CNBC and Jim Cramer are as guilty as the loser stocks they promoted

Frequently we'd talk about the company paid stock promoters and CEOs who sent out totally bullshit press releases about their "amazing" company with a "revolutionary" product that will "shoot to $100 a share by year end." These companies were either total scams or just plain losers. They basically made their money by selling a BS story to sell shares. A lot of them ended up sued by the SEC and investors for securities fraud or they went bankrupt.

We also talked about CNBC, years before he ever worked for them. CNBC has always been known as a "stock promoter." They had loser and scam companies on their show for "interviews." It was nothing more than a false infomercial paid for with connections and favors.

Within minutes of these companies being on CNBC their share price would shoot up. "Insiders" played these swings. We all wished we could get the interview list ahead of time so we could play the run up. Stephen Colbert talks about the "Colbert bump" on his show. It is a very real phenomena. Mention a name on national TV and interest will increase dramatically. CNBC had their own "bump." Most would call it a stock "pump and dump." Share price went up after the show, then down as people took profit and ran.

Later these loser or scam companies could even brag that they were "featured on CNBC" to legitimatize their company. If CNBC had to live up to standards of journalistic integrity, maybe it would be legitimate but that's not the case. They just knowingly allowed snake oil salesmen to fleece their viewers.

I haven't spoken with Cramer in years as I no longer follow stocks as closely. I am a big fan of Jon Stewart so of course I watched the interview. When Cramer said paraphrased "I can't help it if the CEOs lie to me. I thought they were telling me the truth" I had to stand up and yell "bullshit!" There's no way Cramer did not know they were lying! A few hard hitting questions could have easily revealed their lies to the public.

Even the SEC tells the public not to believe CEOs or press releases. The SEC tells people to independently verify the information from the CEOs and press releases themselves. Most press releases have disclaimers which state "do not rely on this press release to make an investment decision." I've tried to verify scam or loser press releases and interview shows only to find out that 99% of the press release or show was totally false.

People say that Cramer's stock picks didn't do too well. I will bet that if you look at the share price of those stocks immediately before and after he promoted them, they went up. That's all that matters to people who played the pump and dump. They don't care about long term. By then they've sold their shares for profit to suckers who rely on TV shows for stock picks instead of doing their own due diligence. Look for the Cramer bump, not long term performance.

I remember a Jim Cramer who used to out scam companies. He thought CNBC was a total stock promoter. I personally feel that Jim Cramer has become a total sell out. I'm actually amazed he went on the Jon Stewart show. What did he expect? Of course he'd be roasted. The Jon Stewart show is no CNBC bullshit show. When Cramer said that his show is more about entertainment, giving the people what they want instead of financial reporting, I knew he'd gone to the dark, dark, shady side of the stock world.