CNBC's Cramer: Job Brings 'A Lot of Death Threats'
Giving financial advice, especially on TV, is more dangerous than you might think.
CNBC âMad Moneyâ host Jim Cramer appeared on the April 3 âSquawk Boxâ and claimed he has received âa lot of death threats.â He blamed it on the way he critiqued certain stocks which triggered angry and sometimes over-the-top emotions.
âYou know, look, obviously Iâve had a lot of death threats,â Cramer said. âTheyâre actual death threats. And, you go to the state police and the state police go to the local police and the local police call the guy and thatâs what you have to do, or you bring suit against them. Iâve had to do a lot of that.â
Cramer emphasized his active response to anyone who threatened his life.
âYou know, the death threats are not cool,â Cramer said. âYou know, anybody with a death threat, I go after them with everything I have.â
âSquawk Boxâ co-anchor Joe Kernan told viewers he had gotten negative feedback also, but was in disbelief that people on the street might act in that manner.
âThe ones that are like that, I say, âGod, I hope youâre on the prison PC or youâre in your parentâs basement, hopefully not in
Cramer blamed the spotlight and said that attracted people with a âstalking personality.â
âThere are people who just go overboard,â Cramer said. âTheyâre people who stalk [David] Letterman. They are people with a stalking personality and they go after people who are on TV.â
Cramer and Kernan were discussing the common stock of MEMC Electronic Materials, Inc. (NYSE:WFR) on the show. Cramer used that stock and Garmin Ltd. (NASDAQ:GRMN) as examples of how his criticisms of particular stocks might lead to an extreme emotional response as such as a death threat.
âYou own Wafer, WFR; you own MEMC â weâre saying negative things about it, right,â Cramer said. âThereâs someone out there saying, 'Wait a second, itâs not nearly as bad. Garmin â wait a second, that Joe just said he doesnât like Garmin. Well you know what, I own Garmin, to heck with Joe.â And thatâs how it spirals.â
Cramer was much criticized by another stock commentary recently. Just days prior to the Bear Stearns (NYSE:BSC) takeover by JPMorgan Chase (NYSE:JPM), Cramer told his March 11 âMad Moneyâ audience Bear Stearns was fine and not to move your money from the investment bank. On the news of the takeover on March 17 the JPMorgan was getting Bear Stearns for $2 a share, the stock plummeted over 80 percent at the open of the exchange floor. Cramer clarified his statement to say he mean the bank itself, not its common stock. But he was still lampooned on âThe Daily Show.â