SIRI Intraday Updates for the Week of 3/09/09

[mogami]

seems everyone lost interest after the first hour. It appeared we would have 40 million easy.

[Los Tiburones]

I didn't watch the video yet but it's apparently several years old where Cramer talks about illegal activity while he was a hedge fund manager. I always thought all those people who bitched about the stock market being fixed were paranoid, now I'm one of them!

http://www.huffingtonpost.com/2009/0..._n_173824.html


In light of the current economic crisis, and with the hullabaloo ignited recently by Jon Stewart over the accuracy of CNBC's reporting, we thought it might be useful to revisit this shocking 2006 interview Jim Cramer gave to TheStreet.com's Aaron Task.

In it, the host of Mad Money says he regularly manipulated the market when he ran his hedge fund. He calls it "a fun game, and it's a lucrative game." He suggests all hedge fund managers do the same. "No one else in the world would ever admit that, but I could care. I am not going to say it on TV," he quips in the video.

He also calls Wall Street Journal reporters "bozos" and says behaving illegally is okay because the SEC doesn't understand it anyway.

Here are some gems:

-On manipulating the market: "A lot of times when I was short at my hedge fund, and I was positioned short, meaning I needed it down, I would create a level of activity before hand that could drive the futures,"

-On falsely creating the impression a stock is down (what he calls "fomenting"): "You can't foment. That's a violation... But you do it anyway because the SEC doesn't understand it." He adds, "When you have six days and your company may be in doubt because you are down, I think it is really important to foment."

-On the truth: "What's important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view - it is important to create a new truth to develop a fiction," Cramer advises. "You can't take any chances."

Special thanks to our tipster Henry Chukuka! Keep those tips coming team!

For more on Jim Cramer and shorting stocks, click this.

That was educational. AmenhotepIII, did you give it a watch yet? I am still quite the newbie and have learned a great deal in the last year or so ... Talk about manipulation ... that word 'create' that he kept refering to, amazing that anyone could possibly belive a word he says in light of all this.

[Big Ben]

need quick info is CC tomorrow...I thought it was 17th. I have had 20k for sale at.16 all day won't break into .16. WHats the skinny?

[Big Ben]

stock has not traded at .16 all day. .159 hugh wall. IMHO. Anyone level 2?

[mogami]

Hi it was at .16 several times. everytime share builder site was broke it sat at .16

[RickF]

need quick info is CC tomorrow...I thought it was 17th. I have had 20k for sale at.16 all day won't break into .16. WHats the skinny?

Yes at 8am ET March 12th.

[Sirius_Long_Hauler]

CC should be tomorrow, not the 17th. Are you trying to stay in for the CC, or get out?

[Big Ben]

get out, have cash for tomorrow. I feel the conference call will be Mels best and maybe his coming out party. Good news will cause the stock to fall. I am not sure why but thats how it works.

[MLSiri]

stock has not traded at .16 all day. .159 hugh wall. IMHO. Anyone level 2?

over 2 million waiting at .16; looks clear to there (only a 84k block at .159).

[SiriusHope]

i bought 10,000 when it was as low as .0576 it got my average for 40,000 shares down to .35...i will be longggggggg long for next year or so. Why would I want to sell those 10k shares to make a miserable $1000. when i will never be able to replace them that low.


nice to see a close of.16 today