Mad Money, or Stupid Listeners?
March 18th, 2008Why anyone would listen to financial advice from a television program host is beyond me. It’s comedy, not advice:
After it was announced March 16 that J.P. Morgan Chase & Co. (NYSE:JPM) was purchasing Bear Stearns Cos. (NYSE:BSC) for $2 a share, the stock plummeted over 80 percent at the open of trading on March 17.
But, on March 11, Cramer told an e-mailer not to sell the beleaguered investment bank’s stock on his show’s Web site:
“Dear Jim: Should I be worried about Bear Stearns in terms of liquidity and get my money out of there? –Peter
Cramer says: “No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear.”
They don’t call it “mad” money for nothing.
Posted in Office |
Tags: Bear Stearns, financial advice, Jim Cramer, Mad Money |
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