Daily Options Report

Newsweek has some "Top 10 Worst Predictions" list out, and check out #2.

Cramer: Don't Worry About Bear Stearns.

Jim Cramer has made a career by being unequivocal in his opinion of stocks. On March 11, 2008, the CNBC anchor and host of Mad Money told one of his viewers that it would be “silly” to move his money out of the investment bank, Bear Stearns. In his characteristic “boo-yah” fashion, Cramer turned to the camera and yelled: “Bear Stearns is fine!” He was, of course, very wrong. Within a week, the once storied financial institution was on the brink of collapse.

OK, that's noteworthy for a couple reasons. One is that, this isn't a financial predictions list. I mean the top dog is Cheney's overconfidence in Iraq, Number 3 is Bill Kristol predicting Obama has no shot vs. Hillary. Hard to really compare a bad stock call to either of those. We only had about 10,000 bad calls on CNBC in 2008, this was just the loudest one.

Two is that this wasn't written by some blogger hanging out in his parents basement. Or Fox Biz. Nope, this is from one David Faber. So I guess we can either assume Cramer didn't mean "your money in accounts at Bear Stearns is safe". Or that Faber has gone rogue and will soon deliver his missives from some undisclosed bunker somewhere.

Update: I take back the above. Or rather Faber apparently takes back the above. This, via Dealbreaker (hat tip Mister X).

Newsweek has changed the byline to Arlyn Gajilan, one of their editors. Why? Because David Faber was asked to simply write a piece on the fall of Bear Stearns. Newsweek, we’re told, then inserted the Cramer angle and used it for the list. Faber, kind of understandably, was not happy about this, and after what was probably an awkward conversation with Cramer, the byline was changed......