| Jim Cramer | |
| Born | February 10, 1955 [1] Wyndmoor, Pennsylvania, U.S. |
|---|---|
| Occupation | Television personality Author |
James J. Events 1355 - The St Scholastica's Day riot breaks out in Oxford, England, leaving 63 scholars and perhaps 30 locals dead Year 1955 ( MCMLV) was a Common year starting on Saturday (link displays the 1955 Gregorian calendar) Wyndmoor is a Census-designated place (CDP in Springfield Township, Montgomery County, Pennsylvania, USA. The United States of America —commonly referred to as the "Jim" Cramer (born February 10, 1955[1]) is an American television personality, former hedge fund manager, and best-selling author. Events 1355 - The St Scholastica's Day riot breaks out in Oxford, England, leaving 63 scholars and perhaps 30 locals dead Year 1955 ( MCMLV) was a Common year starting on Saturday (link displays the 1955 Gregorian calendar) The United States of America —commonly referred to as the A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment He currently resides in Summit, New Jersey. Summit is a city in northwestern Union County, New Jersey, United States. New Jersey ( is a state in the Mid-Atlantic and Northeastern regions of the United States.
Cramer is the host of CNBC's "Mad Money" and co-founder of TheStreet.com. CNBC (an abbreviation for the " C onsumer N ews and B usiness C hannel" its official name until 1991 is a cable and Mad Money is an American Finance Television program hosted by Jim Cramer that began airing on CNBC on March 14 TheStreetcom is a financial company and Website started in 1996 by Jim Cramer and registered on the NASDAQ Stock Market Cramer has also been a contributor to New York magazine,[2] and an occasional contributor to Time magazine. New York is a weekly magazine concerned with the life culture politics and style of New York City. Time (trademarked in capitals as TIME) is a weekly American Newsmagazine, similar to Newsweek and
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Cramer was born and raised in Wyndmoor, Pennsylvania (outside of Philadelphia) and comes from a Jewish family. Wyndmoor is a Census-designated place (CDP in Springfield Township, Montgomery County, Pennsylvania, USA. Philadelphia (ˌfɪləˈdɛlfiə PLEASE TAKE NOTE************ [3] One of his first jobs was selling ice cream at Veterans Stadium during Philadelphia Phillies games. Philadelphia Veterans Stadium (informally called "The Vet") was a professional sports facility located at the northeast corner of Broad Street and Pattison The Philadelphia Phillies are a Major League Baseball team based in Philadelphia, Pennsylvania, in the United States. Cramer went to Springfield Township High School in Montgomery County. Springfield Township High School is a 8-12th grade High school located at 1801 E Montgomery County is a County located in the US state of Pennsylvania, in the United States.
Cramer graduated magna cum laude from Harvard College in 1977 where he was also president of the Harvard Crimson. Latin honors are Latin phrases used to indicate the level of academic distinction with which an Academic degree was earned Harvard College is the undergraduate section and oldest school of Harvard University, a Private university in the United States founded in 1636 by the Massachusetts Also 1977 (album by Ash. Year 1977 ( MCMLXXVII) was a Common year starting on Saturday (link displays The Harvard Crimson, the daily Student newspaper of Harvard University, was founded in 1873 At this point in his life, Cramer was a staunch leftist, naming his plan to revitalize the Crimson after Lenin's "What Is To Be Done?". What Is to Be Done? (Что делать? was a political pamphlet written by Vladimir Lenin at the end of 1901 and early 1902 [4] Today, an iconic painting of the Bolshevik leader can be seen in the background of the set of his show, "Mad Money. "
After college, following a two-month tenure as the key operator at Congressional Quarterly, he worked as a journalist at the Tallahassee Democrat in Tallahassee, Florida. Congressional Quarterly Inc, or CQ, is a privately owned publishing company that produces a number of publications reporting primarily on the United States Congress Living almost next door to the Chi Omega sorority house and Florida State University, he was one of the first on the scene after serial killer Ted Bundy attacked four women, killing two of them in 1978. Florida State University (commonly referred to as Florida State or FSU) is a public Research University located in Tallahassee Theodore Robert Bundy (November 24 1946 &ndash January 24 1989 known as Ted Bundy, was an American Serial killer. Year 1978 ( MCMLXXVIII) was a Common year starting on Sunday (link displays the 1978 Gregorian calendar) [5] After Tallahassee, he worked at the Los Angeles Herald Examiner as a spot news reporter, covering "basically anyone who died violently in California. The Los Angeles Herald-Examiner was a major Los Angeles daily newspaper published Monday through Friday in the afternoon and in the morning on Saturdays and "[4] While he was covering a shooting in San Diego for the Examiner, a burglar cleaned out both his bungalow in L.A., and his checking account. A bungalow (બંગલો baṅglo, बंगला baṅglā) is a type of single-storey House that originated in India. Los Angeles (lɑˈsændʒələs los ˈaŋxeles in Spanish) is the largest City in the state of California and the American West For the next nine months, he lived mostly out of his car, with a pistol and hatchet for protection. [6]
