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Technology Stocks : TheStreet.com, Inc. (TSCM)

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From: StockDung1/15/2006 5:57:27 PM
   of 1821
 
Jim Cramer Chronicles; Paranoid Lap Dog makes threats

thesanitycheck.com

Jim Cramer Chronicles; Paranoid Lap Dog makes threats
Location: BlogsDave Patch's Blog
Posted by: dpatch 1/15/2006 7:17 AM
This New Year started off with a bang. Two Stockgate Today articles apparently struck a nerve with the infamous James Cramer, lap dog to the Hedge World, and Jimmy responded with legal threats of defamation and libel.



Being an engineer and not part of the “media” world, I was at first concerned and then concern led to intrigue. EVERYONE I told this bizarre story to said the same thing – “Why would Cramer care about what you had to say.” I thought I had answers; Ego being on top of the list.



But then as I dug deeper into the articles and the statements I made, I thought maybe there were other issues Jimmy didn’t want discussed in the open public anymore.



First and foremost; TheStreet.com IPO. The foolish management sold the company stock to the public with the preferred clients of the underwriters benefiting far greater than the company itself. Jimmy, the Wonder Pup who thinks he can move markets, created a royal blunder as this co-founder of TheStreet.com took the company public at $19.00 yet the open public trading ranged between $60 - $70/share. The relationship between jimmy and the underwriters was---cozy as some might say. The IPO snafu resulted in a Lawsuit against TheStreet.com; TheStreet.com IPO, et al v. Thestreet.com, Inc., et al (CIVIL DOCKET FOR CASE #: 1:01-cv-10970-SAS). Results of the case are unknown.



For the record, Jimmy has continued to perform handsomely as Director of TheStreet.com as the company has increased the accumulated debt to $155 Million with the first profitable quarter taking place --- last quarter. A pig if I ever saw one. With a quarter profits of $1.6 Million it will take some time to eliminate the debt accumulated. But Jimmy is good at judging the performance of management and Directors.



I also called Jimmy a self proclaimed short seller extraordinaire and that has to be defaming, Jimmy being so critical of short sellers and all. I think in his December 30th article he called them the smartest people on Wall Street and we know that since Jimmy is not, it has to be libelous.



Maybe it was Jimmy’s past he was worried about. A checkered past that led to an SEC investigation into claims of Cramer hyping the stocks in his personal trading book. While the SEC investigation closed without action, former Cramer & Company employee Nicholas Maier wrote a book detailing how Cramer worked closely with others to aide the funds in moving positions. Could it be that Jimmy is still aiding today and doesn’t want his past brought back up? Some that track his stock picks see a pattern forming. Heavy volumes after calls are absorbed by sellers getting out and once the volume, and calls, dries up the prices collapse. A modern day public scam? I really don’t know and wouldn’t know how to prove it one way or another. I would suggest you watch for patterns before buying into the Cramer shuffle.



And then there were those parallels between Jimmy and David Rocker. It appears that any reporter that tries to link TheStreet.com to David Rocker and Gradient gets one of these nasty grams from Jordon Goldstein, General Counsel to TheStreet.com. Apparently Jimmy is trying to distance himself from one of the largest shareholders in Thestreet.com. Jimmy even claims he has never met the guy outside of one occurrence at the grocery store. But Jimmy, David Rocker, and Jimmy’s wife all worked for the same firm around the same time. Jimmy and the wife were not married at that time. And Jimmy lives only a few blocks away from his best supporter in TheStreet.com. And they never met?



There is a litany of other possible explanations for the bizarre behavior out of Cramer and the boys. None too appealing to the integrity of this man who claims he is out to aide the little guy in “making you money.” Is he really looking out for the “Average Joe” or is he out to make himself and those Hedgies he befriends money as he uses the average investor as the pawns?



Ff you want to see first hand this chronicle of events, including the Cramer Complaint and my response go to investigatethesec.com and scroll down to the section titled "Cramer Chronicles" You can read the e-mails (check the date stamps) and the complaint that came from TheStreet.com. You will also see the formal response that was carefully crafted by a friend as well as the counter complaint I filed with Thestreet.com. A little tit-for-tat.



Ironically, the bluster of TheStreet.com to intimidate me and harass me was respected enough by me to respond. TheStreet.com does not have such equal integrity as they simply blew off the evidence I provided Goldstein regarding Cramer’s published article. The published article was bogus and riddled with factual inaccuracies but it fit the agenda and it was written by a director of the company.



Cramer, the man, has been reduced to a mouse. A lap dog to the Wall Street Hedgies and Jimmy has no way out.



As for this whole legal matter, think about this. Cramer has enough financial capital to afford his own attorney’s if he feels he has been PERSONALLY defamed. Instead, Cramer uses the legal counsel of TheStreet.com as his personal attorney. Defamation is a personal matter, should the Director of a pig company like TheStreet.com be using employees of the company to fight a personal issue? Is this proper use of assets and expenses? Is this attorney available to all TheStreet.com employees for private use or is Jimmy just one of the lucky ones?



Just more things to think about as you read the claims, e-mails, and watch Jimmy on TV. The articles in question remain at www.investigatethesec.com and can be read against the allegations made. They are in the exact form they were at the time the claims were submitted by Mr. Goldstein. Note how factually inaccurate the claims were and yet the claim was about factual inaccuracies.

Of course for arguements sake...This is all my personal opinion.


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Re: Jim Cramer Chronicles; Paranoid Lap Dog makes threats By Blackbartpo8 on 1/15/2006 10:08 AM
DOUBLE BOOYAH DAVE! I look forward to following this story. I am sure that the good ole boys are not done with you and that you will have many more exciting tales to tell in the future that will be just as ridiculous. Maybe you will even get your own TV show titled "Crybabies and Crookson Wall Street" BOO HOO YA!

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Re: Jim Cramer Chronicles; Paranoid Lap Dog makes threats By blackbartpo8 on 1/15/2006 10:33 AM
When you get your new show called "Crybabies and Crooks on Wall Street" you can have a fast paced period at the end called the Merry-go-Round where callers can yell YABADABABOOYA DAVE and you answer YABADABABOOYA! Then they can submit names for you to identify as Crooks or Crybabies. You scream the answer and then bring on the sound effects such as baby sounds or jaildoors slamming!

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Re: Jim Cramer Chronicles; Paranoid Lap Dog makes threats By Patchie on 1/15/2006 2:48 PM
FWIW.. All the Cramer Corrspondence including TheStreet.com complaint and my response is available at investigatethesec.com. Just scroll down to the Cramer Chronicles section and enjoy the reading.

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