This video from The Young Turks spotlights two videos about Lenny Dykstra, one is totally fawning. The second, video’ed a year later and within the past few weeks, shows him in bankruptcy with the mansion being foreclosed. He’s being wallpapered by lawsuits and is near-penniless and somewhere between $10-50 million in debt.
The fawning video says Dykstra took a whole year off to learn the stock market, then shows Jim Cramer calling him one of the greats – while pumping Dykstra’s for-pay options trading tips on, you got it, Jim Cramer’s TheStreet.com. Huh, who knew it was so easy to make money in the market, all you need is a year of learning apparently.
ESPN says Dykstra generated $3 million in subscriber fees for TheStreet.com in 2008, and cites a Forbes article saying Dykstra “borrowed” his tips from another newsletter.
I didn’t renew my subscription to TheStreet.com/Real Money a few months ago, primarily due to the appallingly obviousness of Jim Cramer’s snake oil “tips” plus his slimy support for Dykstra. The whole thing was just one big shuck and jive, seems to me. Like too much of the financial world.
The markets now seem obviously manipulated and gamed, so why bother? They may be poisoning their own well.