Wow, I can’t believe Cramer admitted to manipulating futures.
“A lot of times when I was short, I would create a level of activity beforehand that would drive the futures. . . . It’s a fun game,” Cramer said in the Webcast, which was moderated by TheStreet.com Executive Editor Aaron Task.
Cramer later said that “no one else in the world would ever admit that, but I don’t care.”
However, seconds later, he acknowledged, “I’m not going to say that on TV,” referring to his show on CNBC.
A remarkably successful money manager when he ran the $450 million Cramer Berkowitz hedge fund, Cramer in the Webcast shared his “tips” on how to drive a stock price down so that a short-position – a bet that a stock price would drop – remains profitable.
He added that the strategy – while illegal – was safe enough because, “the Securities and Exchange Commission never understands this.”
Some people find it hard to believe that this type of stuff goes on but I see
shady questionable moves all the time. Check out what Cramer had to say for yourself. I guess this video should be called Manipulation 101 (Edit: In case YouTube pulls the video again, here’s the video on TheStreet.com):
Cramer is really clowning on this video. I wonder if he forgot the camera was on and this was going to be broadcast on the net. Poor Bob Pisani and UBS.