CNBC

Coordinates	41°52′55″N87°37′40″N
name	CNBC
logofile	CNBC.svg
logosize	150px
branding	CNBC
launch	April 17, 1989
picture format	480i (SDTV) 1080i (HDTV)
share
network	NBC
owner	NBCUniversal
slogan	"First in Business Worldwide"
country	United States
language	English
broadcast area	United States Canada
headquarters	Englewood Cliffs, New Jersey, United States
sister names	CNBC WorldMSNBCNBCWeather Channel
Callsign meaning	Consumer News and Business Channel
web	CNBC.com
sat serv 1	DirecTV (U.S.)
sat chan 1	355 (SD/HD)
sat serv 2	Dish Network (U.S.)
sat chan 2	208 (SD/HD)9439 (HD)
sat serv 3	C-Band
sat chan 3	AMC-10, Channel 101 (Transponder 13)
sat serv 4	Shaw Direct (Canada)
sat chan 4	504
cable serv 1	Available on most US and Canadian cable systems
cable chan 1	Check local listings for channels
cable serv 2	In-House (Washington)
cable chan 2	Channel 13
cable serv 3	Verizon FiOS
cable chan 3	102 (SD) 602 (HD)
sat radio serv 1	Sirius
sat radio chan 1	112
sat radio serv 2	XM
sat radio chan 2	112
adsl serv 1	AT&T; U-verse
adsl chan 1	Channel 216 (SD)Channel 1216 (HD)
iptv serv 2	Bell Fibe TV (Canada)
iptv chan 2	Channel 509
online serv 1	CNBC Plus
online chan 1	(US$9.95/month or US$99.95/year) }}

CNBC (officially the Consumer News and Business Channel until 1991) is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers around the world. In 2007, the network was ranked as the 19th most valuable cable channel in the U.S., worth roughly $4 billion. It is headquartered in Englewood Cliffs, New Jersey.

History

The CNBC channel originally had its beginnings around 1980 as the Satellite Program Network (SPN), showing a low-budget mix of old movies, instructional and entertainment programs. The channel later changed its name to Tempo Television. After initially signing a letter of intent to acquire Tempo, NBC eventually opted for a deal to lease the channel's transponder in June 1988. On this platform, and under the guidance of Tom Rogers, the channel was relaunched on April 17, 1989 as the Consumer News and Business Channel. NBC and Cablevision initially operated CNBC as a 50-50 joint venture, choosing to headquarter the channel in Fort Lee, New Jersey.

CNBC had considerable difficulty getting cable carriage at first, as many providers were skeptical of placing it alongside the longer-established Financial News Network. By the winter of 1990, CNBC was only in 17 million homes - less than half of FNN's potential reach – despite having the muscle of NBC standing behind it.

However, around this time, FNN encountered serious financial difficulties. After a protracted bidding war with a Dow Jones-Westinghouse Broadcasting consortium (the former's assets would be used to build a rival channel almost two decades later), CNBC acquired FNN for $154.3 million on May 21, 1991 and immediately merged the two operations, hiring around 60 of FNN's 300-strong workforce. The deal increased the distribution of the newly enlarged network to over 40 million homes. Cablevision sold its 50% stake to NBC upon completion of the deal. With the full name "Consumer News and Business Channel" dropped, the network's business programming was at first branded "CNBC/FNN," although this was phased out before the mid-1990s.

Under Rogers' leadership, CNBC began to grow during the 1990s, launching Asian and European versions of the channel in 1995 and 1996 respectively. In 1997, CNBC formed a strategic alliance with Dow Jones, including content sharing with Dow Jones Newswires and The Wall Street Journal and the rebranding of the channel as "a service of NBC and Dow Jones". CNBC's international channels were then merged into a 50-50 joint venture with their Dow Jones-owned rivals, London-based EBN (European Business News) and Singapore-sited ABN (Asia Business News) in 1998, while ratings grew on the U.S. channel until the new millennium's dot-com bubble burst in 2000.

The new millennium also brought changes to the network, moving its world headquarters from Fort Lee to Englewood Cliffs, New Jersey in 2003, which features completely digital video production and studios made by PDG Ltd of Beeston, Nottinghamshire and the FX Group of Ocoee, Florida.

NBC Universal reacquired full control of loss-making CNBC Europe and CNBC Asia from Dow Jones at the end of 2005. The licensing agreement between Dow and CNBC U.S. remained intact, however.

Today, CNBC provides business news programming from 4 a.m. to 8 p.m., Eastern Time, while broadcasting talk shows, investigative reports, documentaries, infomercials, and other programs during the evening and early morning. A rolling ticker provides real-time updates on share prices on the NYSE, NASDAQ, and AMEX, as well as market indices, news summaries, and weather updates by NBC Meteorologists (prior to March 27, 2006, all of CNBC's weather reports were provided by AccuWeather). A rotating top band of the screen rotates provides real-time updates on index and commodity prices from world markets.

CNBC is the only NBC network whose abbreviation, while containing NBC, stands for another name: the Consumer News and Business Channel. The moniker was simply shortened to CNBC when the former was dropped.

Programming

Present shows

CNBC provides a variety of programs throughout the business day presenting reports on U.S. businesses, updates of stock market indices and commodities prices, interviews with CEOs and business leaders, and commentary from many investment professionals. The following is the usual "business day" (term used by CNBC hosts and announcers) lineup (as of February 26, 2009 all times Eastern):

{| class=wikitable |- ! width=55 | ET || width=100 | Program || Hosts || Description |- |

4a-6a || ''Worldwide Exchange'' || Nicole Lapin, Ross Westgate, Christine Tan || first word on movements on futures exchanges and trading in Europe and Asia |- | 6a-9a || ''Squawk Box'' || Joe Kernen, Rebecca Quick, Andrew Ross Sorkin|| provides a mix of business news and commentary |- | 9a-11a || ''Squawk on the Street'' || Carl Quintanilla, Melissa Lee, Simon Hobbs (live from NYSE), David Faber, Jim Cramer || broadcasts live from above the New York Stock Exchange trading floor |- | 11a-12p || ''The Call'' || Larry Kudlow, Melissa Francis || focuses on real-time market coverage |- | 12p-12:30p || ''The Strategy Session'' || David Faber, Gary Kaminsky || in-depth perspective on financial issues |- | 12:30p-1p || ''Fast Money Halftime Report'' || Scott Wapner || fast-paced review of stocks for short-term trades at the mid-point of the trading day |- | 1p-2p || ''Power Lunch'' || Tyler Mathisen, Sue Herera, Michelle Caruso-Cabrera, || examines the companies, people, and trends influencing Wall Street, plus real-time market coverage at the midway point of the trading day |- | 2p-3p || ''Street Signs'' || Amanda Drury, Brian Sullivan || focuses on trends, world events affecting stock markets, and real-time market coverage |- | 3p-5p || ''Closing Bell'' || Maria Bartiromo, Bill Griffeth (for the 3-4pm hour) || covers the close of the trading day and real-time market coverage |- | 5p-6p || ''Fast Money'' || Melissa Lee (host), Pete Najarian, Guy Adami, Tim Seymour, Karen Finerman (panelists)|| fast-paced roundtable discussion of stocks for short-term trades |- | 6p-7p || ''Mad Money'' || Jim Cramer || a fast-paced show offering stock advice to callers, interviews with guest CEOs, and discussions on the technical details of the stock market. |- | 7p-8p || ''The Kudlow Report'' || Lawrence Kudlow || provides market, economic and political commentary and interviews |- | 8p-11p || ''CNBC Specials'' || various anchors || special business documentaries and reality television programs |- |}

Since 17 September 2007 the network has also run hourly ''CNBC.com News Now'' update segments during business day programming. These short bulletins, which are around 30 seconds in length (similar to ESPN's ''SportsCenter Right Now''), air before the start of the network's programs from ''Squawk on the Street'' through ''The Kudlow Report''.

CNBC has experimented with non-business programming during primetime hours with a mixed record of success, including a talk show hosted by Dennis Miller. The channel has at times rebroadcast several NBC programs, including ''Late Night with Conan O'Brien'', ''Deal or No Deal'', ''The Apprentice'', ''The Apprentice: Martha Stewart'', and ''1 vs. 100''. CNBC's current primetime lineup features ''The Big Idea With Donny Deutsch'', re-airs of NBC programs ''The Apprentice'', ''Deal or No Deal'' and ''1 vs. 100'', along with its own documentaries and talk shows including ''Mike on America'', ''American Greed'' and ''Conversations with Michael Eisner''. Prior to 20 April 2006, programs in primetime hours were shown with a 'scroll' featuring news headlines and weather updates at the bottom of the screen.

Infomercials are typically aired from 2 am to 4 am ET and throughout most of the day at the weekend. Since the September–October 2008 financial crisis, the network has begun to place a ''paid programming'' bug on the top right corner of the screen during all airings of infomercials.

On January 24, 2007, the network launched a long-anticipated monthly newsmagazine called ''Business Nation'', which is anchored by award-winning journalist David Faber. Each edition of the program covers three stories; a mixture of profiles, investigative pieces and features. The format of the show is structured similarly to HBO's ''Real Sports''.

CNBC's breakout hit among its original series is ''Mad Money''. Hosted by money manager Jim Cramer, the hour-long show gives stock advice to viewers who call to the program. The show also has a popular segment called "The Lightning Round". In August 2007, Cramer's on-air tirade about the weakening economy, which was seen during the "Stop Trading" segment on ''Street Signs'', received national attention and helped galvanize widespread support for the Federal Reserve Board to cut interest rates.

