Jim Cramer’s World Begins Falling Apart
By Justin Gardner | Related entries in Business, Money, Technology
TheStreet.com’s CEO quits immediately after last night’s interview.
Not sure why. After all, the interview that Stewart used to bludgeon Cramer with has been around for quite some time…and on TheStreet.com.
Friday brought more tumult for CNBC anchor Jim Cramer, when the chief executive of his online financial news site, The Street.com, resigned.The company announced Friday that Thomas Clarke, TheStreet.com’s CEO for the past decade, would be leaving, effective immediately. He’s been temporarily replaced by Daryl Otte, a longtime director on the company’s board, who will serve as chief until the search committee, which he is leading, finds a new CEO.
Outsized TV personality and chairman of the board Jim Cramer issued a boilerplate statement on Mr. Clarke’s departure, saying only, “I want to thank Tom for his long-time service to the Company and wish him the best of luck in his future endeavors.â€
The abrupt nature of Mr. Clarke’s departure only adds to the company’s troubles in the current bear market. Its stock dropped below $2 per share this week, down from $9.50 per share a year ago.
Does anybody feel bad for him?
This entry was posted on Saturday, March 14th, 2009 and is filed under Business, Money, Technology. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
March 14th, 2009 at 9:21 am
no.
March 14th, 2009 at 9:50 am
Yes, I do. I hate to see anyone’s world fall apart.
March 14th, 2009 at 1:20 pm
Yes, I feel bad for him. I like Jim Cramer … and I really do believe that Stewart wasn’t specifically going after him (at least in the beginning). To anybody who watched the whole uncut Daily Show clip it should be clearly obvious that Jon Stewart is pissed off at the whole system; not just one guy.
Just by chance, I actually watched Mad Money last night, on the day after the Daily Show “interview”. Cramer appears to be trying to do exactly what he said he would do … “I work for you, the people”.
It’s possible that some good could come from this .. but not likely.
I already noticed that the conservative party line (on talk radio, Fox, etc) is that Jon Stewart only went after Jim Cramer because he had criticized President Obama. You know, the Daily Show is “biased” …
This is almost a case of life being more hilarious than the art it’s trying to imitate.
The real news shows who pretend to be “fair and balanced”, are upset because the FAKE news guy isn’t even pretending … in fact he says straight up, “his show is Not Supposed to be Fair”.
Unfortunately for Jim Cramer, nothing he does from this point forward will probably matter. Much like a politician who says or does something stupid (think Macaca for example), the media (both right and left) now have their storyline about him … and the degree to which it’s the “whole truth” or not doesn’t really matter.
Just my two pennies,
Todd
March 14th, 2009 at 6:08 pm
I suspect Cramer will be just fine.
March 14th, 2009 at 8:09 pm
The very best thing that Cramer could possibly do is to try doing what he told Stewart he would, and come BACK on the show for an update. He could also invite Jon to come on his show and talk about the situation on air, not the current/old situation, but what the new situation is shaping up to be, the whole ‘cramer works for the people’ kind of situation.
March 14th, 2009 at 10:15 pm
It’s been a long standing fact that following advice on mad money will lose you money. Jon Stewart’s interview with him was enough to make his delicate house of cards collapse.
March 14th, 2009 at 10:51 pm
It’s a little hard to feel sorry for a guy whose got millions in the bank. Cramer’s show has always been a bit of a circus act. Back in my day trading days, we used to watch Mad Money and the following day buy or short specific stocks based on what Cramer had said about them. There is something called the Cramer Effect. If he urged his listeners to buy a stock, it would almost invariably go up from the moment the markets opened the following day. The bubble would last about an hour and then the stock would sink back to where it began…or lower.
Feel sorry for him? Nah.
March 14th, 2009 at 10:55 pm
I don’t know much about Cramer, except the web buzz led me to a video of him on some show before there was any real mainstream concern over the credit crunch. In the video Cramer basically flipped out, telling the audience and the other guy on the show that this was all going to end in tears with a lot of hand waving, wailing and gnashing of teeth. It was the first appropriate reaction to the coming economic shitstorm that i had seen.
My point? Cramer seemed to be on the ball at the time. So why would anyone be glad to see this guy get hit by this kind of trouble?
March 14th, 2009 at 11:16 pm
Nope not me ……… we (USA) need to learn a lesson , he just is one domino to fall more will come ..
F
March 15th, 2009 at 2:17 am
It’s hard to judge whether cramer is a player to the masses or simply human, as with anyone tied between corporate interests and personal truth. John Stewart seemed pretty fair, and I thought Cramer responded the right way publically. That said, I suggest people should watch this cramer-critique video before running to ANYONE for financial advice: http://www.youtube.com/watch?v=Wk44peDjLjU
March 15th, 2009 at 6:58 pm
It is ironic that Jon Stewart and a comedy show instead of the regulators or news media had to bring all of this public. Also in Cramers defense he is far less guilty than most of the other financial media for their efforts together with Wall Street, the politicians & incompetent regulators for what has happened.
While I enjoy watching Cramer every night, one must remember the show is primarily entertainment. The financial networks exist to promote their advertisers financial and investment products. Who would expect them to warn about the credit bubble or coming Washington national debt collapse which will destroy much of the remaining private wealth in America today or what this will do to the dollar, the stock market, bonds, gold or the real estate market?
China is now worried about their dangerous over investment in US Treasury obligations. Washington ’s long-term choice is either repudiation or monetization. For monetization to be effective, the depreciation in the dollar would have to be substantial and this in turn would dramatically raise prices of imports for American consumers which would mean a tremendous drop in foreign imports. Debt monetization would cause more disruption to exporting nations than selective repudiation of Treasury debt.
The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts
Thanks,
Ron with 30 plus years in the investment business and banking industry.