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Reply #12: "At least he didn't mention... " (Patrick Byrne and Overstock?) [View All]

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Waiting For Everyman Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-13-09 07:29 AM
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12. "At least he didn't mention... " (Patrick Byrne and Overstock?)
I didn't hear that specifically referred to, unless I missed it.

http://www.deepcapture.com/category/2-the-journalists-tried-to-be-players-but-became-pawns/

You'll have to read the whole article for what Cramer did, but here's a snip of Byrne's story...


The day our earnings press release appeared (with my letter embedded in it), Larry Kudlow & Jim Cramer of CNBC invited me to appear on their TV show. I had been on Kudlow & Cramer once or twice by then and they seemed like smart, decent fellows, so I agreed, and drove to the studio in Salt Lake City from whence one does remote interviews. This interview was different from our prior ones, however, in that they attacked me aggresively. The basis of their attack was my use of the mysterious phrase, “Gross profit,” in my discussion of Overstock’s financials. Cramer in particular berated me as if he had caught me in some heinous incantation. They gave me a brief moment to respond, then quickly signed off.

As I drove away from the studio feeling somewhat mystified, my cell phone rang. The caller was a man from deep within Wall Street “smart money” circles, someone known widely within the hedge fund community, who has been friendly to me, and even has looked out for me when he could. He speaks in charming if profane emphatics.

He said, “You know what just happened, don’t you?”

“What do you mean?” I asked.

You want to know what just happened? I’ll f—ing tell you what just happened. Here’s how it works. Those two guys are part of the short-seller community. Cramer especially is part of this ring of hard-charging short-sellers on Wall Street. I’ll bet you anything that one of his buddies is short your company. Whoever it is saw your earnings release, saw you blew your numbers away, got on the phone to Cramer and said, ‘Don’t you dare let this thing start moving. Don’t you f—ing dare let this move!’ So Cramer goes on TV and screams that nonsense at you. I bet my last f—ing dollar that’s what happened. It’s been like this all my career, but it’s never been like this.”


Or... I haven't searched it out yet, but I wonder if CNBC did any whitewash interviews for Madoff in times back, before it became "news" to us? Or any discrediting of the Madoff whistleblower (Markopolos)?
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