So, if you’re still wondering what the mindset of all the stockbrokers, Wall Street bankers and hedge fund managers who got us into the current economic kerfuffle looked like in the boom years, here’s Mad Money’s Jim Cramer, a former hedge fund manager himself, explaining it in surprisingly frank and really quite illuminating terms to TheStreet.com’s Aaron Task.

I was intially going to sarcastically paraphrase this, but really, the line 

“What’s important when you are in that hedge fund mode is to not be doing anything that is remotely truthful…”

is just beyond fucking parody.

Particularly enlightening is Cramer’s take on spreading rumors of a stock you’ve shorted being down.

“…you can’t foment, you can’t create yourself the impression that a stock is down. But you do it anyway because the SEC doesn’t understand it. That’s the only sense in which I would say that it’s illegal.”

You mean, it’s only illegal in the sense that it is an unlawful act that violates federal laws specifically meant to prevent people from doing the exact thing you just described and admitted to? That’s the only sense in which it’s illegal, you goddamn jackal?

Remind me again why more of these bastards haven’t been skinned alive and salted on live television for our amusment? Seriously, it’s a ratings bonanza waiting to happen, and I think there’s only a limited sense in which it’s illegal.

Thanks to HuffPo for this really interesting look into the brain of Wall Street.

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