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Jim Cramer on Stock Market Manipulation -- Hang him
From: David Farber <dave () farber net>
Date: Sat, 14 Mar 2009 15:22:00 -0400
Begin forwarded message: From: Bob Drzyzgula <bob () drzyzgula org> Date: March 14, 2009 8:52:11 AM EDT To: David Farber <dave () farber net> Cc: ip <ip () v2 listbox com> Subject: Re: Jim Cramer on Stock Market Manipulation -- Hang him On 14/03/09 07:05 -0400, David Farber wrote:
Begin forwarded message: From: Wulf%20Losee <qx49 () comcast net> [...] Is it an offense under currentSecurities and Exhange laws to spread baseless rumors? Cramer says "no" -- not if you don't have insider knowledge. So the knowledgeless have power to sway the sentiment of the market, whereas the knowledgeble haveto keep silent. Ironic?
Um, no. Especially if you are talking specifically about *baseless* rumors, and the spreading -- as opposed to creation -- thereof, then someone with no inside knowledge might possibly be excused under the argument that they were only reporting what was being said by others [1]. However if someone *with* inside knowledge -- knowledge that a rumor is in fact baseless -- repeats that rumor then they are perpetuating the fraud. While Wulf didn't specifically address this in what he said here, I certainly hope that Cramer would agree (although that 2006 video might suggest that he doesn't) that it should *not* be OK under any circumstances to *create* baseless rumors, i.e. to make stuff up out of whole cloth simply for the purposes of manipulating the market. Because even if you don't have inside information about what is going on inside a company, you should at least know that you *don't* know what you are talking about when you are fabricating such a story, i.e. you at least have "inside information" about the rumor, if not the company. --Bob [1] Although, as Stewart pointed out in the interview, the reporter could at least do the listener the courtesy of checking the story out a bit before repeating it. ------------------------------------------- Archives: https://www.listbox.com/member/archive/247/=now RSS Feed: https://www.listbox.com/member/archive/rss/247/ Powered by Listbox: http://www.listbox.com
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- Jim Cramer on Stock Market Manipulation -- Hang him David Farber (Mar 12)
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- Re: Jim Cramer on Stock Market Manipulation -- Hang him David Farber (Mar 13)
- Re: Jim Cramer on Stock Market Manipulation -- Hang him David Farber (Mar 14)
- Jim Cramer on Stock Market Manipulation -- Hang him David Farber (Mar 14)
- Re: Jim Cramer on Stock Market Manipulation -- Hang him David Farber (Mar 14)