Streeet.com CEO Quits After Cramer's TV Flameout

[Hissyspit]

Source: Crains New York

March 13, 2009 7:00 PM
Street.com CEO quits after Cramer’s TV flameout

Thomas Clarke, longtime chief executive of the financial news Web site, abruptly leaves, “effective immediately.” Friday brought more tumult for CNBC anchor Jim Cramer, when the chief executive of his online financial news site, The Street.com, resigned. The company announced Friday that Thomas Clarke, TheStreet.com’s CEO for the past decade, would be leaving, effective immediately. He’s been temporarily replaced by Daryl Otte, a longtime director on the company’s board, who will serve as chief until the search committee, which he is leading, finds a new CEO.

- snip -

The abrupt nature of Mr. Clarke’s departure only adds to the company’s troubles in the current bear market. Its stock dropped below $2 per share this week, down from $9.50 per share a year ago.
The stock in recent years had traded as high as $16 per share in December of 2007, but has suffered with the decline in the media and advertising markets. Its success was tied closely to Mr. Cramer’s popularity, and the recent heavy criticism of his bombastic television personality may be reflected in the company’s performance.

Mr. Cramer was one of the biggest cheerleaders for the bull market through his show Mad Money. Since the market’s collapse last year, he’s come under heavy criticism for encouraging investors to believe that firms such as Bear Stearns, Lehman Brothers, Wachovia and Citigroup were sound investments, when they were instead teetering on the edge of collapse. He caught flack last fall for creating market hysteria in October when he commanded viewers to “get out of the stock market now.” He later clarified his stance, saying that investors should take out of the market any money they think they’ll need for the next five years.

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A Comedy Central spokeswoman said Friday that show featuring Mr. Cramer drew 2.3 million total viewers, making it second most-watched episode this year and one of the top 10 most-watched episodes in the program's history.

Read more: http://www.crainsnewyork.com/article/20090313/FREE/903139975

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Hat-tip to DUer marmar.

[Salviati]

1. So who else is waiting for the political cartoon:

Jon Stewart in a WWII fighter plane with the logos of crossfire and mad money stenciled on the side...

[rocktivity]

2. Hmmm..are there legal stormclouds brewinng on Mr. Clarke's horizon

or was he just plain THAT embarrassed?

:headbang:
rocktivity

[dixiegrrrrl]

3. Song by Queen dancing thru my mind....

[sce56]

6. Another one bites the dust?

[dixiegrrrrl]

11. 'Zactly.

[Earth Bound Misfit]

12. This one fits nicely, also IMO

Too late,my time has come,
Sends shivers down my spine-
Bodys aching all the time,
Goodbye everybody-Ive got to go-
Gotta leave you all behind and face the truth-

[Historic NY]

4. Good riddens.

[TheWatcher]

5. Hopefully the WHOLE NETWORK will resign after last night.

CNBC not only KNEW all of this stuff was going on, they FACILITATED It, and they were COMPLICIT in carrying it out. They are ACCESSORIES.

Indict, Convict, Incarcerate.

[Monk06]

7. Cramer is a crook and should be in jail. He is the high priest of the naked short and

has made a bundle front running companies and
then shorting their stock into the toilet.

He's a fucking gangster and needs to go to
a place where he eats his meals with a plastic
spoon.

[notesdev]

10. He basically confessed to a felony on national TV

He could be looking at a long jail sentence. He's screwed.

[notadmblnd]

8. Awwww. don't take your chips off the table and go home now Mr. CEO,

the game is just getting interesting.

[notesdev]

9. I just saw the whole thing...

All I got to say is, wow! Cramer got taken to the woodshed. This is historic.

I've been calling for prosecutions as a means to restore the integrity of the market for a long time. If there's no penalty for fraud, nobody is going to put their money in.