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 ‘Mad Money’ Host Tears Over SpitzerPosted on Mar 12, 2008
Jim Cramer is best known as the host of CNBC’s “Mad Money” show, but he’s also a personal friend of Eliot Spitzer. Here, Cramer becomes emotional as he describes losing the “ammo” to take on Spitzer’s Wall Street critics. Related: Truthdig Editor in Chief Robert Scheer writes that Spitzer’s Shame is Wall Street’s Gain. Watch it: Elsewhere: . CommentsAre you a Truthdig member yet? Login now, or register with Truthdig. Add Your Comment
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By Inherit The Wind, March 16, 2008 at 7:19 pm #
Would you rather he be a coward like George W. Bush? Bush was good, good friends with Ken Lay at Enron but when the scandal broke, Bush ran like hell and pretended he didn’t know Lay. “Ken Who?”
Cramer at least stuck by his friend.
Report thisBy Inherit The Wind, March 16, 2008 at 7:17 pm #
Jim Cramer is rich as Croesus. He LEFT Wall Street because the pressure was killing him and he had lots of dosh. The show is like a hobby to him. It’s like looking at Digger Phelps and Bob Knight today as commentator instead of as coaches who were under constant pressure. John Madden made a career of it and has a ton of fun where coaching nearly killed him.
This is just a stupid, ignorant comment.
Report thisBy Douglas Chalmers, March 16, 2008 at 6:58 pm #
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Fed takes new steps to ease crisis - WASHINGTON - The Federal Reserve, in an extraordinarly rare weekend move, took bold action Sunday evening to provide cash to financially squeezed Wall Street investment houses, a fresh effort to prevent a spreading credit crisis from sinking the U.S. economy.
The central bank approved a cut in its lending rate to financial institutions to 3.25 percent from 3.50 percent, effective immediately, and created another lending facility for big investment banks to secure short-term loans. The new lending facility will be available to big Wall Street firms on Monday.
“These steps will provide financial institutions with greater assurance of access to funds,” Federal Reserve Chairman Ben Bernanke told reporters in a brief conference call Sunday evening.
The Fed acted just after JP Morgan Chase & Co. agreed to buy rival Bear Stearns Cos for $236.2 million in a deal that represents a stunning collapse for one of the world’s largest and most venerable investment banks. Just on Friday the Fed had raced to provide emergency financing to cash-strapped Bear Stearns through JP Morgan. Days earlier the Fed announced a set of other unconventional steps to thaw out a credit market in danger of freezing shut.
The new lending facility described as a cousin to the Fed’s emergency lending “discount window” for banks is geared to give investment houses a source of short-term cash on a regular basis if they need it. http://news.yahoo.com/s/ap/fed_credit_crisis;_ylt=At3D 64hSn69X.viKvnwesGms0NUE
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“Bailout” still a dirty word in Washington - In other news, “Can we outlaw the forces of gravity? You know, how much can government do?” Paulson said in a “Fox News Sunday” interview, arguing that markets must go through a painful correction before they can resume normal function…..
Paulson told “ABC This Week” that proposals calling for major government intervention “do more harm than they would do good” by prolonging the time needed for markets to correct…...
In the span of one week, the U.S. central bank announced plans to inject some $400 billion into tight credit markets via two separate programs and provided emergency funding to Bear Stearns….. “The markets are still in a state of tumult, and the risks to economic growth and employment remain heavily weighted to the downside.” ....Dresdner Kleinwort economists…..
Deutsche Bank economist Mustafa Chowdhury said…. “The federal government can ill afford a sizable purchase of mortgages, given wider budget deficits which started at around $150 billion last year and could very well reach $600 billion this year if a recession takes hold,”....
Chowdhury likened the Frank and Dodd proposals to a leveraged bet on housing that had no guarantee of paying off. “The kinds of measures that require substantial fiscal outlays, such as this mortgage purchase plan or an explicit guarantee of agency mortgage-backed securities, require significant political commitment and consensus which is absent right now,” he said…..
Sherry Cooper, global economic strategist at BMO Capital Markets….. “I don’t think that this is going to end up being a taxpayer bailout. I just don’t think that ... people have the stomach for that,”... http://www.reuters.com/article/ousiv/idUSN164875152008 0316?sp=true
Report thisBy Harry J., March 16, 2008 at 7:53 am #
(Unregistered commenter)
Jim Cramer spoke from the heart,like many of us who have been shocked by the actions of a dear friend whom we thought we knew well. His humanity spoke well for him and increased my admiration for him not only for his business prowess but also as a friend.
Report thisUnfortunately, there will always be those who take delight in someone’s legal and personal problems, but if it wasn’t Spitzer they would find someone else to express glee over.
I happen to be someone who admired the way he went after those in and out of government and sought equity for the “little guy.” I can also feel Cramer’s pain, for I believe that the good he did for the people of New York far out weighed the personal wrong he committed. No matter what you may say of his personal life, New York State has lost a great public servant.
By Liza, March 14, 2008 at 3:04 pm #
This is an absolutely terrible interview.
I am sure that the Spitzers have many friends who feel terrible for them right now. That does not mean that it is news.
This is for tabloids.
Report thisBy tyler, March 14, 2008 at 9:15 am #
(Unregistered commenter)
he’s crying coz he scared of being caught too.
Report thisBy Willard, March 13, 2008 at 4:06 pm #
(Unregistered commenter)
Cramer is nothing but a piss poor entertainer. Listen to him for advice and I ‘ll sell you land east of Daytona Beach.
Report thisBy Duris Maxwell, LL.B, March 13, 2008 at 8:47 am #
(Unregistered commenter)
Jim Cramer needs to find better friends. He might also question why Spitzer ever had anything to do with him! Follow the money indeed. His friend is a bloodless jerk who cut the guts out of his own loving family. And anyone who nails hookers without a condom cares nothing about his own life or anything or anyone in it. Tragedy? Oh please…
Report thisBy Blackspeare, March 13, 2008 at 8:46 am #
Right now there must be at least a half dozen tabloid journalist looking for the Spitzer “girls” and over the period they say he indulged in such entertainment there must be a plethora of “ladies.”
And akin to that is the search for the other “clients” of Emperor VIP——they gotta be people we all know and love!!!! No doubt a few are sweating right now.
This could get a lot more interesting!
Report thisBy jatihoon, March 13, 2008 at 5:19 am #
What do you expect from man who is a host for “Mad Money,“He had crocodile tears, not that Spitzer was caught with his pants down ......... I would like to know ,did he got any tips from Spitzer, when he was Attorney General , that what wall street firms he is going to investigate.He is hedgeing his bets, in case Spitzer may make a come back. Typical Successful stock broker. As they say, “follow the Money.”
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