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Keeping Jim Cramer Honest

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Here's the problem with CNBC: It ostensibly caters to the individual investor, upon whom the network's ratings are based, while at the same time representing the interests of the Wall Street establishment.

Do you see the issue here?

It's that these two positions are mutually exclusive. They can't simultaneously co-exist in the same entity, no matter how hard that entity may or may not try to accommodate them both.

The reigning textbook example had been Maria Bartiromo's indomitable defense of AIG (NYSE: AIG  ) and its former CEO Hank Greenberg for their role in a series of allegedly fraudulent reinsurance transactions entered into more than a decade ago to artificially boost the insurance company's then-waning stock price.

For the record, both AIG and Greenberg settled the charges against them, agreeing to pay fines of $1.6 billion and $15 million, respectively. And lest you think they did so merely to appease the government, the company also went back and restated its earnings to the tune of $2 billion.

Thus, despite Bartiromo's curious insistence to the contrary, the settlements leave little room to dispute that AIG was in all likelihood guilty of the charges alleged. It effectively admitted to it, paid a then-record fine, corrected its earnings, and moved on to greener pastures -- that is to say, underwriting credit default swaps for everyone and his mother in the lead-up to the financial crisis.

The good news for Bartiromo is that this gleaming example of conflicted "reporting" has now been surpassed by her illustrious colleague Jim Cramer. I can't even begin to do the piece justice, so I'd simply encourage you to watch the following video and draw your own conclusions.

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Read/Post Comments (4) | Recommend This Article (10)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On October 27, 2013, at 1:26 PM, steinmetzjr wrote:


  • Report this Comment On October 28, 2013, at 12:10 AM, adasand wrote:

    Maria Bartiromo is a corporate whore, that is exactly what she is. Jim Cramer on the other hand is also a whore but he benefited from the financial system.

  • Report this Comment On October 28, 2013, at 4:00 AM, Realexpectations wrote:

    and yet they say he does the

    "fake news"

    I think they call it that because its what should ACTUALLY BE ON THE NEWS!

  • Report this Comment On October 28, 2013, at 2:01 PM, donlefkowitz wrote:

    I pay good money for Foolish advice. John Stewart, really? Don

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