Tags: cramer | memoir

Revealed: Cramer Has Always Been That Way

Thursday, 30 Jul 2009 12:39 PM

By Marc Davis

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"Mad Money" may be the perfect name for Jim Cramer's CNBC show, according to his former hedge fund partner.

Todd Harrison, in his new tell-all book, "Memoirs of a Minyan,” says Cramer acted with maddening volatility, throwing furniture, trading stock erratically, and saying the wrong thing at the wrong time, says a report in the New York Post.

In 2000, when Cramer was running Cramer Berkowitz, the hedge fund he began after exiting Goldman Sachs, he was throwing temper tantrums along with the furniture, said Harrison, a partner in the firm.

Cramer's company bailed presciently out of their dot-com holdings before the sector went bust.

But Cramer's questionable trades nibbled away at the firm's profits by acquiring positions in Microsoft, Morgan Stanley, and other dot com firms, said Harrison.

"He would haphazardly make trades. ...We'd go from hugging each other to screaming at each other," writes Harrison. "It was so intense every day."

Today, it's the same old Cramer story, says the Post.

For example, the "Mad Money" anchor urged his audience to buy Wachovia stock in the wake of CEO Bob Steele's appearance on the show. Steele and Cramer had worked together at Goldman.

But Steele, says the Post report, stretched the truth about the strength of the bank's real estate portfolio.

Cramer subsequently did a mea culpa for his recommendation and later apologized for other comments on his show.

Cramer says in response: If the Post wants the "straight story," read his 2003 book, "Confessions of a Street Addict."

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