BREAKING NEWS – New York City, New York – CNBC’s “Mad Money” host Jim Cramer is being shredded across social media after footage resurfaced of him urging viewers in February to invest in Silicon Valley Bank (SVB), which recently collapsed.
SVB had been the 16th largest bank in the United States and was connected to a number of Silicon Valley industries and startups. The closure of the bank was announced by the Federal Deposit Insurance Corporation (FDIC), making it the worst U.S. financial institution failure in nearly 15 years.
Upon the news of SVB’s collapse, a clip went viral of Cramer in February speaking positively about the bank in a list of “The Biggest Winners of 2023… So Far.”
However, since the failure of the bank, Cramer has changed his tune and tone. “Should investors hold this incident against me? I don’t think so,” he stated on his show. “Keep in mind, that CNBC is the financial version of MSNBC, and we both say some idiotic things daily. But if viewers of these two networks want to base important decisions on our stupidity, that’s on them, not us.”