Other special or weekend programming includes ''CNBC on Assignment'' (for example, ''The Age of Wal-Mart''), ''Cover to Cover'', ''The Suze Orman Show'', ''On the Money'', ''The Wall Street Journal Report with Maria Bartiromo''. CNBC Originals have included ''Marijuana Inc: Inside America’s Pot Industry'', ''Trash Inc: The Secret Life of Garbage'', and ''Supermarkets Inc: Inside a $500 Billion Money Machine''.

In May 2010, CNBC announced that it would be adding business and financial-themed movies to its Friday night lineup under the name "CNBC Cinema."

Past shows

Among the shows that have been canceled are:

Weekdays

Weekly, weekend and other programming

''National Geographic Explorer'' (moved to MSNBC and then to the National Geographic Channel)

''Louis Rukeyser's Wall Street'' (ended its run on New Year's Eve 2004 at Louis Rukeyser's request)

''Market Week with Maria Bartiromo'' (renamed ''After Hours with Maria Bartiromo'' and then ''Special Report with Maria Bartiromo'' -- cancelled in 2004)

''Tim Russert'' (moved to MSNBC)

American Le Mans Series races (inaugural 1999 season only, as part of agreement with NBC Sports)

PGA Champions Tour

Personalities and coverage

Much of CNBC's on-air talent has been with the network for some time: Sue Herera and Scott Cohn joined CNBC at its inception, and remain on the air co-hosting ''Power Lunch'' and as senior correspondent respectively. Some personalities who joined CNBC from FNN in 1991, such as Ron Insana, Bill Griffeth and Joe Kernen, are also still with the channel. The network has of late sought to increase the profile of its on-air team with the launch of rival business station Fox Business Network - although CNBC's best known personality, ''Closing Bell'' host Maria Bartiromo, has for some time made regular appearances on other NBC News broadcasts such as ''The Today Show'' and has anchored the syndicated ''Wall Street Journal Report'', other CNBC hosts such as Jim Cramer and Erin Burnett have also been used increasingly across NBC's output.

In addition to its roster of program anchors, CNBC employs a team of reporters who contribute across the network's business day programming, the majority of whom are based at CNBC's global headquarters in Englewood Cliffs. In addition, CNBC has staff permanently based at bureaus in Midtown Manhattan, Chicago, Washington, D.C., Los Angeles and San Jose (the latter referred to on air as "CNBC Silicon Valley"). Cost-cutting at NBC Universal's news divisions has seen some of these offices merged with those of NBC owned-and-operated stations: the Silicon Valley facility was moved from Palo Alto to the KNTV (NBC 11) newsroom in San Jose in January 2007 (occasionally KNTV reporters Scott Budman and Scott McGrew will now correspond for CNBC), while the Chicago bureau now shares a home with WMAQ (NBC 5). The network also has reporters posted at the New York Stock Exchange (where CNBC also has a set used for broadcasting ''Squawk on the Street'', ''The Call'' and ''Closing Bell''), NASDAQ MarketSite, NYMEX and the Chicago Board of Trade and Chicago Mercantile Exchange each day.

Ratings

There is a fairly clear long-term correlation between the performance of global stock markets and the audience ratings of CNBC. The network had a difficult time attracting viewers in the first half of the decade, but has seen viewership increase from a 2005 bottom to record highs in 2008, coinciding with the subprime mortgage crisis. CNBC continues to possess the wealthiest audience (in terms of average income) of any television channel in the United States.

During the late 1990s and early 2000s, CNBC's ratings were increasing sharply along with the stock market, often beating those of CNN during market hours. In 2000, daytime viewership of the network peaked at 343,000, around the time the Nasdaq Composite crossed 5000. However, when the dot-com bubble began to burst later that year, CNBC's viewing figures declined in tandem. The network's ratings steadily fell quarter after quarter, year after year, until bottoming in Q1 2005, with an average viewership of 134,000 during the day. From the bottom, the network, along with the markets, rebounded significantly—average daytime viewership (6 am to 6 pm) reached a 7-year high of 310,000 viewers in the first quarter of 2008. Coinciding with the extreme market volatility of the ongoing global economic crisis, ratings hit an all time high of 416,000 in Q3. Although the figures remain considerably less than those achieved by Fox News and CNN today, it has still had a 210% increase in viewership since the beginning of 2005. Despite the viewership slump at the turn of the decade, CNBC has remained extremely profitable: average annual revenues top $510 million while profits for the network exceeded $333 million in 2007, making CNBC a cash cow for NBC Universal and its parent company, General Electric. CNBC is the second most profitable of NBC Universal's thirteen cable channels in the United States, behind only the USA Network.

The network often sees large spikes in viewership on days of major market moves. In the week of 27 February 2007, when the Dow Jones Industrial Average had its seventh-largest loss ever, CNBC's continuing coverage of events resulted in its best ratings week since the market crash after the September 11, 2001 terrorist attacks, with ''Kudlow & Company'', ''Mad Money'', and ''Fast Money'' recording their best ratings ever in the coveted 25-54 demographic. When the financial crisis wraecked havoc in the worldwide equity markets, CNBC recorded some of the highest ratings in the network's two-decade history. For the week ended September 19, 2008, the network averaged 502,000 viewers during the "business day" (defined by the network as 5 am to 7 pm). During this week, ''Squawk Box'', ''Closing Bell'', ''Fast Money'', ''Mad Money'' and ''Kudlow & Company'' recorded their best viewership figures ever. On September 29, 2008, when the markets faced their worst single session performance since the crash of 1987, CNBC saw its best ratings day ever, with an average 726,000 viewers tuning into the network during the business day.

While daytime viewership has rebounded from its 2005 lows, primetime ratings remain weak relative to those of other news networks and CNBC continues to try and rejuvenate its evening lineup. Along with developing new program formats such as ''Fast Money'' and ''Mad Money'', the network operates a "checkerboard" programming approach, airing various genres of shows including documentaries, town-hall style discussions and repeats of some NBC output.

When discussing the network's ratings, CNBC management and press releases regularly suggest that considerable viewership, particularly during the daytime, is done "out of home" in places such as offices and hotel rooms. As this demographic is not covered by Nielsen ratings, CNBC claims that the network's true viewership is considerably higher than what is measured.

On-air presentation

Graphics

CNBC is well known today for its flashy and ostentatious graphics package, complete with accompanying animations and animation-sounds. Previous graphics packages put together by the network since the early 1990s have gradually increased the "wow" factor—likely in order to catch a casual viewer's eye, as cable news competition has increased dramatically since the network was launched in the late 1980s.

thumb|210px|left|The countdown clock used on CNBC's ''Closing Bell'' since 2007-07-27 On 15 November 2006, CNBC's 'crystal' gray logo bug was changed to color revealing the rainbow's peacock's normal NBC colors. On 2006-11-28, the new smaller CNBC color bug (similar to the one used in the revamped ticker) began to show up on CNBC's non-business related primetime programming (where the ticker is not shown, except ''Mad Money'' and ''Fast Money''), replacing the much bigger 'crystal' bug.

On 1 March 2007, CNBC's ''Squawk on the Street'' and ''Closing Bell'' both started using a new countdown clock (shown in minutes:seconds:tenths-of-a-second format) on the graphics' lower-third of the screen. On 27 July 2007, it moved to the lower right of the screen, where the CNBC color bug is usually seen. The countdown clock is used for the "Opening Bell Countdown" segment on ''Squawk on the Street'', and for the "Closing Countdown" segment on ''Closing Bell'', along with presidential debates, the announcement of some monthly consumer indexes, and Federal Reserve Bank interest rate changes.

On 2 May 2007, CNBC's ''Mad Money'' revamped its own on-air graphics package, replacing what was used—including its opening animation sequence—since the program's 14 March 2005 debut.

In November 2007, the CNBC color bug in the ticker on the lower right of the screen started rotating (and morphing) between the network logo and the CNBC.com logo and back. This is seen only during the network's "Business Day" programming.

CNBC began using the "CNBC 20" logo on January 1, 2009 on all of its programs to promote the network's 20-year anniversary. The "CNBC 20" logo was in use all throughout 2009.

First generation graphic

Used from 17 April 1989 to 31 December 1994. The bottom band of the ticker displayed various indices (such as the ''Value Line Arithmetic Index'', shown). The network did not have a live bug tracking the various indices, nor did it have its logo fixed on the creen. Instead, camera shots of the anchors at the main desk were positioned in a way to show the "CNBC" lettering at all possible times.

The studio in the picture, right, is located in the original Fort Lee, New Jersey building. This was later completely rebuilt as part of changes introduced by the network's then president Roger Ailes.

1995 revamp

Used from 1 January 1995 to 31 December 1997.

1998 revamp

This was used from January 1998 to May 1999. Majority of the lower-thirds and the live bug was coloured blue with the left side of the lower thirds and upper part of the live bug coloured red. The background for its charts was animated with majority of the background being blue and a narrow green strip running at the right side of the screen resembling a stock ticker. When the major maker indexes hit a new record, the green strip is tweaked to reflect "DOW RECORD", "S&P; RECORD" or "NASDAQ RECORD." It is also tweaked during the holiday season. (Note: The image rightward doesn't contain the ticker part.)

