Cramer to Write $50k Check to Bolling's Charity
On Monday, we referenced the bet between Jim Cramer and Eric Bolling.
Today's NYPost runs with the story: " 'MAD' JIM CRAMER LOSES GOLDEN $50K BET"
"Should stock jockey Jim Cramer be locked up for aiding and abetting the subprime market meltdown? The host of CNBC's "Mad Money" now owes $50,000 after losing one of the worst wagers of his entire career to rival trading wiz Eric Bolling.
Cramer, who favors the phrase "Boo Ya," made an on-air bet with Bolling about a year ago that financial services would be the hottest sector of 2007. Bolling, a former trader at the New York Mercantile Exchange, placed his money on oil and gold.
Investors who took Cramer's advice would have taken a 30 percent hit to their portfolios as the stocks of financial titans such as Citigroup and Merrill Lynch got hammered by the mortgage crisis. On the other hand, investors savvy enough to follow Bolling's bet on gold and oil would have hit the jackpot, as the hot commodities jumped over 60 percent in the same period.
Cramer, through a spokesman, blamed his loss on Federal Reserve Chairman Ben Bernanke's failure to cut interest rates more aggressively. "The bet turned on Jim Cramer emphatically calling for the Fed to ease rates. The Fed didn't follow Jim's advice, and as a result he'll be happy to write a check to the charity of Eric's choice," a spokesman said.
I frequently disagree with Jim about many things, and call him out when he is wrong (and we was wildly, insanely wrong rec'ing Financials in 2007). However, to suggest Cramer is in anyway responsible for the sub-prime meltdown is patently absurd.
And, to give credit where its due, Cramer handled the loss like a gentleman, making good on the bet.
I guess this just means the NYPost is, well, the NYPost . . .
>
Source:
'MAD' JIM CRAMER LOSES GOLDEN $50K BET
ZACHERY KOUWE
January 18, 2008
http://www.nypost.com/seven/01182008/business/mad_jim_cramer_loses_golden_50k_bet_44498.htm
Saturday, January 19, 2008 | 04:30 AM | Permalink
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Rational people take responsibility for their actions. Therefore, when a trade goes bad, accept it and more importantly, deal with it. Even now, Jim Cramer isn't able to do this! Blaming the Fed for not taking his advice is comical, but sadly, to him, it is his reality- he is the most insecure person I have ever seen on TV. To the point of his wager with Bolling, I am glad to read he paid up. However, lets realize, as late as Spring '07 he was touting financials, HD and Lowe's, claiming all was fine; he even had Angelo Mozilo on as he was selling the stuffing out of his holdings of Countryfried! Two thumbs up, way up! Aside from this instance, it is sad to see that CNBC has promoted him like they have, he's become the face of the network. It is as though the network is reaching out to the get rich quick crowd now, these "Millionaire Inside" shows reek like infomercials. Suze Orman? Puhleeze! Anyone catch the house flipping series they started to air? Hello, have any of CNBC's producers listened to what has been going on lately? House flipping shows on CNBC? What's next, the squirrely, annoying guy in the jacket with symbols on it selling gov't grant info to host a show after Kudlow? It truly is Bubblevision. Yet we all tune in at some point of the day. Say it ain't so!
Posted by: AJF | Jan 19, 2008 8:10:12 AM
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