Benzinga - Talk show host John Oliver has shared commentary on Jim Cramer previously and held nothing back when discussing the CNBC host's past comments about cryptocurrency and FTX co-founder Sam Bankman-Fried.
What Happened: During an episode of “Last Week Tonight with John Oliver,” the host ripped the cryptocurrency sector.
Included in the episode, which airs on HBO and HBO Max, units of Warner Bros. Discovery (NASDAQ: WBD), was commentary on Cramer flipping on his opinion of Sam Bankman-Fried, the now disgraced co-founder of bankrupt cryptocurrency platform FTX.
The episode featured comments from Cramer criticizing Bankman-Fried after FTX collapsed.
“That guy is a clueless idiot. He’s a pathological liar. He’s a con man,” were among the comments from Cramer played during the show.
The video also showed Cramer saying Bankman-Fried got away with four years of financial murder.
After the clips, the camera then moves to Oliver.
“Wow, those are some harsh words there from the squawking parrot on every pirate’s shoulder,” Oliver said.
Oliver then plays a clip of Bankman-Fried being interviewed and praised by Cramer on CNBC.
“Well, Sam, I gotta tell you it’s an honor to have you because I think you’re pretty much a visionary,” Cramer says in the clip.
Oliver says the clip of Cramer saying this about Bankman-Fried is “not great, but also not surprising.” The HBO host goes on to offer examples of Cramer being wrong, including recommending Bear Stearns days before it collapsed, recommending Netflix stock before it went down 70% and also recommending Kevin Spacey as a spokesperson for Google, Facebook and Twitter.
“Jim Cramer is the only person who could look you in the eye and say you are going to die tomorrow, and give you an immediate sense of calm knowing that you’re going to live for another 50 years.”
The clip from the Oliver-led show was shared on Twitter by Wall Street Bets, where one user was quick to point out that Tesla CEO Elon Musk may have been the first to point out that Cramer was wrong a lot.
In the clip, Musk is asked what he would say about people like Cramer not recommending Tesla shares during its IPO.
“Yeah sure no Jim, we’re no Bear Stearns, but I think we’re going to do okay,” Musk said in the clip.
Related Link: 'I Want You To Bet Against Me': Jim Cramer Calls Out New Inverse ETF
Why It’s Important: The comments from Oliver come as Cramer’s track record of often being on the opposite side of stock picks led to the creation of The Inverse Cramer Tracker ETF (BATS: SJIM) from Tuttle Capital.
Cramer previously recommended SVB Financial (OTC: SIVBQ) despite it being one of the top performing S&P 500 stocks at the time. The bank has since collapsed and the stock trades on the OTC for under $1.
“(The) stock’s still cheap,” Cramer said when shares were trading at over $320. “You could argue that SVB 40% up is barely a drop in the bucket.”
Tuttle Capital CEO and CIO Matthew Tuttle previously told Benzinga the comments on SVB Financial were “another example of the reverse Midas touch and why there is such a desire to bet against” Cramer.
Cramer also recommended Signature Bank (OTC: SBNY) previously, another bank that has collapsed and is now worth less than $1 per share.
A past Cramer show looked at four stocks in the financial sector that could benefit from rising interest rates.
“Let’s start with number one, let’s start with Signature Bank,” Cramer said, while highlighting the company’s commercial banking and private offices that focus on the wealthy.
Cramer also recommended First Republic Bank (NYSE: FRC) in a series of tweets in March, calling it a “very good bank.” Shares of First Republic Bank are down over 50% in the last month.
Oliver previously took on Cramer for his comments made in November 2021 about inflation and the Fed. Oliver said the comments from Cramer have not aged well, “much like Jim Cramer.”
The HBO host also attacked Cramer for his high energy and shouting in the clips by saying the CNBC host “answers the question of what if a garbage can full of cocaine and business school pamphlets wished to a be a real boy.”
Oliver’s latest attack on Cramer highlights that the CNBC host often shares opinions or predictions that end up being wrong. While Cramer is also right sometimes, investors and social media have more fun pointing out when he is wrong.
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