EXPLAINER: How We Got So F*cked

If you haven’t been following the Jon Stewart Vs. CNBC cage match, CLICK HERE and get yourself schooled. Huffington Post just unearthed this 2006 interview with the execrable Jim Cramer, now a shouting head on CNBC, bragging about all manner of unethical and illegal activity he conducted back when he was a hedge fund manager — just one more carelessly tossed stone of self-interest that has reduced the hall of mirrors that was our financial sector to the sad pile of broken glass it is today. Here is some of what he said back in 2006:

-On manipulating the market: “A lot of times when I was short at my hedge fund, and I was positioned short, meaning I needed it down, I would create a level of activity before hand that could drive the futures,”

-On falsely creating the impression a stock is down (what he calls “fomenting”): “You can’t foment. That’s a violation… But you do it anyway because the SEC doesn’t understand it.” He adds, “When you have six days and your company may be in doubt because you are down, I think it is really important to foment.”

-On the truth: “What’s important when you are in that hedge fund mode is to not be doing anything that is remotely truthful, because the truth is so against your view – it is important to create a new truth to develop a fiction,” Cramer advises. “You can’t take any chances.” [via HUFFINGTON POST]

[Hat tip to P. Ryddy]

UPDATE: CNBC’s Jim Cramer is scheduled to appear on Stewart’s show tomorrow night in culmination of a week-long basic-cable feud, and the sitdown was CNBC’s idea, Gawker has learned.

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