Some have suggested that a vote be held to determine if a class action suit is warranted against Jim Cramer by Sirius shareholders. Cast your vote here.
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Some have suggested that a vote be held to determine if a class action suit is warranted against Jim Cramer by Sirius shareholders. Cast your vote here.
No, only because we all know it would be a collosal waste of time and money and ultimately would be unsucessful no matter how justified it was.
I vote Yes
zcurz, Does sufficient evidence exist? It appears to me that it does. Maybe cramer is untouchable. Have you seen the youtube guy that demonstrates cramer's flip flops? There is a video on the housing bubble that is outrageous.
Maybe the disclaimers have Cramer covered. Maybe they don't. Surely, Cramer is losing his credibility. He was telling callers not to worry and to hold Bear Stearns as it went down in flames. The SIRI bashing is equally out of line. Cramer is fast becoming a caricature of himself.
My opinion is this. Mad Money has a disclaimer as does CNBC. The statements made by Cramer were part of his website's news reporting and were disseminated throughout TheStreet.com's network as news.
He did not make these assertions as opinion but rather as fact, which as you know in my opinion consisted of outright lies.
The other part of any potential suit is motive. Some could claim he simply made a mistake or was misquoted.
In this case, Cramer has repeatedly bashed Sirius XM which begins to demonstrate an intent.
In his statement yesterday, he actually admits his intent to cause a selloff of sirius shares:
Quote:
"No matter what I do or say, this stock remains the stock of the people."
From there he proceeds to begin a web of lies.Quote:
"Regardless what I tell people -- that it took too long for the FCC to vote, that the two companies lost almost a billion dollars while the regulators dallied -- they don’t want to sell."
Why waste more time and more money suing a blowhard like Cramer?
What purpose does it serve other than to stroke the bruised egos of us longs?
NONE.
So I vote...NOT to sue Cramer. For the reasons I mentioned above, but ALSO because doing so just makes us look weak.
If we have faith in SiriusXM, and BELIEVE as I do that it's only a matter of time before the synergies become REAL and Wall Street has to take notice....then LET CRAMER BABBLE ON.
You give him too much credit.
The truth is, that if Cramer wasn't even saying anything, the Weinkes of the world would still be bashing it down right now.
Because at the moment...even tho the merger limbo is finally over...we are now in TRANSITION limbo. So the environment is still ripe for the shorts to play of the resulting uncertainty.
BUT...after Mel speaks in September and begins to lay out his plan and show guidance going forward....it will become clearer and clearer.
Will the battle between shorts and longs continue. Yup. Short term there still will be volatility. BUT as each quarter brings new PROOF of SiriusXM profit and growth....Cramer's and Weinke's words will have less and less power of the stock.
And the day that Cramer backpedals and trys to make it seem he BELIEVED in Sirius all along will surely arrive.
Until then, long and strong baby. Long and strong.
This recent video shows Cramer's flip flop on the housing bubble.
How the MSM can pretend that prior policy positions, investment advice or opinions never existed in the age of youtube is ridiculous on its face. The MSM is a joke. This is one of Harold's best Cramer busts, IMHO.
http://www.youtube.com/watch?v=kgPzZJCTSLE&feature=user
I think unless you have him in a private phone call on tape spelling out the intent and steps he was taking in some plot against the stock, any other evidence you can muster is hardly concrete enough to bring a successful lawsuit. Theres always wiggle room, and I guarantee you Jim, and CNBC if you were to bring them in as a defendant, can afford the lawyers to exploit it.
IMO, screw it. As friggin says, its only a matter of time before these problems work themselves out. In the mean time, if it isn't Cramer its going to be some other nut. What are you going to sue everyone who doesn't believe in a rosy future for satellite radio?
Is there a case? Is Cramer a dirtbag? Maybe Does he flip flop on his recommendations? Certainly
We can all agree Cramer is a little fast and loose with the "facts", and he's sensational in his wording. But this is the guy who plays sound effect buttons like they are the bongos, on an FINANCIAL INVESTMENT TELEVISION NETWORK. I don't go around sueing the bum in time square for lieing about the world coming to an end with his cardboard sign. I understand the source of the information is less than credible. If he hasn't convinced you into selling your current position, what's the problem?
Does anyone have any kind of numbers handy on his viewers? How many? What percent of the market in dollars to they command? And more importantly, how many follow his advice?
One bald headed man is not holding back our stock price fellas. Patience. Let's let the combined company shake off the dust and spread its wings.
You present a persuasive argument. You are a thoughtful and intelligent person. I am duly impressed by your logic, reasoning and your ability to express your ideas.
I believe that there is too much fast and loose going on and the small investor is taking it in the neck for the benefit of the big boys who are playing the fast and loosey goosey with every damned thing.
Cramer is now perhaps the most high profile stooge of his domain. A counter argument is that taking Cramer to court would set a good example. The law should be king. If Cramer broke any laws, then he should pay the piper.
Of course, the punative aspect would be the only benefit that shareholders would receive if they were to win a case against Cramer. The lawyers would get rich and the shareholders might get a check for $2.00. This scenario tilts the argument back in your favor. We live in a corrupt society and thats just the way it is.
Sometimes though, its important to do the right and true thing. IMHO, Cramer pumped and is now intentionally damaging the stock to suit an agenda.
Clown or otherwise, he should be held to account.
IMO this is an issue for the SEC.
If a lawsuit was brought against him and it ultimately failed, or even worse fell apart before even making it to a court, that may have an even worse effect.
1.) Shows desperation in the shareholders that they don't believe in the long term prospects of the company alone so they are lashing out at anyone possible to recover their losses.
2.) Might embolden those who manipulate the stock to show they can get away with anything without any real consequences.
I see where you're coming from, and it would be the right thing to do. But the retail holder is always going to take it in the neck no matter what is going on. They simply don't have the available cash, or other resources to be on an even playing field.
I guess its just my personality if I think something is "out of my hands", I shrug it off and worry about the things I can control. Ahh, apathy. Beautiful. :yawn:
i say yes. Enough is enough
I say NO!!! The reason i say that is i do not believe in lawsuits these day's as in everybody sue's for any reason what so ever.............remember the day when the old lady sued McDonalds for spilling hot coffee on herself!!! Well it started there. I'm a firefighter/EMT here in Texas and well the things i see with people on lawsuit's i'm just not gonna get started..............
The overall point is if SIRI is a good investment then it's a good investment and will take off sooner or later. Yes i'm new to working the stock market, but one thing i have learned real quick is that Cramer is not one to buy or sell from. I do watch him from time to time, but mainly to learn lil things like the terms used in the stock market and what not.
Also on another side note i believe people that really really listen to Cramer are new as myself and totally rely on him and do not research on there own the stock he talk's about.
Overall..........If this stock is true it will come out and run up, no matter what anybody say's..........give it time.
I say, it's a waste of time.
When Sirius starts doing better, the stock will start reflecting that.
After seeing Cramer was right on the money, and Mel couldnt stop the bleeding, I say no to sueing Cramer, yes to ousting Mel.