Following this experience, Cramer moved in with his sister in Greenwich Village. Greenwich Village (ˌgrɛnɪtʃ ˈvɪlɪdʒ often simply called the Village, is a largely residential area on the west side of downtown (southern Manhattan His sister was studying to be a lawyer and encouraged Cramer to become a prosecutor. A lawyer, according to Black's Law Dictionary, is "a person learned in the law as an attorney, Counsel or Solicitor; a person The prosecutor is the chief legal representative of the prosecution in countries with either the Common law Adversarial system, or the civil law Cramer was one of the earliest reporters at American Lawyer magazine, where he worked for founder Steven Brill. The American Lawyer is a monthly law Magazine. It was founded in 1979 by Steven Brill. Steven Brill may refer to Steven Brill (law writer, the founder of American Lawyer magazine Court TV Contentville and Brill's Content [7] Cramer later earned a Juris Doctor degree from Harvard Law School. Juris Doctor (abbreviated JD or JD, from the Latin, Teacher of Law) is a first professional graduate degree and Professional Harvard Law School (also known as Harvard Law or HLS) is one of the professional Graduate schools of Harvard University. [4]
During his years at Harvard, Cramer worked as a research assistant with Alan Dershowitz.
After graduating in 1984, Cramer's plans to become a prosecutor were dashed when he was denied employment with the Office of the United States Attorney for the Southern District of New York, headed at the time by Rudy Giuliani, because his law school grades were deemed not good enough. Year 1984 ( MCMLXXXIV) was a Leap year starting on Sunday (link displays the 1984 Gregorian calendar) United States Attorneys (also known as federal prosecutors) represent the United States federal government in United States district court and The United States District Court for the Southern District of New York (S KBE Per, "Postnominal letters should be included when they are issued by a country or organization the subject has been closely associated with [4]
Cramer obtained employment in 1984 as a stock broker in Goldman Sachs' Sales & Trading department. Year 1984 ( MCMLXXXIV) was a Leap year starting on Sunday (link displays the 1984 Gregorian calendar) A stock broker or stockbroker is a qualified and regulated professional who buys and sells shares and other securities through Market makers or The Goldman Sachs Group Inc, or simply Goldman Sachs ( is a large global Bank holding company that engages in Investment banking securities Cramer's success in this position led him to fund his own hedge fund, Cramer & Co. A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment (later Cramer, Berkowitz, & Co. ) in 1987. Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) The fund operated out of the offices of hedge fund pioneer Michael Steinhardt's Steinhardt, Fine, Berkowitz & Co. Michael H Steinhardt (born in Brooklyn New York) is an American businessman and philanthropist active in Jewish causes , and early investors included Eliot Spitzer (a Harvard classmate and one of his oldest friends) [8], Steven Brill, and Martin Peretz. Eliot Laurence Spitzer (born June 10, 1959) is an American lawyer and former politician of the Democratic Party. Steven Brill (born August 22, 1950 in Queens New York) is best known as the founder of Clear the New York-based startup airport security fast-pass company Martin H Peretz, also known as Marty Peretz, (born December 6, 1938) is an American publisher [1] Despite claims of high returns, Cramer's hedge fund has never produced audited proof of their stated returns.
A year later, Cramer married Karen Backfisch-Olufsen, who was a trader with Steinhardt's firm. More recently, Cramer has been a contributor to New York magazine since 2000. New York is a weekly magazine concerned with the life culture politics and style of New York City. [9] He is also an occasional contributor to Time magazine. Time (trademarked in capitals as TIME) is a weekly American Newsmagazine, similar to Newsweek and [10] Cramer retired from his hedge fund in 2001. It was taken over by his former partner Jeff Berkowitz.
