TheStreet.com investor complains about Jim Cramer

Josh Kosman of The New York Post writes that an investor in The-Street.com claims the company’s co-founder and biggest name — TV stockpicker Jim Cramer — is the equivalent of an overpaid baseball slugger who has failed to deliver for shareholders.

Kosman writes, “Private-equity firm Spear Point argued in its latest letter to the company’s board that Cramer’s $1 million-plus salary should be tied to performance when his three-year contract comes up for renewal at the end of the year.

“‘If Mr. Cramer were a player on the New York Yankees, his talent and fame would be marginally interesting,’ according to the letter obtained by The Post. ‘To play in the major leagues you must contribute to your team’s success.

“‘Mr. Cramer has failed over the years to do that for his team, TheStreet, and its Steinbrenners, the shareholders.’

“According to Spear Point, Cramer has received more than $13 million in cash compensation and millions more in stock and other benefits from 1999 until 2012, including a personal driver, while ‘common shareholders have watched almost $400 million in market value evaporate.'”

Read more here.