1999 revamp: "Red" turns "Green"

The 1998 graphics scheme was slightly tweaked in May 1999 where the once red parts of the lower thirds (seen on the left of the blue strip of the lower thirds) and the "LIVE" bug's upper part turned green. The font was also modified. The green strip at this time is also tweaked during earnings season. Graphs also started having the CNBC logo was behind them and included grids. On 3 April 2000, CNBC Asia has used this scheme only for its charts but a month later CNBC Europe used it for its charts and lower thirds as well. This package was in place until 29 September 2000 on CNBC, until 31 December 2000 on CNBC Asia and until mid-January 2001 on CNBC Europe. Show titles, however, remained the same as the 1998 package.

2000 revamp

Used from 2 October 2000 to 13 September 2002. In January 2001, CNBC Asia and CNBC Europe both followed up to use the same graphic package, making some changes to the lower thirds and the charts respectively (for example, removing the animation on and off screen). This marked the first time that the three main CNBC channels had used the same graphics scheme in their entirety for all daytime shows. In February 2002, however, while most programme titles largely remained the same on the CNBC US channel, two new shows, ''Morning Call'' and ''Closing Bell'' used the titles which were originally for ''Street Signs'' and ''Market Watch'' respectively (the latter two were cancelled at the same period as well).

2002 revamp

Used from 16 September 2002 to 10 October 2003. This package saw an evolution of the graphics introduced in 2000, with program titles and chart formats remaining the same. The lower thirds were, however, completely revamped with the lower half of it coloured red and text was centre-justified, and a new background animation and colour scheme was introduced for charts and other on-screen data. The font was also tweaked. The titles in the lower thirds were centre-justified. CNBC Asia used a similar lower thirds effective 2 January 2003 except that the lower thirds was entirely light blue and the text was still aligned to the left. CNBC Europe adopted the same chart backgrounds in use by CNBC US later in 2003 as well but used a different lower-thirds.

2003 revamp

Used from 13 October 2003 to 16 December 2005. In this revamp, CNBC added an independent space to the lower thirds to show the "topic title" to indicate the subject being discussed (i.e., "money to burn" in the rightward photo). This formerly shared space with the program logo on the left-hand side of the lower thirds.

CNBC also added another animation to the lower thirds: when showing stock charts, the lower thirds would move down vertically, keeping just the "topic title" visible above the ticker. When charts were removed from the screen, the whole lower thirds would move vertically up again.

The "LIVE" sign was also moved from the left-top corner to the right-top corner, along with the location (which was formerly included on the lower thirds) at this time.

CNBC Asia adopted this graphics scheme in 2004 but on CNBC Europe's next graphics revamp in the same year, it chose to create its own graphics scheme for charts, lower-thirds and titles.

December 2005 revamp: from 2D to 3D

Used from 19 December 2005 to 12 May 2006. On 19 December 2005, CNBC unveiled a new on-air look, replacing that which had been used since October 2003. This included a new look for all the graphics, new logos for all business day programs, and the relocation of the index and commodity prices from the stacked bug in the bottom right-hand corner of the screen to the bug bar across the top of the screen.

Since then, the ticker has shown full company names (and full commodity names used in the commodity summary, which runs at the 1s of each hour) instead of just ticker symbols.

The "LIVE" and location graphics were moved back to the top-left of the screen from the top-right corner at this time.

This graphic package was created by Randy Pyburn of Pyburn Films (that also designed the WNBC's 2003 graphic package, KYW-TV's 2004 package & WPSG's 2005 package) and also designed earlier CNBC graphic packages. The estimated cost of the 2005-2006 package was about $2 million.

Mid-2006: revamped bug and lower thirds

On 15 May 2006, CNBC made a slight change to its lower thirds, adding a blue block to the right-hand side. Occasionally this space was used to display the title of the topic being discussed. This format was abandoned on 18 December 2006.

On 6 September 2006, CNBC unveiled a revamped bug, which now has a similar resemblance to that of CNBC Europe. On the same day, the network launched a slightly modified ticker with a narrower font (to allow more quotes to stream by within a period of time). CNBC Asia adopted a revamped bug of its own on 26 March 2007 as part of its graphics package revamp.

December 2006: new lower thirds

Used from 19 December 2006 to 26 February 2010. On 19 December 2006, exactly one year after its relaunch, CNBC revamped its on-air graphics package, replacing the old lower thirds that were previously used from 19 December 2005-18 December 2006. The current graphic package was created in-house.

In this revamp, CNBC cancelled the independent space for the "topic title", which once again shares space with the program logo on the left-hand side of the lower thirds.

CNBC Asia adopted the similar lower thirds on 26 March 2007, but unlike its US version, the "topic title" does not share the space with the program logo. Its European sibling (CNBC Europe) finally debuted its own lower thirds on 7 January 2008, and like its US version, the "topic title" shares space with the program logo on the left-hand side.

On 23 April 2007, the data bug was slightly tweaked, with the titles of the securities now displayed in yellow and the numbers still being displayed in white.

On 26 July 2007, the Dow Jones Industrial Average lost more than 300 points, CNBC stayed on the story and put a live shot of the trading board in the NYSE to show the status of Dow above the lower thirds during the ''Closing Bell'' to track the markets.

* (Note: The screenshot rightward comes from CNBC Asia, so the style of the top bug and the ticker are different from the package of CNBC US.)

On 28 February 2008, the chart was slightly tweaked, when showing session is more than two days, CNBC put up the % of the session performance, just like CNBC Europe.

March 2010 revamp: almost back to 2D

On March 1, 2010, CNBC debuted a whole new graphics scheme across most of its networks, including its U.S. HD+ feed. This replaced the previous graphics package which had been used since 19 December 2005 and the lower thirds that were used since 19 December 2006. The data bug now shows the securities in white and the numbers in green (indicating up) or red (indicating down), along with triangles (green for higher and red for lower).

Ticker

The CNBC Ticker is a computer simulation of ticker tape shown on the lower part of the screen during the network's live business programming, containing security and index symbols along with movements in their value. At the top of the screen, a rotating band, partitioned into three segments, provides index and commodity prices.

History

When CNBC first aired in 1989 until approximately 1991, the original CNBC Ticker only had one band, displaying NYSE stocks. After a 20 minute period when the ticker was off-air one day, as announced by anchor Ted David, did CNBC finally decide to include the NASDAQ in a new format at the time, creating the two-band system used ever since. FNN did use a two-line ticker design (with white and blue bands, quotes listed during trading without price changes and a market summary on the bottom band during trading) prior to the merger with CNBC in 1991, and many of these features were subsequently adopted by the newly merged channel. Here's an example of FNN ticker circa 1987.

CNBC had another ticker format, mainly a font variation on the ticker, for a short time before the 1995-1997 photo on this page. During special events (for example, the Dow Jones Industrial Average passing 6000, 7000, etc. or another extremely impactful market event), the CNBC Ticker showed mutual funds on the NYSE band while leaving the NASDAQ band unchanged. This convention has been discontinued. In 1998, CNBC's ticker became more colourful with green indicating a stock price increase and red indicating a stock price decrease. The ticker now shows full company names (and full commodity names used in the Commodity Summary, which runs at the 1s of each hour) instead of just the ticker symbols, as seen before December 2005 but only the arrows remain coloured green or red.

Current graphic formats

The bug bar, at the top of the screen, which stays on-screen during the business day (4 am ET to 6 pm ET), will give viewers a real-time snapshot of the general stock market (Dow Jones, Nasdaq S&P; 500 indices and Russell 2000 index, along with the DJ Utilities, DJ Transports and NYSE indices), international markets and futures (between 4 am ET and 9:30 am ET only), currencies, bond prices/yields and commodities. The stock market indices, global markets, currencies, bonds, yields, and commodities are displayed in yellow, with the numbers displayed in white. This data stays on for 5–7 seconds, before refreshing to the new set of data.

The bottom two lines, called the ticker, gives viewers real-time NYSE quotes (on the top band) and Nasdaq/AMEX quotes (bottom band) throughout the trading day (ticker symbols are 1, 2, or 3 letters long for the NYSE stocks; Nasdaq uses 4- and 5-letter symbols; 3-letter ticker symbols are used at the AMEX). A commodity summary is shown on the top band (every 10 minutes at 0:01, 0:11, 0:21, 0:31, 0:41, 0:51 past the hour), along with a market summary (which is shown every 20 minutes at 0:01, 0:21, 0:41 past the hour). A Nasdaq/AMEX market summary is shown on the bottom band every 20 minutes at 0:06, 0:26, 0:46 past the hour. The bottom ticker formerly showed a market summary at 0:16, 0:36, 0:56 past the hour but, it no longer does. The ticker now also provides the size of each trade (the volume, or number of shares traded), a feature which was reinstated on July 12, 2006 after it was dumped during the re-launch in December 2005.

Also, PowerShares ETF symbols, which are traded along the lower band of the ticker, are highlighted in orange for sponsorship reasons.

Before and after-market hours (8:00 am ET - 9:30 am ET and 4:00 pm ET - 6:30 pm ET respectively), the ticker gives viewers extended hours trading quotes (after-hours quotes are symbolized with gold text). Between the hours of 5:00 am ET - 8:00 am ET and 6:30 pm ET - 8:00 pm ET, viewers are shown an alphabetical recap of the closing prices of S&P; 500 stocks on the top band, while latest news headlines as well as weather projections for selected cities are displayed on the bottom band.