In 1996 Cramer co-founded TheStreet.com with The New Republic editor Martin Peretz, one of his hedge fund's original clients. Year 1996 ( MCMXCVI) was a Leap year starting on Monday (link will display full 1996 Gregorian calendar) TheStreetcom is a financial company and Website started in 1996 by Jim Cramer and registered on the NASDAQ Stock Market The New Republic ( TNR) is an American Magazine of politics and the arts Martin H Peretz, also known as Marty Peretz, (born December 6, 1938) is an American publisher Cramer later had a falling out with Peretz over business matters. Cramer is currently a market commentator and adviser to the TheStreet. com, as well as its largest shareholder. Cramer also manages a charitable trust stock portfolio which is tied to TheStreet. A charitable trust is a trust established for charitable purposes and is a more specific term than " charitable organisation " com through a subscription service called the Action Alerts PLUS Portfolio. Cramer currently works on a new project, Thestreet. com, in an effort to bring stock savyness to Main Street.
Cramer now has his own television show on CNBC, Mad Money with Jim Cramer, which features his rapid-fire opinions on stocks suggested by callers. Mad Money is an American Finance Television program hosted by Jim Cramer that began airing on CNBC on March 14 Mad Money is also well known for over-the-top antics such as Cramer throwing chairs, throwing his latest book whenever a caller mentions it, humorous sound effects, and for the catch-phrase "Booyah".
Cramer frequently takes the show on the road to various U. S. colleges. The name of the show is a play on Cramer's, portrayed for the audience, mental condition.
After being a frequent guest commentator on CNBC in the late 1990s, Cramer co-hosted CNBC shows America Now and Kudlow & Cramer with Lawrence Kudlow in the early 2000s. The 1990s collectively refers to the years between and including 1990 and 1999 America Now is a former Politics and Business TV program on CNBC with Lawrence Kudlow and Jim Cramer. Kudlow & Cramer was a CNBC American business and politics Television program with Lawrence Kudlow and Jim Cramer. Lawrence (Larry Kudlow (born August 20, 1947) is an American conservative, Supply-side Economics advocate and television Kudlow and Cramer split when Kudlow called Cramer 'sweet potato bull macho' on the air on October 17, 2002.
Cramer hosted a one-hour radio show, "Jim Cramer's Real Money," until December 2006. The show was similar to his Mad Money TV show. He also guest hosted in the slot caused by the cancellation of Imus in the Morning (MSNBC and WFAN/Westwood One) in May 2007. Imus in the Morning is an American radio show hosted by Don Imus on ABC Radio Networks and Simulcast on RFD-TV MSNBC is a 24-hour cable television news channel based in the United States and available in Canada. WFAN (660 AM) also known as "Sports Radio 66" or "The FAN", is a Radio station in New York City. Westwood One ( is an American Radio network. It is based in New York City, and it was previously managed by CBS Radio, the Radio
On November 13, 2005, Dan Rather did a sit-down interview with Cramer on 60 Minutes. Events 1002 - English king Ethelred orders the killing of all Danes in England, known today as the St Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Daniel Irvin "Dan" Rather Jr (born October 31, 1931) is a journalist and former news anchor for the CBS Evening News Not to be confused with the BBC news magazine program Sixty Minutes (TV series. Among the topics of discussion were Cramer's past at his fund (including footage of Cramer trading during the 90s at his New York offices), his violent temper while at the fund, and what finally led him to come to his senses and "calm down". Footage of Cramer at his family home with his daughters and wife was also included. On November 15, 2005, Jim mentioned on his program that he received hundreds and hundreds of e-mails after his 60 Minutes interview. Events 655 - Battle of Winwaed: Penda of Mercia is defeated by Oswiu of Northumbria. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. This report was taped before Cramer's radio show, Smart Money with Jim Cramer moved to WOR and became syndicated under the CBS Radio banner.
In 2005, Cramer appeared as himself in two episodes of the now-defunct FOX TV series Arrested Development. Arrested Development is a character-driven American television Sitcom about a formerly wealthy habitually Dysfunctional family. He appeared to first announce that he had upgraded Bluth Company stock to a "Don't Buy" from a "Triple Sell", and then to say that the stock was not a "Don't Buy" anymore, but a "Risky". The Bluth Company, founded by George Bluth Sr, is a Fictional company in the Television series Arrested Development.
