A Galling Whodunit

Cramer watched Amgen nosedive on heavy, heavy volume yesterday afternoon and he knew that somebody knew something.
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What did they know and when did they know it? That is how I felt when I read the negative

leptin

/

Amgen

(AMGN) - Get Report

article in

The New York Times

. I had watched Amgen nosedive on heavy, heavy volume yesterday afternoon and I knew that somebody knew something.

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What they knew, of course, was that the

Journal of the American Medical Association

was going to release an article today that said leptin's a bust.

I don't know what the dissemination rules are, but it is pretty obvious that the leptin results are material and therefore should not be selectively disseminated. This kind of unfair playing field galls me. And it should gall anybody who bought this stock yesterday when the news was out to a selective few.

I want to know: Who had that article ahead of everybody else? Who violated the embargo? Who tipped this one off? I want to know this now. So should you. It made a mockery of the even-playing-field thesis yesterday. Everybody loses when that happens, except, of course, the tippees and their tipper friends.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.