Fixin Profits

So, the Merrill Lynch traders erroneously booked profits, to hit bonus targets, just before time ran out. As soon as they received their bonuses, the numbers were, of course, revised. This, from the NYTimes via Naked Capitalism;

"Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses."

“It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote."

Send the following to any of your friends that think Cramer gives them advice that is, well, honest.



It appears Cramer may use his show to get you to buy, or sell, a stock that he has a contrary position in. He implies that he does this often. Inquiring minds may wonder how many put contracts he had in play the day he told everyone to get out of the market.

Oh, and he thought he could explain this to the interviewer because "it would not be on TV."

Thanks to the Huffington Post and MLImplode for reposting this. I had seen it a couple of years ago, and have thought often about putting it up.

Add to the list of should be jailbirds all the management and traders at Merrill Lynch, as well as Cramer and many of the songbirds at CNBC. There is no way in the world the leaders in the US should think foreign money will help support our markets when the evidence grows, by the day, they are clearly rigged.