

After a recap of his hilarious Rick Santelli take down, Jon uses Cramer's own words to show how poor and damaging his advice really is.
Morganthsays...

Jim Cramer funded and managed his own hedge fund from 1987 to 2001 (Cramer & Co.)He's actually been pretty successful. A week before the stock market crash in '87, his future wife (a Steinhardt trader) advised him to sell everything, so he broke even while the S&P 500 took an 18% loss. Cramer & Co. gave its clients a higher yield on their money than the S&P or the Dow Jones Industrials average every year between 1988 and 1996. In 1993 he also became a columnist for SmartMoney, a new personal finance magazine. This became an issue in 1995, when a front page Washington Post story charged that the Cramer & Co. hedge fund had made $2.5 million as a major stockholder in three thinly traded small companies whose stock soared in value after favorable mention in a SmartMoney column by Cramer. Moreover, Cramer had bought large amounts of shares in these companies after submitting the column to the editors but before the magazine reached readers.

Read more about it here.

siftbotsays...

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