NOTE: 9:55 EST - Go read Dave Patch of Investigatethesec.com's new blog, wherein he reveals that Cramer NEVER sold a single share of TSCM stock until after the subpoenas hit - either that, or the counsel for TSCM was lying. Either way, fascinating reading. So Cramer and 4 execs all sold a bunch of stock between Feb. 14 and when they told the public about the subpoenas. Knock knock, SEC? Here's the numbers:
CRAMER JAMES J (Director) 17 $794,510.02
LONERGAN JAMES (President) 12 $1,587,073.90
MOGENSEN LISA (CFO) 12 $1,973,912.72
CLARKE THOMAS J JR (CEO) 11 $3,301,406.94
And in case anyone missed it, go read Gayle Essary of FinancialWire's very funny satirical commentary in his guest blog, as well as Alan Newman's commentary from Crosscurrents.
And last, send this poll result to everyone you know - the vast majority of those surveyed think naked short selling should carry a penalty as stiff or stiffer than counterfeiting or fraud.
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“When the rules get in the way of making money, sometimes you have to bend the rules.”
Reportedly said tonight by Jim Cramer, CNBC personality and recipient of SEC subpoena.
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The last few days have been an eye-opener for many who believed that the NY financial media had any pretense of fairness.
They have been treated to gang-up style interviews on CNBC by guys like Kudlow, blatant grandstanding and demonizing by Cramer, the whole gang of lapdog journalists showing up to say nasty things about Byrne and OSTK, and a virtual news blackout on OSTK’s major victory in Marin County – where a judge ruled that the OSTK suit would move forward, and discovery would be granted.
Not a single one of the NY Media have reported on that.
Folks, this is how the actual world really is. The people you are told represent your interests, and are reporting the news for you, are actually talking heads that are lying to you. They lie by omitting critical data, by pretending that events don’t occur, and by following whatever agenda their big-money masters provide. It has never been more blatant, or obvious. The masks are off, they aren’t even pretending anymore, and everyone now sees and understands that these NY-based personalities are nothing more than footstools for the powers that be on Wall Street.
Again, OSTK’s case against Rocker Partners and Gradient will proceed into discovery – their failed SLAPP defense was tossed by the court, as it should have been.
In more not-so-surprising breaking news, Herb has been on CNBC literally every hour on the hour claiming to be the victim of some conspiracy, and not a single “journalist” or “reporter” has examined why the SEC might be going after him. Not one.
Wild.
I just heard that they are running commercials for Herb to be on tomorrow, to talk more about OSTK. He is being provided unlimited face time to argue his case of victimization.
Where else do we commonly hear the refrain, “I’m a victim, man, I din’t do nuthin?”
C.O.P.S.
That is the number one line of the bad guys when they are pulled out of their cars after a high speed chase, or caught with a gun and a kilo of coke.
I obviously don’t know whether Cramer or Herb or Carol or Rocker or TSCM or Gradient have done anything wrong. But the refrain is troubling.
For the layman at home, I thought I would try to demystify the NY show business aspect of this, by offering a glimpse of some of the behind the scenes goings-on at the television networks, so that the layman can appreciate how much preparation goes into these appearances.
First, Herb, or whoever, goes into the “green room” at the station, to collect his thoughts and prepare for the show.
Next, the guest is taken into makeup, where their clothing is protected using CNBC's stylish new "Mad Money Overalls", and the magic of TV cosmetics are applied.
Finally, a coach, or sometimes even the host, works with the guest to go over general responses.
This isn’t as easy as it looks. A lot of time and effort goes into it. These are professionals, remember, and they have been at it for a long time.
And it is not for the faint of heart. So don’t try this at home…