Wednesday, December 10, 2008

Cramer wasn't recommending Bear stock

Bad Rap Alert!

Foreign Policy has a list of the 10 Worst Predictions of 2008. I like that Bill Kristol gets the top spot, even though a lot of people thought HRC would roll Obama. But their #2 pick is a travesty.

My view of Jim Cramer's predictive abilities, and, yes, personal integrity have dimmed this year, but it's simply not fair to accuse him of recommending Bear Stearns (BSC) as a stock pick on March 11. What he was saying, accurately, was that it wasn't necessary for the caller to close his account with Bear's brokerage operation. Even as Bear shareholders got almost wiped out, Bear clients simply became JPMorgan Chase clients, and were no worse off for it.

Would he have said the same thing if he knew what kind of shape Bear was really in at the time? Probably not, but the fact remains that he was not telling people to buy the late BSC. Foreign Policy should stick to its guns!

via AMC's twitter feed

1 comment:

reader_iam said...

Good on you, Doyle, for this one.