Cramer: Over the LINE
NEW YORK (Real Money) -- Somehow, as Action Alerts PLUS people know, I have become Mr. Linn Energy
I knew from time to time that people would not like this kind of accounting, which is why I have repeatedly shown the financials to my best forensic accounting guy who has repeatedly blessed it. I have sat down numerous times with Michael and with Mark Ellis, the current CEO. But we never pulled the trigger on the stock for the charitable trust until Linn made the offer for Berry Petroleum
There was only one problem, though. This company turned out to be the target of a group of short sellers who got together in unison and working with a contract research firm have performed one of the most well-orchestrated raids I have ever seen.
I have to congratulate them, even though I would have thought such a thing in violation of the 1934 Securities Exchange Act. I get that because when I studied law I learned that FDR appointed Joseph Kennedy to the SEC because he knew that Kennedy orchestrated Linn-like raids and FDR wanted them stopped. Perhaps what's happened is that you are now allowed to do what FDR didn't want and get away with it. I don't think it is right, but I don't make the rules.