I just witnessed a great example of how coddled and protected CNBC's rock star ex-hedge fund manager Jim Cramer has become.
While conducting a multiple-person discussion of today's government suit against Goldman Sachs regarding some of its CDO dealings during the financial crisis, co-anchor Erin Burnett attempted to moderate an exchange between Cramer and a guest analyst.
(Author's Note: The guest's name was Sylvain Raynes.)
Almost from the beginning, Cramer began posturing and making statements with an air of complete certainty. The analyst called Cramer into question, and Cramer immediately attacked the guy.
Here's the video of it.
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As the exchange became heated, Raynes referred to Cramer- and others- as having some being 'PR for'Goldman, to which Cramer reacted explosively.
As the analyst tried to respond to an assertion of Cramer's, Cramer kept interrupting and talking over him, claiming that Raynes implied Cramer was paid by Goldman. But that's not what Raynes said.
And it would make quite a bit of sense for Cramer to function as an unpaid Goldman PR guy, because that way, he maintains his sources. One might conclude the same for David Faber.
One thing that's been true of CNBC in recent years is that the anchors, reporters and 'contributors' rarely, if ever, accuse any large, important entity or person of doing anything bad or criminal. After all, their business is financial entertainment. They want to attract sources, like, this morning, BofA's Brian Moynihan.
You can't get those people to talk to you if they believe you might speak truthfully, but negatively, about them, too.
Finally getting a few sentences out free of Cramer's bluster, Raynes noted the forum, how in-depth explanations were not really possible, and then coyly said he'd 'keep it shallow out of deference to Mr. Cramer,' or words to that effect.
Burnett suddenly decided personal attacks were now out of order, admonishing the analyst for daring to insult Cramer on the air.
Within the minute, Burnett went to a break, reprimanding the analyst and forthrightly telling viewers that all the participants, except for Raynes, would be back. Then, after they'd cut the analyst's feed, she chided him for his on-air comments to Cramer.
Funny how, when Cramer was lambasting the guy, Burnett was silent. As soon as Cramer was on the receiving end, they banished the offending guest.
Yet, CNBC staffers must have found and vetted the guy beforehand. These so-called guests aren't accidental. The program staffs have to recruit people to come on-air on short notice with relevant expertise. It's not like Raynes snuck onto the program unnoticed or unknown.
I guess it goes to show how heavy-handed CNBC's on-air staff will behave in order to protect their own. Free exchanges of comments aren't really free. If a CNBC sacred cow is in danger, the plug is pulled before any interloper could do damage to a franchise player like Cramer.
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More background and articles written by Sylvain Raynes on quantnet.com
http://www.quantnet.com/sylvain-raynes-v-jim-cramer
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