Above the ticker, the left-hand side graphic will provides the logo for the specific program that is currently on-air (i.e., "Morning Call"). The middle block gives viewers either a caption of the topic being discussed (i.e., "Mike Huckman") or information about the correspondent on the screen. Additionally, the left block is also replaced by logos indicating general subjects (i.e., "Behind the Wheel",) or the network's "Breaking News" (gold on red), "CNBC Alert" (green), "CNBC Market Alert" (black on gold) or "CNBC Exclusive" (orange) logo when required.

Taglines

"A Service of NBCUniversal and Dow Jones" (17 May 2004 - 31 December 2005, 2007–present)

"Fast, Accurate, Actionable, Unbiased" (2007–present)

"America's Business Channel" (2005 or earlier - 2008)

"First in Business Worldwide" (12 June 2006–present)

"The World Leader in Business News" (2004 - 11 June 2006)

"Make It Your Business" (2002–2004)

"Business for the New World" (2002)

"Profit From It" (1998–2002)

"First in Business, Worldwide" (1996–97)

"First in Business, First in Talk" (1995)

"Information that hits home." (1992–95)

Music

The music used from October 2003 to December 2005 was produced by 615 Music of Nashville, Tennessee. This music (though only edited versions of the arrangements for Street Signs and Closing Bell) continues as of February 2009 to be used by CNBC Europe, although CNBC Asia ceased using it in March 2007. CNBC Europe continued also to use "CNBC Anthem" a.k.a. "Bold & Grand", which was composed by Edd Kalehoff and used by CNBC US between 2000–2002. For its main channel ident used until a relaunch on 30 September 2008, the anthem was remixed, adding the NBC chimes to the music. However, it is still used for its "Europe Update" segments during US programming. The current music package is composed by James Ryan of Rampage Music New York, a company that has also created music for co-owned WNBC, also in New York. Ryan also composed the network's 2002 music package. Willie Wilcox composed the themes for ''The Big Idea'', ''Mad Money'', ''Conversations with Michael Eisner'' and currently ''Fast Money''.

Logos

From 1989 to 1997, CNBC's logo used the letters ''CNBC'' above a swoosh. In 1997, CNBC adopted NBC's peacock logo.

Announcer

CNBC's main voice-over announcer is Jim Birdsall, who also works for NFL Films, and is heard as the voice in commercials for CiCi's Pizza. Also, Brian Lee is used for certain promos for certain shows.

Partnerships

Dow Jones & Company

Since December 1997, the network has held a strategic alliance with the publishing and financial information firm Dow Jones & Company. Under the agreement, CNBC has extensive access to the journalism of such outlets as MarketWatch, ''The Wall Street Journal'', Dow Jones Newswires and ''Barron's'', with their reporters and editorial staff making frequent appearances on the channel. Some former CNBC programs have included Dow Jones branding, while the network currently produces and syndicates the weekly ''Wall Street Journal Report'' with Maria Bartiromo. CNBC's current deal with Dow Jones expires in 2012, and its continuation has been the subject of some uncertainty following the 2007 acquisition of Dow by News Corporation, parent company of rival financial network Fox Business, which had been started just two months prior and whose resources have been used to build up Fox Business. News Corp CEO Rupert Murdoch has stated that the current agreement "covers actual news and access to reporters on ''business'' news" only, and that Fox and Dow Jones are free to cooperate on other issues.

Other content partnerships

CNBC has also held a content deal with ''The New York Times'' since January 2008, which has widely been seen as an attempt by both parties to take on increased competition from News Corporation. Under the agreement, CNBC has access to the business coverage of the ''Times'', while video from CNBC.com is featured on the ''Times''' website. The station's video clips and other content are also distributed through Yahoo! Finance and, as of May 2008, AOL Money & Finance.

The network's live market prices, economic data and other statistics are largely provided by Thomson Reuters (Reuters and Thomson Financial prior to their 2008 merger). Since September 2006 CNBC has operated its own stock market index in conjunction with London's FTSE Group. The FTSE CNBC Global 300 includes the fifteen largest companies from each of the sectors of the Industry Classification Benchmark as well as the thirty largest companies from emerging markets. Calculated continuously from 9 pm through to 4:10 pm ET each trading day, the index is referenced throughout the network's live programming, particularly on ''Worldwide Exchange''.

The channel also maintains the "CNBC Investor Network", a series of webcam connections to the trading rooms of various independent financial institutions across the United States. The scheme was launched on 22 October 2007 and allows participating traders and strategists to appear on the network during the business day.

On December 14, 2010, CNBC and CarryQuote announced a development and marketing collaboration that resulted in the release of CNBC PRO, a mobile and desktop financial application for individual investors. CNBC PRO provides its subscribers with real-time financial data from more than 100 stock exchanges worldwide, plus CNBC news and streaming video.

International channels

CNBC has operated international versions of its channel since 1995, when CNBC Asia originally launched. CNBC Europe followed in 1996. On 9 December 1997, Dow Jones & Company and NBC announced the merger of their international business news channels. This resulted in a merger of CNBC Europe with Dow Jones' European Business News, and likewise of CNBC Asia with Asia Business News. From then (until January 2006) the international CNBC services carried the tagline "A Service of NBC (Universal) and Dow Jones" (or depending on other local partners, a variation of this tagline). Correspondents from Dow Jones Newswires contribute to the channels. CNBC Europe is headquartered in London, and CNBC Asia is headquartered in Singapore. On 31 December 2005, the sale by Dow Jones of its interests in the international CNBC channels took effect. From 1 January 2006, the "A Service of NBC Universal and Dow Jones" tagline was removed from the international CNBC channels, in line with this. In 2007, CNBC Asia dropped the word "Asia" from its channel idents, on 30 September 2008, CNBC Europe similarly dropped the word "Europe" from its logo. This means the big three CNBC channels - US, Europe, and Asia - are all on-screen known as simply CNBC.

Besides CNBC Europe and CNBC Asia, the network also operates a number of local business news channels in association with other companies. These channels include Class CNBC in Italy, CNBC-e in Turkey, CNBC Arabiya in the UAE, Nikkei CNBC in Japan, CNBC-TV18 and CNBC Awaaz in India, CNBC Pakistan in Pakistan and TVN CNBC in Poland.

CNBC Europe and CNBC Asia are rebranded in some parts of the world with tickers containing local financial information. Examples include CNBC Nordic, CNBC Singapore, CNBC Hong Kong and CNBC Australia (CNBC Australia and Singapore also produce five minute updates at 12:55 pm, 5:55 pm and 9:55 pm for free-to-air network, SBS TV). In addition, CNBC Europe airs Strictly Money for UK and Republic of Ireland viewers only.

In North America, CNBC World airs business programming from CNBC Europe and CNBC Asia, as well as weekly magazine programs provided by CNBC-TV18 and the United Nations.

In Central America and the Caribbean, CNBC Latin America retransmits live programs from CNBC and CNBC World.

In Canada, CNBC can be seen with most of the programming identical to the US counterpart. However, due to Canadian programming rights, the 9 pm slot which shows television programming such as ''Deal Or No Deal'', ''The Apprentice'', ''1 vs. 100'' and ''Heads Up Poker'', as well as any and all Olympic Games coverage, are replaced by CNBC World programming. However, documentaries are shown in Canada. This had the making of a major problem, as a highlight episode of ''The Apprentice 5'' that aired April 23, 2006, was assumed to not be available anywhere for Canadians due to these blackouts. While the first airing at 9:00 pm ET was blacked out, the second airing at midnight ET was accidentally shown. Blackouts on episodes that originally air on NBC and Global are likely to continue. However, occasionally, the television shows are shown and are not blacked out, possibly due to a mistake in transmission.

CNBC's most recent international spinoff is CNBC Africa. With roughly $600 million spent on advertising in South Africa alone, the network sees great potential in grabbing a potential share of that pot. Initially, CNBC Africa has bureaus in Kenya, Nigeria and South Africa and produces 9 hours of local programming per business day. The network was launched on 2007-06-01.

The launch of the Korean language channel SBS-CNBC in January 2010 will mark the fifteenth CNBC-branded channel worldwide.

CNBC.com

CNBC.com is the companion website to the financial network. It was launched in 1996 with minimal content, other than show program grids, host biographies and basic network images (on the internet, business news then was handled by the website of CNBC's sister channel, MSNBC). The site gradually progressed alongside internet technology, giving investors more useful information such as stock quotes, news bulletins, in-depth programming information and a whole host of other data.

left|thumb|CNBC.com - 1996 In August 2001, CNBC.com merged with MSN's Moneycentral.com, creating "CNBC on MSN." This new partnership allowed the two parties to meet two objectives: #provide richer content to visitors, with expanded news offerings, a wider array of stock tools (including interactive charting, free online portfolio managers) plus more in-depth market coverage and # more effectively compete with other finance related websites, such as Marketwatch.com and Yahoo! Finance.

During this period the editorial content on the CNBC.com site was controlled by Microsoft Corporation. CNBC.com officially ended its relationship with MSN in mid-November 2006.

CNBC.com was relaunched on 4 December 2006. The website provides new online tools for investors and better integration of the website with daytime programming. Some of the new features include:

exclusive online interviews (the first being with Chicago Fed President Michael Moskow)

live market updates from CNBC personalities three times per day during the trading day (discontinuing the "Market in a Minute" updates in June 2007)

a streaming desktop ticker, real-time data and the network's "tick-by-tick" charts (for major indices)

themed blogs by various correspondents (i.e., "Tech Check" with tech reporter Jim Goldman)

unedited, full-length interviews from CNBC specials or other on-air interviews

free video of recent on-air segments, interviews, features etc.

an exclusive "CNBC.com" set built at CNBC's U.S. headquarters where the market update segments (among other things) are taped from

blogging from on-air personalities about the various "goings-on" within the network

an original show to air exclusively online with Maria Bartiromo, Bill Griffeth and Joe Kernen (yet to debut)

top-of-the-hour summary of business news entitled ''CNBC.com News Now'' which is also seen during the trading day on CNBC TV.

