Jim Cramer was slammed for his Silicon Valley bank advice

During a Feb. 8 episode of MSBNC bad money, host Jim Cramer instructed viewers to buy shares in Silicon Valley Bank. Just a month later, that council comes back to haunt the ever-fake Cramer, whom John Oliver once called a “garbage can full of cocaine.” On Friday, federal regulators shut down the SVB in one of the biggest financial sector meltdowns since 2008, raising fears of a similar bank crash.

About NBC News:

The closure comes after a turbulent morning for SVB, which halted trading in its shares after falling double digits before markets opened. That plunge followed a more than 60% drop on Thursday. Concerns about a run on SVB prompted Wall Street investors to sell other bank stocks as well. Shares in other prominent West Coast lenders fell sharply on Friday, including First Republic Bank, PacWest Bancorp and Western Alliance Bancorporation.

Amid the uproar, Treasury Secretary Janet Yellen told House lawmakers on Friday morning: “There are recent developments affecting some banks that I am monitoring very closely and when banks experience financial losses it is and should be a cause for concern. ”

Barring a potentially massive financial catastrophe, Twitter users immediately began criticizing Cramer for encouraging people to buy SVB stock just last month. According to the New York PostCramer told viewers that SVB was “less dependent on private equity and venture capital offerings,” which was worth buying because “it’s always been a very good deal to be a banker for these immense pools of capital.”

You can see how good this advice was, and so did a lot of people on Twitter, who pounced on Cramer for once again making a completely wrong prediction, as he so often does:

And if all of this is confusing to you (join the club), this thread explains what happened here.

(via NBC News, New York Post)

https://uproxx.com/viral/jim-cramer-silicon-valley-bank/ Jim Cramer was slammed for his Silicon Valley bank advice

Jaclyn Diaz

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