Jim Cramer's bad week just got worseFont size: A | A | A11:54 AM ET 3/13/09 | Marketwatch
11:48 AM ET 3/13/09
Symbol Last % Chg
TSCM 1.96 -3.45%
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NEW YORK (MarketWatch) -- Jim Cramer's week from hell just got even worse on Friday.
Fresh from being dressed down on "The Daily Show" on Thursday night, Cramer had to answer for more bad news when Thomas Clarke resigned as CEO of The Street.com Inc. (TSCM), the online financial news site co-founded by Cramer. Board member Darryl Otte will be the interim CEO.
Cramer, who took the reins as chairman last October, is synonymous with the fortunes of The Street as one of the Web site's signature columnists. The company's share price stood at $2 on Friday morning, underscoring its woes and struggle for survival.
TheStreet made big bets on its commentators, and it counted on a bull market to maintain the public's interest. Problem is, TheStreet's columnists often come across as being shrill and dogmatic. They seem to care more about speaking to one another than informing their readers.
TheStreet somehow got away from the central mission of every business: serve your customers.
Mostly, TheStreet has banked from day one on Cramer's charisma and popularity to make the site seem hip to Wall Streeters. Cramer's frenetic style and commanding knowledge of the stock market were a great draw when stocks were surging.
Now that the markets are trying to rebound from what amounts to a free fall, TheStreet is particularly vulnerable. Since it puts more emphasis on offering pundits' opinions than breaking news, TheStreet must hope that readers will accept its commentators' views as the gospel.
-- Jon Friedman