Am I an idiot, or did Howard Stern just do the greatest pump and dump in history? Did he not say that things were great and that
was doing well? Did he not just come on television, ring the opening buzzer or whatever they have at the
and get all lathered about the stock?
And now he's free to sell 34 million shares?
First, let's stipulate: He's above the law. Stern is different. He's a jovial, intelligent rogue, and rogues can do what they want.
I mean, how many people went and bought the stock much higher because of what he just said, and now will feel compelled to "average down" when Stern does his selling?
Now, you could argue that Stern knew nothing and that he simply doesn't matter. He can say what he wants because he is a big star. But last I looked, there was no Big Star immunity to the 1934 Act.
No matter, though. If he dumps after his pump, he'll get away with it, even as the government picks on just about every little guy out there who does something wrong.
I guess we all just have to get bigger to start pumping and dumping.
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. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for
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