Jim Cramer on Bear Stearns Since Last Summer

3/17/2008 After Bear Stearns’ collapse, Jim Cramer: “I said the common stock was worthless on Friday.”

3/11/2008 Before Bear Stearns’ collapse, Jim Cramer: “Bear Stearns is fine … Bear Stearns is not in trouble. Don’t be silly … Don’t move your money.”

2/11/2007 Jim Cramer made his Lighting Round bullish calls: NYX, ACI, BTU, FSLR, NOV, SHW, BSC, VZ. (Note: BSC is Bear Stearns.)

8/3/2007 According to StreetInsider, Jim Cramer made comments about Bear Stearns, saying he thinks the company shouldn’t have held a conference call to put more bad news into the market …

6/22/2007 After Bear Stearns’ hedge funds blew up, Jim Cramer said on CNBC’s Stop Trading: “Buy Bear Stearns! …fund problem won’t spill over.”

Disclosure: I do not own BSC

Comments

[venividivici]

I cannot understand how these so called "market gurus" get away with it. They get in hoplessly wrong again and again but their legion of followers either don't care or actively support them. Ben Stein immediately comes to mind and of course Abby Cohen at Goldman. They are all permabulls but that is basically all that the market wants.

[pgens]

Cramer was talking about moving money out of _accounts held_ at BSC, not about common stock. The post is extremely misleading. Cramer didn't call everything right with BSC, but to knock him for a prediction made in August, when Sarbanes-Oxley is supposed to enforce truth in financial disclosures, is unfair. All you can fault Cramer with in this case is believing reported financial statements.

[PK de C'ville]

Michael, Get Real, This is bullshit...

"3/11/2008 Before Bear Stearns’ collapse, Jim Cramer: “Bear Stearns is fine … Bear Stearns is not in trouble. Don’t be silly … Don’t move your money.”

Go to the tape, watch it three times and then tell us whether you think he was talking about the Bear INVESTMENT or a Bear DEPOSIT. Then slow down and think twice about your 'call', because this goes directly to YOUR CREDIBILITY, not Cramer's!

If you screw this one up, I, for one, will studiously ignore all your future bullshit.

[Norman Lepoff, M.D.]

Thank you very much, Michael, for this article. I cannot understand why anyone can defend Cramer. These people deserve to loose money if they love him so much that they deny how horrible his advice has been. It is about time that Cramer is publicly exposed. As I said before, anyone who listens to Cramer is a total moron!!! He raving about GM when it was about 10 points higher too and this was not so long ago. Cramer is a disgrace!!

[User 59050]

Cramer was talking about the stock. The caller was not was not asking about a bank account. Thank you, Michael. Your credibility is much intact.

[notsosmart]

i dont understand why anyone listens to anybody re stocks,bonds,etc. these people share no responsibility & lead the dumb & dumber americans.

[RMGreenwald]

Interpret Cramer's comments the way that makes you feel the best. It doesn't really matter if Cramer was talking about the stock or the bank account: anyone who makes investment decisions based upon ANY TV talking head gets what they deserve: a swift dose of reality from the market. Do some homework, do a gut check on your risk/reward profile and make an informed decision on your own and take responsibility and be accountable for the result of your actions. If you aren't prepared to do so, then use a professional broker or financial consultant, who will be paid to make the decision for you.

[Michael Zhuang]

Jim Cramer's remark on Bear on 2/11/2008: "I think you stick with Bear, I think this Justice Department thing will be cleared up."

Pgens and PK, tell me what he is talking about, the stock, or the bank account?

The remark is in SeekingAlpha's recap:

seekingalpha.com/article/64344-jim-crame...

[pgens]

Michael,

Switching quotes doesn't defend the one in the article here. I already said he didn't get everything right with BSC... he believed financial statements under the Sarbanes-Oxley environment, God forbid.

Quoting recaps doesn't do any good without the entire text of the question and the entire text of the answer... without content I can't fairly say what Cramer was answering. I'm not defending everything Cramer says... I am defending his statement as it pertains to this posting. If you see the entire video of the exchange the context is clear.

[Michael Zhuang]

pgens,

With all due respect, I don't agree with you.

"Bear Stearns didn't have a retail brokerage operation and didn't cater to individual investors." - WSJ

Bear's prime brokerage clients are primarily hedge funds and other institutional money managers. The chance that Cramer got a call from one of those guys is zip. Cramer is smart enough to know that. His audience is individual investors. This is the context. It is convenient to change the context ex post.

[koolkinkajou]

No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear. That's Silly! Don't be Silly!

[koolkinkajou]

Jim Cramer's pathadic cover up attempt his totally wrong call on Bear to cover up ranks with the all time cover ups, such as the Watergate cover up and "I did not have Sex with that Woman!" by Clinton! He's a cowardly liar! The fact that the reporter did not call him on this charade makes her look like another circus clown! Nobody calls that show about where they should keep their money! The only thing the Fed and the FDIC have in common are the words Federal.