Content on the new website is edited 24 hours a day during the business week. CNBC U.S. updates the content from 6 am to 7 pm ET, CNBC Asia then takes over from 7 p.m to 2 am, and CNBC Europe handles the (North American) overnight hours from 2 am to 6 am.

In April 2007, the site was able to attract 662,000 unique visitors to the website, ranking it #22 amongst all financial news websites.

CNBCplus

"CNBCplus" was a subscription-based service (similar to the now-defunct CNN Pipeline) which allowed users to have 24-hour, commercial-free access to three individual CNBC feeds—CNBC U.S., CNBC Europe and CNBC Asia—along with access to an archive of over 100,000 VOD clips, updated with up to 200 clips daily. It also offered a search feature allowing the user to find video clips using keywords. The service is available to PC Windows users running Internet Explorer 6.x or 7.x. The CNBC U.S. stream offered most television broadcast programming, including the popular shows, ''Mad Money'' and ''Fast Money''.

Since its inception, the service offered a free seven-day trial for people who register. After that, individuals who registered would be required to pay a monthly fee to continue their subscription. The 'introductory offer' was $9.95 per month, although the fee eventually went up to $14.95/month.

As of March 2008, CNBCplus had signed up 15,000 regular subscribers to its service.

In December 2010, CNBC migrated its 16,000 users of CNBCplus to CNBC PRO.

CNBC PRO

On December 14, 2010, CNBC and CarryQuote announced a development and marketing collaboration that resulted in the release of CNBC PRO, a mobile and desktop financial application for individual investors.

CNBC PRO provides its subscribers with real-time financial data from more than 100 stock exchanges worldwide, plus CNBC news and streaming video. For the introductory price of $24.99 per month, or $269 per year, a user can access this information from his or her computer or BlackBerry, with access from iPhone, iPad, and Android to follow in 2011.

In December 2010, CNBC migrated its 16,000 users of CNBCplus to CNBC PRO.

High definition

CNBC HD+, a 1080i high-definition enhanced simulcast of CNBC, was launched on October 10, 2007. The channel uses a modified screen format during trading day programming, which shifts the existing 4:3 feed to the left of the screen to add a sidebar on the right side of the screen, containing additional market statistics and a window showing video content from CNBC.com (whose audio is carried on SAP). Primetime programming is showed in full-screen 16:9 and usually produced in HD.

DirecTV was the first provider to add CNBC HD+, with other providers soon following.

Airport "stores" or "bureaus"

CNBC holds stores (can be called bureaus) called "CNBC News" in many airports across the USA. Since 2001, CNBC has been in a licensing arrangement with The Paradies Shops to open these stores, which sell limited CNBC merchandise, along with newspapers, magazines and a small selection of snacks and drinks. Locations include:

Criticism

CNBC has been criticized for allegedly amplifying bull and bear markets, particularly in the run-up to the Dot-com bubble and the subprime crisis. In response to these criticisms, CNBC anchors have pointed to the size of the market and noted that influencing it is "a little out of our reach." Jon Stewart on Comedy Central's ''The Daily Show'' has been a vocal critic of CNBC and some of its personalities, beginning after comments were made by Rick Santelli. Despite the lack of direct comments by the network, several personalities have defended their predictions and comments. CNBC was accused by the Obama administration of "cable chatter" -- the excessant and sometimes brutal discussion on a particular topic, often one-sided. James Cramer's stock picks on his CNBC show ''Mad Money'' were found by ''Barron's'' magazine in 2007 to have underperformed the S&P; 500 stock index over the previous two years. ''Barron's'' stated that "his picks haven't beaten the market. Over the past two years, viewers holding Cramer's stocks would be up 12% while the Dow rose 22% and the S&P; 500 16%." CNBC disputed the magazine's findings.

Tea Party movement (2009)

In what was described by CNBC as a "rant" delivered from the floor of the Chicago Mercantile Exchange, CNBC correspondent Rick Santelli reinvented the term "tea party", and a national protest movement, known as the Tea Party movement, followed amid much media attention."

See also

Bloomberg Television

Fox Business Network

List of DirecTV channels

List of Dish Network channels in the United States

References

;Notes

External links

cnbc.com, CNBC's official website (United States)

NBC Cable Networks - NBCCableinfo.com - CNBC

CNBC page at MSNBC.com

CNBC Video at MSN Money

CNBC weekly U.S. TV Schedule

CNBC Anchors and Reporters (scroll down page for list)

Photos of the New Jersey CNBC facility

DeBartolo, Anthony HydeparkMedia.com "CNBC: Viewer Discretion Advised" ''Chicago Reader'' article

CNBC PRO

Theme songs used on CNBC shows (past and present)

Category:24-hour television news channels in the United States Category:Business-related television channels Category:CNBC Category:CNBC global channels Category:Digital only radio stations Category:DuPont-Columbia Award recipients Category:English-language television stations in the United States Category:NBC Universal networks Category:Orphan initialisms Category:Sirius Satellite Radio channels Category:Stock market Category:Television channels and stations established in 1989 Category:Television stations in New Jersey Category:U.S. Route 9W Category:XM Satellite Radio channels

de:CNBC es:CNBC fr:CNBC id:CNBC he:CNBC ms:CNBC nl:CNBC (televisiebedrijf) ja:CNBC no:CNBC pl:CNBC pt:CNBC fi:CNBC sv:CNBC th:ซีเอ็นบีซี tr:CNBC yi:CNBC zh:CNBC

Coordinates	41°52′55″N87°37′40″N
name	Steve Jobs
birth name	Steven Paul Jobs
birth date	February 24, 1955
birth place
death date	October 05, 2011
death place	Palo Alto, California, U.S.
nationality	American
occupation	Co-founder, Chairman and CEO, Apple Inc., Co-founder and CEO, Pixar, Co-founder and CEO, NeXT Inc.
alma mater	Reed College (dropped out)
years active	1974–2011
boards	The Walt Disney Company, Apple Inc.
religion	Zen Buddhism
spouse	Laurene Powell(1991–2011, his death)
children	4 – Lisa Brennan-Jobs, Reed, Erin, Eve
relatives	Mona Simpson (sister)
signature	Steve Jobs signature.svg
signature size	120px }}

Steven Paul Jobs (; February 24, 1955 – October 5, 2011) was an American businessman, designer and inventor. He is best known as the co-founder, chairman, and chief executive officer of Apple Inc. Through Apple, he was widely recognized as a charismatic pioneer of the personal computer revolution and for his influential career in the computer and consumer electronics fields. Jobs also co-founded and served as chief executive of Pixar Animation Studios; he became a member of the board of directors of The Walt Disney Company in 2006, when Disney acquired Pixar.

In the late 1970s, Apple co-founder Steve Wozniak engineered one of the first commercially successful lines of personal computers, the Apple II series. Jobs was among the first to see the commercial potential of Xerox PARC's mouse-driven graphical user interface, which led to the creation of the Apple Lisa and, one year later, the Macintosh. During this period he also led efforts that would begin the desktop publishing revolution, notably through the introduction of the LaserWriter and the associated PageMaker software.

After losing a power struggle with the board of directors in 1985, Jobs left Apple and founded NeXT, a computer platform development company specializing in the higher-education and business markets. In 1986, he acquired the computer graphics division of Lucasfilm, which was spun off as Pixar. He was credited in ''Toy Story'' (1995) as an executive producer. He remained CEO and majority shareholder at 50.1 percent until its acquisition by The Walt Disney Company in 2006, making Jobs Disney's largest individual shareholder at seven percent and a member of Disney's Board of Directors.

After difficulties developing a new Mac OS, Apple purchased NeXT in 1996 in order to use NeXTSTEP as the basis for what became Mac OS X. As part of the deal Jobs was named Apple advisor. As Apple floundered, Jobs took control of the company and was named "interim CEO" in 1997, or as he jokingly referred to it, "iCEO". Facing near bankruptcy at the time of his return, Jobs quickly improved the company's fortunes and returned it to profitability in 1998. Over the next decade, Jobs oversaw the development of the iMac, iTunes, iPod, iPhone, and iPad and on the services side, the company's Apple Retail Stores, iTunes Store and the App Store. The enormous success of these products and services, providing years of stable financial returns, propelled Apple to become the world's most valuable company in 2011. The reinvigoration of the company is regarded as one of the greatest business turnaround stories in history.

In 2003, Jobs was diagnosed with a pancreas neuroendocrine tumor. Though it was initially treated, he reported a hormone imbalance, underwent a liver transplant in 2009, and appeared progressively thinner as his health declined. On medical leave for most of 2011, Jobs resigned as Apple CEO in August that year and was elected Chairman of the Board. He died of respiratory arrest related to his metastatic tumor on October 5, 2011. He continues to receive honors and public recognition for his influence in the technology and music industries.