Cramer has also made appearances on NBC's Today, NBC Nightly News, Live with Regis and Kelly, ESPN Classic's Cheap Seats, NBC's Late Night With Conan O'Brien, Comedy Central's The Colbert Report, The Tonight Show with Jay Leno, ABC's Jimmy Kimmel Live and NBC's The Apprentice (U.S. Season 7) called The Celebrity Apprentice. Today, also referred to as The Today Show, is an American morning news and talk show airing weekday mornings on NBC. NBC Nightly News is the flagship evening news program for NBC News and broadcasts from the GE Building, Rockefeller Center in New York City. Live with Regis and Kelly is a syndicated American television Talk show, hosted by Regis Philbin and Kelly Ripa. For the Canadian channel of this name see ESPN Classic (Canada. Cheap Seats without Ron Parker (commonly shortened to Cheap Seats) was a Television program broadcast on ESPN Classic hosted by brothers The National Broadcasting Company ( NBC) is an American Television network headquartered in the GE Building in New York City's Late Night with Conan O'Brien is an Emmy Award -winning American late-night Talk show hosted by Conan O'Brien on NBC Comedy Central is an American Cable television and Satellite television channel that carries predominantly Comedy programming The Colbert Report (/kolˈbɛr rəˈpɔr/&mdashthe t is silent in "Colbert" is a Peabody Award and Emmy Award winning American The Tonight Show with Jay Leno is an Emmy Award -winning American late-night Talk show currently hosted by Jay Leno, on The American Broadcasting Company ( ABC) is an American Television network. Jimmy Kimmel Live! is an American late-night Talk show, created and hosted by Jimmy Kimmel and broadcast on ABC. The National Broadcasting Company ( NBC) is an American Television network headquartered in the GE Building in New York City's The Celebrity Apprentice (also known as The Apprentice 7) is the seventh installment of the United States version of the Reality television
He was a guest on the Howard Stern Show on Sirius Satellite Radio on February 4, 2008.
Jim also appears in 2008 motion picture Iron Man spoofing Stark Industries on his show Mad Money. Iron Man is a 2008 Superhero film Mad Money is an American Finance Television program hosted by Jim Cramer that began airing on CNBC on March 14
In 2000, Cramer settled a lawsuit with Fox News Channel in which Fox had claimed Cramer reneged on a deal to produce a show for them. Their conflict began when Fox complained that Cramer promoted TheStreet. com's stock on the air. [11]
In 2002, Nicholas Maier, a former trader at Cramer's hedge fund, released the book, Trading With The Enemy, about his time at Cramer, Berkowitz & Co. In the book, Maier alleged that Cramer and the hedge fund engaged in illegal trading practices. Maier also stated that Cramer was the subject of an SEC investigation. The US Securities and Exchange Commission (commonly known as the SEC) is an independent agency of the United States government which holds primary responsibility Cramer denied the allegations and threatened to sue the publisher for libel. The publisher of the book quickly destroyed 4000 copies of the original release, and re-released it after editing out 4 pages that were possibly libelous. [12]
In February 2006, an SEC investigation into allegations of collusion between short-sellers and a stock research firm led to the serving of subpoenas to TheStreet. com and Cramer, as well as journalists for Dow Jones and Marketwatch. com. Cramer disclosed the subpoena on his Mad Money television show, holding it up to the camera with the word "Bull" handwritten on it. [13] Both Cramer and TheStreet. com refused to comply with the SEC's demands for communications between journalists and their sources, and First Amendment advocates publicly criticized the SEC move. Soon after, the SEC stated it would not enforce the subpoena, and the investigation of the stock research firm was dropped a year later. In April 2006, the SEC announced a new policy on subpoenaing journalists, saying it would avoid issuing subpoenas "that might impair the news gathering and reporting functions. " Any subpoena issued to a journalist must now be approved by the SEC's enforcement director. [14]
The allegations had been raised publicly and in a lawsuit against Gradient by Overstock.com chief executive Patrick M. Byrne. Overstockcom ( is an Online Retailer headquartered in Cottonwood Heights, Utah, near Salt Lake City. Patrick M Byrne (born 1962 Fort Wayne, Indiana, United States is the president CEO and chairman of the Board of directors of Internet In May 2007, it was revealed that the SEC had subpoenaed Byrne in May 2006, in connection with an investigation of the company. [15]
