How Lenny Dykstra used TV's Cramer: Update
"Cramer, I am sure, had no knowledge of Dykstra's 'pay to plug' scheme-an arrangement that could well lead to a Securities & Exchange Commission investigation. He was just a dupe..."
How Lenny Dykstra used TV's Cramer: Update
Joseph N. DiStefano
UPDATE: I asked Jim Cramer's office at CNBC about the allegations, by Lenny Dykstra's former publisher, that Dykstra was taking money to promote stocks on Cramer's show and TheStreet.com. Cramer's reponse: "I haven't read the book but as the author, Randall Lane, points out, I knew nothing about this issue. Of course it is terribly disappointing." No reply from Dykstra so far.
EARLIER: TV investor Jim Cramer's "star pupil, ex-baseball star Lenny Dykstra, secretly sold access to Cramer and stock endorsements on TheStreet.com," writes failed financial publisher Randall Lane, in his book, The Zeroes.
From Lane's Daily Beast summary:
"Cramer single-handedly created the concept of Dykstra-as-financial genius.... The former New York Met and Philadelphia Phillie became an investment columnist for TheStreet.com in 2005, after sending Cramer an unsolicited email. For the next four years, Dykstra made stock picks, focusing on 'deep-in-the-money calls'—a way to buy leveraged options—for tens of thousands of followers on Cramer's website...
"Cramer, I am sure, had no knowledge of Dykstra's 'pay to plug' scheme—an arrangement that could well lead to a Securities & Exchange Commission investigation. He was just a dupe...
"Helped by the marketing muscle of TheStreet.com, Dykstra quickly sold roughly $1 million in newsletter subscriptions," while leaving Lane with "hundreds of thousands in unpaid bills" from their prior magazine venture. "In the course of our ensuing legal fight—and then doing reporting for my book The Zeroes—I stumbled across his Cramer-for-sale scheme." More at Daily Beast here.
Comment removed.
Leave Lenny alone!! I mean, think back to 1993... 10th inning, game 5 against the Braves in the NLCS, Lenny drilled a full count, Mark Wohlers' fastball over the fence in dead center field to give the Phillies back the lead and help get them back to the world series!! One of the many, many, many Lenny memories!! In my opinion, the Phillies should retire #4!— Boscoe Jonez- Comment removed.
- Jonez: It is well documented that Dykstra stole millions from retired folks, airline stewardess and many more common working people and for this you want to honor him. He was a small time Bernie Madoff.— steve19149
- In Lenny's defense I'm sure large amounts of steroids make your judgment a little cloudy.— Keyser Soze
- I enjoyed Lenny's baseball career to the fullest. Enormous hustle and desire. What he does outside of baseball doesn't diminish what he did during his playing time. But how do so many people get duped by Dykstra? How do people not understand that he is a knucklehead? So many stupid people around i guess.
- Boscoe, yeah......and remember when he hit the home run in Game 6 of the WS to put the Phillies in the lead? Thanks to Mitch Williams, we lost when he served up a meatball to Joe Carter..... Make sure to buy Mitch's Hot Sauce though.....— jibberjabber
It's Obama's fault.- lenny told me to get the f out of his space, when i asked him for an autograph back in 1992— Serge_Matthews
Lenny was a cheater in sports and a scumbag is real life. Cramer is worse.- "Dykstra soon emerged as one of the Mets' prized prospects, and while playing in AA in 1984, he befriended fellow outfielder and teammate Billy Beane. Beane would later say that Dykstra was "perfectly designed, emotionally" to play baseball and that he had "no concept of failure." " ^^hahahha
Cramer was a dupe? RIGHT. SURE. Guy's a slimeball. Lenny would take your last dollar and smile as he left. Beyond playing baseball he's a trainwreck.- Comment removed.
- What moron would take financial advice from Lenny Dykstra— HAROLD Eskin
- "silvers down?! call the lone ranger!"— SD doug