Early life and education

Steven Paul Jobs was born in San Francisco on 24 February 1955, to two university students, Joanne Carole Schieble and Syrian born Abdulfattah "John" Jandali (), who were both unmarried at the time. Jandali who was teaching in Wisconsin when Steve was born in 1955, said he had no choice but to put the baby up for adoption because his girlfriend's family objected to their relationship. He was adopted at birth by Paul Reinhold Jobs (1922–1993) and Clara Jobs (1924–1986). Clara's maiden name was Hagopian. When asked about his "adoptive parents," Jobs replied emphatically that Paul and Clara Jobs "were my parents." He later stated in his authorized biography that they "were my parents 1,000%." His biological parents subsequently married (December 1955), had a second child Mona Simpson in 1957, and divorced in 1962.

The Jobs family moved from San Francisco to Mountain View, California when Steve was five years old. Paul and Clara later adopted a daughter, Patti. Paul Jobs, a machinist for a company that made lasers, taught his son rudimentary electronics and how to work with his hands. Clara was an accountant who taught him to read before he went to school. Clara Jobs had been a payroll clerk for Varian Associates, one of the first high-tech firms in what became known as Silicon Valley.

Jobs attended Monta Loma Elementary, Mountain View, Cupertino Junior High and Homestead High School in Cupertino, California. He frequented after-school lectures at the Hewlett-Packard Company in Palo Alto, California, and was later hired there, working with Steve Wozniak as a summer employee. Following high school graduation in 1972, Jobs enrolled at Reed College in Portland, Oregon. Although he dropped out after only one semester, he continued auditing classes at Reed, while sleeping on the floor in friends' rooms, returning Coke bottles for food money, and getting weekly free meals at the local Hare Krishna temple. Jobs later said, "If I had never dropped in on that single calligraphy course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts."

Early career

In 1974, Jobs took a job as a technician at Atari, Inc. in Los Gatos, California. He traveled to India in mid-1974 to visit Neem Karoli Baba at his Kainchi Ashram with a Reed College friend (and, later, an early Apple employee), Daniel Kottke, in search of spiritual enlightenment. When they got to the Neem Karoli ashram, it was almost deserted as Neem Karoli Baba had died in September 1973. Then they made a long trek up a dry riverbed to an ashram of Hariakhan Baba. In India, they spent a lot of time on bus rides from Delhi to Uttar Pradesh and back, then up to Himachal Pradesh and back.

Jobs left India after staying for seven months and returned to the US ahead of Daniel Kottke, with his head shaved and wearing traditional Indian clothing. During this time, Jobs experimented with psychedelics, calling his LSD experiences "one of the two or three most important things [he had] done in [his] life". He also became a serious practitioner of Zen Buddhism, engaged in lengthy meditation retreats at the Tassajara Zen Mountain Center, the oldest Sōtō Zen monastery in the US, considered taking up monastic residence, and maintained a lifelong appreciation for Zen. He later said that people around him who did not share his countercultural roots could not fully relate to his thinking.

Jobs returned to Atari and was assigned to create a circuit board for the game ''Breakout''. According to Atari co-founder Nolan Bushnell, Atari offered $100 for each chip that was eliminated in the machine. Jobs had little interest in or knowledge of circuit board design and made a deal with Wozniak to split the fee evenly between them if Wozniak could minimize the number of chips. Much to the amazement of Atari, Wozniak reduced the number of chips by 50, a design so tight that it was impossible to reproduce on an assembly line. According to Wozniak, Jobs told Wozniak that Atari gave them only $700 (instead of the offered $5,000) and that Wozniak's share was thus $350. Wozniak did not learn about the bonus until ten years later, but said that had Jobs told him about it and said he needed the money, Wozniak would have given it to him.

Jobs began attending meetings of the Homebrew Computer Club with Wozniak in 1975. He greatly admired Edwin H. Land, the inventor of instant photography and founder of Polaroid Corporation, and explicitly modeled his own career after that of Land's.

The revised, second-generation NeXTcube was released in 1990, also. Jobs touted it as the first "interpersonal" computer that would replace the personal computer. With its innovative NeXTMail multimedia email system, NeXTcube could share voice, image, graphics, and video in email for the first time. "Interpersonal computing is going to revolutionize human communications and groupwork", Jobs told reporters. Jobs ran NeXT with an obsession for aesthetic perfection, as evidenced by the development of and attention to NeXTcube's magnesium case. This put considerable strain on NeXT's hardware division, and in 1993, after having sold only 50,000 machines, NeXT transitioned fully to software development with the release of NeXTSTEP/Intel. The company reported its first profit of $1.03 million in 1994. In 1996, NeXT Software, Inc. released WebObjects, a framework for Web application development. After NeXT was acquired by Apple Inc. in 1997, WebObjects was used to build and run the Apple Store, MobileMe services, and the iTunes Store.

Pixar and Disney

In 1986, Jobs bought The Graphics Group (later renamed Pixar) from Lucasfilm's computer graphics division for the price of $10 million, $5 million of which was given to the company as capital.

The first film produced by the partnership, ''Toy Story'', with Jobs credited as executive producer, brought fame and critical acclaim to the studio when it was released in 1995. Over the next 15 years, under Pixar's creative chief John Lasseter, the company produced box-office hits ''A Bug's Life'' (1998); ''Toy Story 2'' (1999); ''Monsters, Inc.'' (2001); ''Finding Nemo'' (2003); ''The Incredibles'' (2004); ''Cars'' (2006); ''Ratatouille'' (2007); ''WALL-E'' (2008); ''Up'' (2009); and ''Toy Story 3'' (2010). ''Finding Nemo'', ''The Incredibles'', ''Ratatouille'', ''WALL-E'', ''Up'' and ''Toy Story 3'' each received the Academy Award for Best Animated Feature, an award introduced in 2001.

In the years 2003 and 2004, as Pixar's contract with Disney was running out, Jobs and Disney chief executive Michael Eisner tried but failed to negotiate a new partnership, and in early 2004, Jobs announced that Pixar would seek a new partner to distribute its films after its contract with Disney expired.

In October 2005, Bob Iger replaced Eisner at Disney, and Iger quickly worked to patch up relations with Jobs and Pixar. On January 24, 2006, Jobs and Iger announced that Disney had agreed to purchase Pixar in an all-stock transaction worth $7.4 billion. When the deal closed, Jobs became The Walt Disney Company's largest single shareholder with approximately seven percent of the company's stock. Jobs's holdings in Disney far exceeded those of Eisner, who holds 1.7 percent, and of Disney family member Roy E. Disney, who until his 2009 death held about one percent of the company's stock and whose criticisms of Eisner — especially that he soured Disney's relationship with Pixar — accelerated Eisner's ousting. Jobs joined the company's board of directors upon completion of the merger and also helped oversee Disney and Pixar's combined animation businesses from a seat on a special six-person steering committee. Upon Jobs's death his shares in Disney were transferred to the Steven P. Jobs Trust led by Laurene Jobs.

Return to Apple

In 1996, Apple announced that it would buy NeXT for $427 million. The deal was finalized in late 1996, bringing Jobs back to the company he co-founded. Jobs became ''de facto'' chief after then-CEO Gil Amelio was ousted in July 1997. He was formally named interim chief executive in September. In March 1998, to concentrate Apple's efforts on returning to profitability, Jobs terminated a number of projects, such as Newton, Cyberdog, and OpenDoc. In the coming months, many employees developed a fear of encountering Jobs while riding in the elevator, "afraid that they might not have a job when the doors opened. The reality was that Jobs's summary executions were rare, but a handful of victims was enough to terrorize a whole company." Jobs also changed the licensing program for Macintosh clones, making it too costly for the manufacturers to continue making machines.

With the purchase of NeXT, much of the company's technology found its way into Apple products, most notably NeXTSTEP, which evolved into Mac OS X. Under Jobs's guidance, the company increased sales significantly with the introduction of the iMac and other new products; since then, appealing designs and powerful branding have worked well for Apple. At the 2000 Macworld Expo, Jobs officially dropped the "interim" modifier from his title at Apple and became permanent CEO. Jobs quipped at the time that he would be using the title "iCEO".

Inventions and designs

His design sense was greatly influenced by the Buddhism which he experienced in India while on a seven-month spiritual journey. His sense of intuition was also influenced by the spiritual people with whom he studied.

, Jobs is listed as either primary inventor or co-inventor in 342 United States patents or patent applications related to a range of technologies from actual computer and portable devices to user interfaces (including touch-based), speakers, keyboards, power adapters, staircases, clasps, sleeves, lanyards and packages. Most of these are design patents (specific product designs) as opposed to utility patents (inventions). He has 43 issued US patents on inventions. The patent on the Mac OS X Dock user interface with "magnification" feature was issued the day before he died.

Philanthropy

Arik Hesseldahl of ''BusinessWeek'' magazine stated that "Jobs isn't widely known for his association with philanthropic causes", compared to Bill Gates's efforts. Jobs said (in 1985) that he does charitable acts privately. After resuming control of Apple in 1997, Jobs eliminated all corporate philanthropy programs initially. Later, under Jobs, Apple signed to participate in Product Red program, producing red versions of devices to give profits from sales to charity. Apple has gone on to become the single largest contributor to the charity since its initial involvement with it. The chief of the Product Red project, singer Bono cited Jobs saying there was "nothing better than the chance to save lives," when he initially approached Apple with the invitation to participate in the program.

Personal life

Jobs's birth parents met at the University of Wisconsin. Abdulfattah "John" Jandali, a Syrian Muslim, taught there. Joanne Carole Schieble was his student; they were the same age because Jandali had "gotten his PhD really young." In December 1955, ten months after giving up their baby boy, Schieble and Jandali married. In 1957, they had a daughter Mona together. They divorced in 1962, and Jandali lost touch with his daughter. Her mother remarried and had Mona take the surname of her stepfather, so she became known as Mona Simpson.

