Bob Parks is no longer important.
Richard
Thomas wrote..
<Important to whom? He's still the spokesman for the physics
establishment, and a major pain in the ass for anyone attempting to get
funding for research in areas ranging from physics to medicine.
Howdy Thomas,
One must put Parks in context. He " exposed himself".
This can happen as Cramer can now attest.. see below article.Notice the
lawyer for Ropes states that" NOT ALL HEDGE FUNDS"... as if having a few
around don't matter. The scientific community is supposed to be "scientific"
and not a "hedge fund" run operation.
Richard
Published on the web today....
Cramer said some tactics are "blatantly illegal" but sometimes essential for
poorly performing hedge funds.
Cramer said if a market participant wanted to get shares of a company like
Research in Motion lower, then he should first get investors "talking about
it as if there is something wrong with RIMM. Then you call the (Wall Street)
Journal and get the bozo reporter in Research in Motion and you would feed
that (rival) Palm's (PALM, news, msgs) got a killer it's going to give
away," he said. "These are all the things that you must do on a day like
today and if you're not doing it, maybe you shouldn't be in the game.
"It might cost me $15 million or $20 million to knock RIMM down but it would
be fabulous because it would beleaguer all the moron longs who are also
keying on Research in Motion," Cramer said.
He also said the Securities and Exchange Commission does not understand some
illegal activity.
Challenging financial regulators?
Hedge fund lawyer Ron Geffner of Sadis & Goldberg called the interview a
"somewhat surprising confession to make publicly, which definitely invites
suspicion by regulators."
"Whether he violated the law is unclear," Geffner said. "That is dependent
on his trading records. But it's clear that he seems to be challenging
regulators to come and examine him."
A spokesman for the SEC declined to comment on whether the agency is looking
at Cramer's comments. A decade ago Cramer faced an SEC investigation over a
column he wrote for SmartMoney magazine that touted four stocks without
disclosing his holdings in them. He was eventually cleared of wrongdoing,
according to news reports.
Other legal experts criticized Cramer's comments for suggesting that stock
manipulation is widespread among the growing legions of hedge funds, which
are investment vehicles that typically trade much more actively and use more
complex strategies than mutual funds.
"This makes it sound like everyone is doing it, and the reality is that most
hedge funds are not engaged in this kind of manipulative behavior," said
Laurel FitzPatrick, a hedge fund lawyer with Ropes & Gray.
Cramer could not be reached for comment following calls to both
TheStreet.com and CNBC. Spokespeople for CNBC and TheStreet.com were
unavailable for comment.
Who cares about the fundamentals?" he said. "The great thing about the
market is that it has nothing to do with the actual stocks."
