OLD Media Moves

Cramer backs away from some, but not all, of his statements

March 22, 2007

Posted by Chris Roush

“Mad Money” host Jim Cramer, who earlier this week was criticized for his comments on a videocast on TheStreet.com for saying that he performed unethical stock trading while running his fund and then later making disparaging remarks about business journalists, has backtracked somewhat.

Jim CramerIn an interview on the Don Imus radio show, he said that he misspoke about the stock trading and about CNBC’s Bob Pisani. But he still made fun of Wall Street Journal Reporters.

According to the Corporate Crime Reporter, “‘I was saying – I have to show you the scams that other people do,’ Cramer told Imus. ‘I have to show you how Wall Street really works. I didn’t say it right. I have to get better at saying it. I did not do the stuff. But I didn’t say it right.’

“‘I ran a clean shop,’ Cramer said. ‘I tried not to be a bad guy. . .It’s about trying to show people the way things really work on Wall Street. I’m no master of the universe. But I did my best to run a clean shop.’

“Cramer, host of the popular CNBC show ‘Mad Money,’ apologized for implying that market insiders use CNBC Wall Street reporter Bob Pisani as a conduit for unfounded rumors about stocks.

“‘I was a jerk about that too,’ Cramer told Imus. ‘I should have said – guys call me all the time and say – listen Cramer, there is bad news coming at Motorola. I impugned him (Pisani). That was another mistake. He’s a good guy. I called him yesterday. He’s an old pro. He deserved better from me. He’s one of the best. And sometimes I screw up. I screwed up in saying that stuff about him.’

“But Cramer did not back away from remarks encouraging hedge fund managers to dump junk information on ‘bozo’ reporters at the Wall Street Journal.

“‘The Journal is oftentimes captive to the guys who want the market down,’ Cramer said. ‘I always find that there is a bias to the Journal. They want to be skeptical. They think it is being prudent. But when you read their columns, a lot of times what they are saying is – get out now, panic now. We’re going to hell in a handbasket.'”

Read more here. Cramer said he didn’t anticipate any disciplinary action from his bosses at CNBC.

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