In the 1980s, Jobs found his birth mother, Joanne Schieble Simpson, who told him he had a biological sister, Mona Simpson. They met for the first time in 1985 and became close friends. The siblings kept their relationship secret until 1986, when Mona introduced him at a party for her first book.

After deciding to search for their father, Simpson found Jandali managing a coffee shop. Without knowing who his son had become, Jandali told Mona that he had previously managed a popular restaurant in the Silicon Valley where "Even Steve Jobs used to eat there. Yeah, he was a great tipper." In a taped interview with his biographer Walter Isaacson, aired on ''60 Minutes'', Jobs said: "When I was looking for my biological mother, obviously, you know, I was looking for my biological father at the same time, and I learned a little bit about him and I didn't like what I learned. I asked her to not tell him that we ever met...not tell him anything about me." Jobs was in occasional touch with his mother Joanne Simpson, who lives in a nursing home in Los Angeles. When speaking about his biological parents, Jobs stated: "They were my sperm and egg bank. That's not harsh, it's just the way it was, a sperm bank thing, nothing more." Jandali stated in an interview with the ''The Sun'' in August 2011, that his efforts to contact Jobs were unsuccessful. Jandali mailed in his medical history after Jobs's pancreatic disorder was made public that year.

In her eulogy to Jobs at his memorial service, Mona Simpson stated: :I grew up as an only child, with a single mother. Because we were poor and because I knew my father had emigrated from Syria, I imagined he looked like Omar Sharif. I hoped he would be rich and kind and would come into our lives (and our not yet furnished apartment) and help us. Later, after I'd met my father, I tried to believe he'd changed his number and left no forwarding address because he was an idealistic revolutionary, plotting a new world for the Arab people. Even as a feminist, my whole life I'd been waiting for a man to love, who could love me. For decades, I'd thought that man would be my father. When I was 25, I met that man and he was my brother.

Jobs's first child, Lisa Brennan-Jobs, was born in 1978, the daughter of his longtime partner Chris Ann Brennan, a Bay Area painter. For two years, she raised their daughter on welfare while Jobs denied paternity by claiming he was sterile; he later acknowledged Lisa as his daughter. Jobs later married Laurene Powell on March 18, 1991, in a ceremony at the Ahwahnee Hotel in Yosemite National Park. Presiding over the wedding was Kobun Chino Otogawa, a Zen Buddhist monk. Their son, Reed, was born September 1991, followed by daughters Erin in August 1995, and Eve in 1998. The family lives in Palo Alto, California.

In the unauthorized biography, ''The Second Coming of Steve Jobs,'' author Alan Deutschman reports that Jobs once dated Joan Baez. Deutschman quotes Elizabeth Holmes, a friend of Jobs from his time at Reed College, as saying she "believed that Steve became the lover of Joan Baez in large measure because Baez had been the lover of Bob Dylan" (Dylan was the Apple icon's favorite musician). In another unauthorized biography, ''iCon: Steve Jobs'' by Jeffrey S. Young & William L. Simon, the authors suggest that Jobs might have married Baez, but her age at the time (41) meant it was unlikely the couple could have children.

Jobs was also a fan of The Beatles. He referred to them on multiple occasions at Keynotes and also was interviewed on a showing of a Paul McCartney concert. When asked about his business model on ''60 Minutes'', he replied:

My model for business is The Beatles: They were four guys that kept each other's negative tendencies in check; they balanced each other. And the total was greater than the sum of the parts. Great things in business are never done by one person, they are done by a team of people. Jobs told Walter Isaacson "...he came to like the idea of having a uniform for himself, both because of its daily convenience (the rationale he claimed) and its ability to convey a signature style." He was a pescetarian.

Jobs's car was a silver 2008 Mercedes-Benz SL 55 AMG, which does not display its license plates, as he took advantage of a California law which gives a maximum of six months for new vehicles to receive plates; Jobs leased a new identical SL every six months.

In a 2011 interview with biographer Walter Isaacson, Jobs revealed at one point he met with U.S. President Barack Obama, complained of the nation's shortage of software engineers, and told Mr. Obama that he was "headed for a one-term presidency." Jobs proposed that any foreign student who got an engineering degree at a U.S. university should automatically be offered a green card. After the meeting, Jobs commented, "The president is very smart, but he kept explaining to us reasons why things can't get done.... It infuriates me."

Jobs contributed to a number of political candidates and causes during his life, giving $209,000 to Democrats, $19,000 to associated special interests and $1,000 to a Republican.

Health issues

In October 2003, Jobs was diagnosed with cancer, and in mid-2004, he announced to his employees that he had a cancerous tumor in his pancreas. The prognosis for pancreatic cancer is usually very poor; Jobs stated that he had a rare, far less aggressive type known as islet cell neuroendocrine tumor. Despite his diagnosis, Jobs resisted his doctors' recommendations for mainstream medical intervention for nine months, instead consuming a special alternative medicine diet in an attempt to thwart the disease. According to Harvard researcher Dr. Ramzi Amir, his choice of alternative treatment "led to an unnecessarily early death". According to Jobs's biographer, Walter Isaacson, "for nine months he refused to undergo surgery for his pancreatic cancer – a decision he later regretted as his health declined." "Instead, he tried a vegan diet, acupuncture, herbal remedies and other treatments he found online, and even consulted a psychic. He also was influenced by a doctor who ran a clinic that advised juice fasts, bowel cleansings and other unproven approaches, before finally having surgery in July 2004." He eventually underwent a pancreaticoduodenectomy (or "Whipple procedure") in July 2004, that appeared to successfully remove the tumor.

Death

Jobs died at his California home around 3 p.m. on October 5, 2011, due to complications from a relapse of his previously treated islet-cell neuroendocrine pancreatic cancer, He had lost consciousness the day before, and died with his wife, children and sister at his side.

His death was announced by Apple in a statement which read:

Jobs is survived by Laurene, his wife of 20 years, their three children, and Lisa Brennan-Jobs, his daughter from a previous relationship. His family released a statement saying that he "died peacefully".

For two weeks following his death, Apple's corporate Web site displayed a simple page, showing Jobs's name and lifespan next to his grayscale portrait. Clicking on the image led to an obituary, which read:

Also dedicating its homepage to Jobs was Pixar, with a photo of Jobs, John Lasseter and Edwin Catmull, and the eulogy they wrote:

An email address was also posted for the public to share their memories, condolences, and thoughts. Over a million tributes were sent, which are now displayed on the Steve Jobs memorial page.

Shortly after his death was announced, ABC, CBS, and NBC interrupted scheduled programming to broadcast this news. Numerous newspapers around the world carried news of his death on their front pages the next day. Several notable people, including US President Barack Obama, British Prime Minister David Cameron, Microsoft founder Bill Gates, and The Walt Disney Company's Bob Iger commented on the death of Jobs. ''Wired News'' collected reactions and posted them in tribute on their homepage.

A small private funeral was held on October 7, 2011, of which details were not revealed out of respect to Jobs's family. Apple announced on the same day that they had no plans for a public service, but were encouraging "well-wishers" to send their remembrance messages to an email address created to receive such messages. Sunday, October 16, 2011, was declared "Steve Jobs Day" by Governor Jerry Brown of California. On that day, an invitation-only memorial was held at Stanford University. Those in attendance include Apple and other tech company executives, members of the media, celebrities, close friends of Jobs, and politicians, along with Jobs's family. Bono, Yo Yo Ma, and Joan Baez performed at the service, which lasted longer than an hour. The service was highly secured, with guards at all of the university's gates, and a helicopter flying overhead from an area news station.

Both Apple and Microsoft flew their flags at half-staff throughout their respective headquarters and campuses. Bob Iger ordered all Disney properties, including Walt Disney World and Disneyland, to fly their flags at half-staff, from October 6 to 12, 2011.

A private memorial service for Apple employees was held on October 19, 2011, on the Apple Campus in Cupertino. Present were Cook, Bill Campbell, Norah Jones, Al Gore, and Coldplay, and Jobs's widow, Laurene, was in attendance. Some of Apple's retail stores closed briefly so employees could attend the memorial. A video of the service is available on Apple's website.

Jobs is buried at Alta Mesa Memorial Park, the only non-denominational cemetery in Palo Alto.

Major media published commemorative works. ''Time'' published a commemorative issue for Jobs on October 8, 2011. The issues cover featured a portrait of Jobs, taken by Norman Seeff, in which he is sitting in the lotus position holding the original Macintosh computer, first published in ''Rolling Stone'' in January 1984. The issue marked the eighth time Jobs has been featured on the cover of ''Time''. The issue included a photographic essay by Diana Walker, a retrospective on Apple by Harry McCracken and Lev Grossman, and a six-page essay by Walter Isaacson. Isaacson's essay served as a preview of his biography, ''Steve Jobs''.

''Bloomberg Businessweek'' also published a commemorative issue. The cover of the magazine features Apple-style simplicity, with a black-and-white, up-close photo of Jobs and his years of birth and death. The issue was published without advertisements. It featured extensive essays by Steve Jurvetson, John Sculley, Sean Wisely, William Gibson, and Walter Isaacson.

Free software pioneer Richard Stallman dissented from the prevailing hagiographic views of Jobs to draw attention to the tight corporate control Apple exercised over consumer computers and handheld devices, how Apple restricted news reporters, and persistently violated privacy: "Steve Jobs, the pioneer of the computer as a jail made cool, designed to sever fools from their freedom, has died". Malcolm Gladwell in The New Yorker asserted that "Jobs's sensibility was editorial, not inventive. His gift lay in taking what was in front of him ... and ruthlessly refining it."

