Jim Cramer is an idiot. I’ve said it before and I’ll say it again. Cramer ran a successful hedge fund years ago and now is the raving lunatic on “Mad Money,” a stock tip show on CNBC. He is also an owner and founder of www.thestreet.com.
In an interview from The Street.com’s “Wall Street Confidential” we find out how Cramer was so successful at his hedge, he used illegal trading tactics, I’ll let Cramer explain:
“A lot of times when I was short, I would create a level of activity beforehand that would drive the futures. . . . It’s a fun game,” Cramer said in the Webcast, which was moderated by TheStreet.com Executive Editor Aaron Task.
Cramer later said that “no one else in the world would ever admit that, but I don’t care.”
He added that the strategy – while illegal – was safe enough because, “the Securities and Exchange Commission never understands this.”
Ethics doesn’t appear to be at the top of his list…watch the video here.
Don’t take advice from this guy.
Scott Dauenhauer, CFP, MSFP, AIF