OLD Media Moves

Cramer's comment on Pisani could cause trouble with CNBC

March 21, 2007

Posted by Chris Roush

“Mad Money” host Jim Cramer‘s dig at fellow CNBC broadcaster Bob Pisani in a video clip could land him in hot water with the business news cable channel, according to the New York Post’s Roddy Boyd.

Bob PisaniBoyd wrote, “The clip, which had Wall Street tongues wagging earlier this week after Cramer admitted in it to manipulating stock prices during his hedge fund days, may have also violated CNBC rules about disparaging on-air talent.

“During the controversial 10-minute clip, Cramer described a variety of tactics that hedge fund managers use to affect a stock’s price. To keep a stock’s price down, Cramer said one strategy is to spread rumors to reporters he described as ‘the Pisanis of the world.’

“The comment was a reference to CNBC correspondent Bob Pisani, who reports from the trading floor of the New York Stock Exchange.

“‘You have to use these guys,’ said Cramer, whose track record managing $450 million at his hedge fund Cramer Berkowitz was a robust 24 percent average annual return.

“Shortly after mentioning Pisani, he also discussed giving information to ‘the bozo reporter from The Wall Street Journal’ to get an article published.”

Read more here.

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