In March 2007, a December 2006 interview from TheStreet.com's "Wall Street Confidential" webcast stirred controversy after it appeared on YouTube.com. TheStreetcom is a financial company and Website started in 1996 by Jim Cramer and registered on the NASDAQ Stock Market YouTube is a video sharing website where users can upload view and share Video clips YouTube was created in February 2005 by three former PayPal employees In the video, Cramer described activities used by hedge fund managers to manipulate stock prices; some illegal and some debatably legal. A hedge fund is a private Investment fund open to a limited range of investors which is permitted by regulators to undertake a wider range of activities than other investment [16] He described how he could push stocks higher or lower with as little as $5 million in capital when he was running his hedge fund. Cramer said, "A lot of times when I was short, I would create a level of activity beforehand that would drive the futures. In Finance, a futures contract is a standardized Contract, traded on a Futures exchange, to buy or sell a certain Underlying instrument " He also encouraged hedge funds to engage in this type of activity because it is "a very quick way to make money. " Cramer claimed that everything he did was legal, but that illegal activity is common in the hedge fund industry. He also stated that some hedge fund managers spread false rumors to drive a stock down: " . . . it's important to create a new truth, to develop a fiction. "[17] Cramer said one strategy to keep a stock price down is to spread negative rumors to reporters he described as "the Pisanis of the world". In Finance, short selling or "shorting" is the practice of selling a Financial instrument that the seller borrows first (does not own and then Robert Pisani is a news correspondent for financial news network CNBC. "You have to use these guys," said Cramer. He also discussed getting "the bozo reporter from The Wall Street Journal" to publish a negative article. [18] Cramer said this practice, although illegal, is easy to do "because the SEC doesn't understand it. "[19][20]
On the Tuesday, March 11, 2008, episode of Cramer's show Mad Money, a viewer named Peter submitted the question "Should I be worried about Bear Stearns in terms of liquidity and get my money out of there?" Cramer responded "No, no, no! Bear Stearns is fine! Do not take your money out. The Bear Stearns Companies Inc, based in New York City, was one of the largest global Investment banks and securities trading and brokerage If there's one takeaway. . . Bear Stearns is not in trouble. If anything, they're more likely to be taken over. Don't move your money from Bear! That's just being silly. "[21]
There is some disagreement over what Cramer meant by these comments. Some say that the viewer was asking whether he should keep his investment in Bear Stearns common stock (NYSE: BSC), and Cramer was advising him not to sell the stock in the belief that a company would pay a premium to acquire Bear Stearns. [22][23] If this is the case, it was a disastrous recommendation, since BSC stock fell 92% over the next few days, on news of a Fed bailout and $2/share takeover by JPMorgan. JPMorgan Chase & Co ( is the largest Banking institution in the United States by deposits and market capitalization and is one of the oldest operating Historically, Cramer had been bullish on Bear Stearns, making open recommendations of the stock until the price hit the $30 range on March 14, 2008. It was at this point that Cramer finally called the stock "worthless". Additionally, Cramer defines "mad money" as the money one "can use to invest in stocks . . . not retirement money, which you want in 401K or an IRA, a savings account, bonds, or the most conservative of dividend-paying stocks. "[24]
Others think the viewer was asking whether he should withdraw money he had in a brokerage account at Bear Stearns. In other words, is it possible that the liquidity crisis at Bear is so bad, the viewer will not be able to get his money out of his Bear Stearns account?[25] On March 17, 2008, Cramer claimed he meant the latter explanation, rather than the previous one. [26] However, Cramer would not have known at the time that he was making his comments that the Federal Reserve would assume the risk of Bear Stearn's less liquid assets. Had the Fed not guaranteed the JP Morgan Chase transaction, Bear Stearns would have gone bankrupt and brokerage account holders might have lost money except for the amounts guaranteed by the FDIC ($100,000 in deposit accounts) and the SIPC ($500,000 in brokerage accounts). The Federal Deposit Insurance Corporation ( FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933 The Securities Investor Protection Corporation (SIPC is a federally mandated non-profit Corporation in the United States that protects securities The Fed cannot bail out banks that are not threatened by the prospect of immediate bankruptcy.
However on a later Mad Money episode the original caller was interviewed briefly by Cramer over the phone and was asked to clarify his original question, which was indeed related to his money held in his Bear Sterns account.