One of CNBC’s loudest hosts is the target of an over-the-top poison-pen letter. The New York Times reports that investment manager J. Carlo Cannell sent the blistering letter to CNBC’s frenetic “Mad Money” host James Cramer, complaining about the financial woes of TheStreet Inc., which Cramer co-founded.
Cannell owns nearly 9 percent of TheStreet, “whose shares tumbled to $2.25 from $60 in 1999, as the television show host — in Mr. Cannell’s words — has ‘enjoyed considerable nonpecuniary compensation such as perfumed sedan driver(s) and assorted assistants who spray ionized lavender water on your barren cranium,’” The Times reports.
Cannell suggested Cramer should either give up his CNBC job and cut his TheStreet pay by 70 percent, or consider having the company sell itself.
The letter had a positive effect on shares of TheStreet, which jumped more than 7 percent on Wednesday, The report notes.