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Dow Jones S&P 500 NASDAQ 10-Year Note
10,337.05 1,095.94 2,183.73 34.23
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UP
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RealMoney.com : James J. Cramer


Accounting for the Fall of Homestore

By James J. Cramer

12/26/2001 04:46 PM EST

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Click here for the latest from James J. Cramer

Earlier this year, I praised Homestore.com (HOMS:Nasdaq - news - commentary - research - analysis). I didn't know at the time that it was doing things wrong with its accounting.

That was in August, when I still felt it was being forthright. By October I recognized that things were wrong at Homestore and communicated that, but I admit to being fooled by the folks at Homestore and I regret it.

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Living in the Past With Pageviews

I point this out because I hate making such mistakes, mistakes that might have cost you money, and I apologize for it. The problem is, as always, you can't game accounting shenanigans. You can't game when people don't tell you the truth.

I think people have to realize that when managements don't play it kosher, it's very easy to be fooled. All of us are susceptible to being fooled because we start with the preconception that managements are honest. Had Homestore been honest, I would never have written about it positively.

In the end, it doesn't matter. It's my byline on the story, and I, not Homestore, wrote positively about it back in August. But I just want people to understand that the business world revolves around honest people doing the right thing, and when dishonest people do the wrong thing, you can lose a lot of money.

Again, mea culpa. I didn't catch this one until October when the stock had already been cut in half. My only defense: I was fooled like many others.


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Dow Jones S&P 500 NASDAQ 10-Year Note
10,337.05 1,095.94 2,183.73 34.23
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72.81
UP
51.08
UP
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UP
10.74
UP
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10 Yr
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+0.49%
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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. Check out Cramer's Personal Portfolio, and to find out what trades he'll make before he makes them, sign up for Action Alerts PLUS. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to jjcletters@realmoney.com.
Read our conflicts and disclosure policy.
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Dow Jones S&P 500 NASDAQ 10-Year Note
10,337.05 1,095.94 2,183.73 34.23
Oil *
72.81
UP
51.08
UP
4.01
UP
10.74
UP
0.31
10 Yr
3.42%
SPDR Gold
110.84
+0.50%
+0.37%
+0.49%
+0.91%
Data delayed 20 minutes