Jim Cramer Hints Snapchat Helps Insider Trading
US Attorney says he has no idea what he's talking about
By Kevin Spak, Newser User
Posted Jul 17, 2013 2:29 PM CDT
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(Newser) – Remember when reports started trickling in about Wall Street bankers' love of Snapchat, the photo-sharing service that lets you send self-destructing messages? Well, it looks like we're not the only ones who suspect they're using them for more than sexting and off-color jokes. Jim Cramer sat down with US Attorney Preet Bharara—whose beat includes New York City, and hence Wall Street—at a CNBC conference today, and asked if the feds could catch Snapchat insider trading:

  • "My daughter and I Snapchat. OK, it disappears in three seconds," Cramer said. "Can the bad guys Snapchat, 'Go buy Leap Wireless' at 3:45 on Friday and get away with it, because you don't have the technology to stop it?"
  • Bharara: "I don't even know what you're talking about. Have your daughter call me."

So does Cramer know something we don't? Daily Intel thought the clip represented Cramer "narcing" on Wall Streeters, and Bruce Carton at Compliance Week says he's "a little disappointed that I didn't figure this angle out on my own." Bharara says "nobody should feel comfortable" that they won't get caught "no matter what method of communication" they use.

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Showing 3 of 14 comments
sobe
Jul 18, 2013 9:25 AM CDT
Insider trading takes place every single day. I know this for a fact.
boxcar
Jul 18, 2013 6:59 AM CDT
During the mkt free fall in fall '08 Cramer shouted "They know nothing" in re' the Feds and also pointed out that the removal of 1937 Uptick Rule was allowing the "Free Fall" of the stk mkt to take place since there was no mechanism to stop banksters from shorting housing into the ditch which they did and then Bush adm had the audacity to have US Treasury "Pony Up" the funds to cover banks so-called "Toxic Assets" which were all the shorts that removal of 1937 Uptick Rule had permitted- sorta' like removing a Lynch-Pin on a bridge then you wonder why it collapsed into a pile of rubble, but the Uptick Rule was based on idea of a bumper jack- when u jack up your car, you can't lower it UNLESS you first raise the car a click, then lower it 2 to achieve a gradual controlled descent, NOT a total COLLAPSE as happened with the Uptick Rule GONE, thks to Bush SEC who removed it on 7JUL07 precisely as predicted by Solar Mortality Theory as the date when an event would also TRIGGER onset of global socio-economic upheaval leading to 2nd Great Depression and WW3, well has it? Not quite yet but it was a start whet with Arab Spring still ongoing- Won't end until last post war baby boomer retires @2025 to leave room for jobs for younger generations
SanjaySharma
Jul 17, 2013 11:51 PM CDT
DAYS ARE OVER FOR SNAPCHAT , A NEW APPLICATION IS GROWING STEADILY IN GOOGLEPLAY TO COMPETE THIS . CHAT4SNAP.COM