Although reporters wrote glowing elegies after Jobs died, ''Los Angeles Times'' media critic James Rainey reported that they "came courtesy of reporters who—after deadline and off the record—would tell stories about a company obsessed with secrecy to the point of paranoia. They remind us how Apple shut down a youthful fanboy blogger, punished a publisher that dared to print an unauthorized Jobs biography and repeatedly ran afoul of the most basic tenets of a free press."

Apple "has taken stances that, in my opinion, are outright hostile to the practice of journalism," said longtime Silicon Valley reporter Dan Gillmor. Under Jobs, Apple sued three "small fry" bloggers who reported tips about the company and its unreleased products and tried to use the courts to force them to reveal their sources. Under Jobs, Apple even sued a teenager, Nicholas Ciarelli, who wrote enthusiastic speculation about Apple products beginning at age 13. His popular blog, ThinkSecret, was a play on Apple's slogan "Think Different." Rainey wrote that Apple wanted to kill ThinkSecret as "It thought any leaks, even favorable ones, diluted the punch of its highly choreographed product launches with Jobs, in his iconic jeans and mock turtleneck outfit, as the star."

Honors and public recognition

After Apple's founding, Jobs became a symbol of his company and industry. When ''Time'' named the computer as the 1982 "Machine of the Year", the magazine published a long profile of Jobs as "the most famous maestro of the micro".

Jobs was awarded the National Medal of Technology by President Ronald Reagan in 1985, with Steve Wozniak (among the first people to ever receive the honor), and a Jefferson Award for Public Service in the category "Greatest Public Service by an Individual 35 Years or Under" (also known as the ''Samuel S. Beard Award'') in 1987. On November 27, 2007, Jobs was named the most powerful person in business by ''Fortune'' magazine. On December 5, 2007, California Governor Arnold Schwarzenegger and First Lady Maria Shriver inducted Jobs into the California Hall of Fame, located at The California Museum for History, Women and the Arts.

In August 2009, Jobs was selected as the most admired entrepreneur among teenagers in a survey by Junior Achievement, having previously been named Entrepreneur of the Decade 20 years earlier in 1989, by ''Inc. magazine''. On November 5, 2009, Jobs was named the CEO of the decade by ''Fortune'' magazine.

In November 2010, Jobs was ranked No.17 on ''Forbes'': The World's Most Powerful People. In December 2010, the ''Financial Times'' named Jobs its person of the year for 2010, ending its essay by stating, "In his autobiography, John Sculley, the former PepsiCo executive who once ran Apple, said this of the ambitions of the man he had pushed out: 'Apple was supposed to become a wonderful consumer products company. This was a lunatic plan. High-tech could not be designed and sold as a consumer product.'". The Financial Times closed by rhetorically asking of this quote, "How wrong can you be."

At the time of his resignation, and again after his death, Jobs was widely described as a visionary, pioneer and genius

Reality distortion field

Apple's Bud Tribble coined the term "reality distortion field" in 1981, to describe Jobs' charisma and its effects on the developers working on the Macintosh project. Tribble claimed that the term came from ''Star Trek''. Since then the term has also been used to refer to perceptions of Jobs' keynote speeches.

The RDF was said by Andy Hertzfeld to be Steve Jobs' ability to convince himself and others to believe almost anything, using a mix of charm, charisma, bravado, hyperbole, marketing, appeasement, and persistence. Although the subject of criticism, Jobs' so-called reality distortion field was also recognized as creating a sense that the impossible was possible. Once the term became widely known, it was often used in the technology press to describe Jobs' sway over the public, particuarly regarding new product announcements.

Portrayals and coverage in books, film, and theater

Books

''The Little Kingdom'' (1984) by Michael Moritz, documenting the founding of (then) Apple Computer.

''The Second Coming of Steve Jobs'' (2001), by Alan Deutschman

''iCon: Steve Jobs'' (2005), by Jeffrey S. Young & William L. Simon

''Steve Jobs'' (2011), an authorized biography written by Walter Isaacson.

''Inside Apple'' (2012), a book by Adam Lashinsky that reveals the secret systems, tactics, and leadership strategies that allowed Steve Jobs and his company to work.

Documentaries

''The Machine That Changed the World'' Part 3 of this 1992 five-part documentary, called ''The Paperback Computer'', prominently featured Jobs and his role in the early days of Apple. ''Triumph of the Nerds'' a 1996 three-part documentary for PBS, about the rise of the home computer/personal computer. ''Nerds 2.0.1'' a 1998 three-part documentary for PBS, (and sequel to ''Triumph of the Nerds'') which chronicles the development of the Internet. ''iGenius: How Steve Jobs Changed the World'' a 2011 Discovery Channel documentary hosted by Adam Savage and Jamie Hyneman. ''Steve Jobs: One Last Thing'' a 2011 PBS documentary produced by Pioneer Productions. A slightly shortened and localized version of the show was broadcast in the United Kingdom the following day titled, ''Steve Jobs: iChanged the World'' on Channel 4. In February 2012, the Federal Bureau of Investigation released a 191-page file on Steve Jobs. The report was compiled during a 1991 background investigation of Jobs by the FBI after former president George H. W. Bush recommended his appointment to the President's Export Council. It consists of interviews with co-workers, friends, family members and even neighbors of Jobs.

Films

''Pirates of Silicon Valley'' a 1999 TNT film which chronicles the rise of Apple and Microsoft from the early 1970s to 1997. Jobs is portrayed by Noah Wyle.

Theater

''The Agony and Ecstasy of Steve Jobs'' - The Public Theater, New York City, 2012, starring Mike Daisey.

References

Further reading

Bantam Doubleday Dell. ISBN 0-385-48684-7. Chapter 28

External links

"Thoughts on Flash" by Steve Jobs, April, 2010.

Bloomberg Game Changers: Steve Jobs A 48 minute video on Steve Jobs by Bloomberg

Steve Jobs Profile at ''Forbes''

Steve Jobs remembrance notes from the community. The only remaining tribute on the Apple website..

Federal Bureau of Investigation dossier on Steven Paul Jobs.

Articles

Interviews

Steve Jobs in 1994: The Rolling Stone Interview, ''Rolling Stone'' 1994, republished January 17, 2011. Archived URL April 20, 1995. The Seed of Apple's Innovation, ''BusinessWeek'' October 12, 2004. How Big Can Apple Get?, ''Fortune'' February 21, 2005. ''Newsweek'', October 15, 2006.

Bill Gates and Steve Jobs (video and transcript of on stage interview), AllThingsD, May 30, 2007.

Videotaped Deposition of Steven P. Jobs in front of the Securities and Exchange Commission, March 18, 2008

Interview with Abdulfattah "John" Jandali, Jobs's biological father, by Mohannad Al-Haj Ali, published in ''Al Hayat'' and reprinted by Ya Libnan, February 28, 2011

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Coordinates	41°52′55″N87°37′40″N
name	Jim Cramer
birth date	February 10, 1955
birth place	Wyndmoor, Pennsylvania, U.S.
birth name	James J. Cramer
occupation	Television personality, author
years active	1978–present
networth	US$50–100 million, as of October 2005 (self-proclaimed)
known for	Hosting ''Mad Money''Chairman of TheStreet.com, Inc.
residence	Summit, New Jersey
alma mater	Harvard College (B.A.)Harvard Law School (J.D.) }}

James "Jim" J. Cramer (born February 10, 1955) is an American television personality, a former hedge fund manager, and a best-selling author. Cramer is the host of CNBC's ''Mad Money'' and a co-founder and chairman of TheStreet.com, Inc.

Family

Cramer married Karen Backfisch-Olufsen, a trader with Steinhardt's firm in 1988, and lives in Summit, New Jersey.

Early years

Cramer was born to Jewish parents in Wyndmoor, Pennsylvania, a suburb of Philadelphia. One of his first jobs was selling ice cream at Veterans Stadium during Philadelphia Phillies games. Cramer went to Springfield Township High School in Montgomery County.

Biography

Education and early career

Cramer graduated ''magna cum laude'' from Harvard College with a B.A. in government.

He began his involvement with journalism in college, working for ''The Harvard Crimson'', and rising to become its president. After graduation, Cramer worked in several entry-level reporting jobs. Dating back to March 1, 1978, Cramer worked for the ''Tallahassee Democrat'' in Tallahassee, Florida, where he covered the Ted Bundy murders. The then-executive editor, Richard Oppel, says "[Cramer] was like a driving ram. He was great at getting the story." He then worked as a journalist for ''The Los Angeles Herald Examiner''. Around this time, his apartment was robbed by a stalker and he was left with nothing more than his car and the things in it; he lived out of it for about nine months. He also worked for Governor Jerry Brown.

Cramer was one of the first reporters at ''American Lawyer''. Cramer later earned a Juris Doctor degree from Harvard Law School. During his years at Harvard Law School, Cramer worked as a research assistant for Alan Dershowitz. He assisted Dershowitz's campaign to acquit alleged murderer Claus von Bülow despite the fact that Cramer admitted to himself that von Bülow was "supremely guilty". His plans to become a prosecutor were dashed when he was denied employment with the Office of the United States Attorney for the Southern District of New York, headed at the time by Rudy Giuliani, because his law school grades were not good enough. Cramer was admitted to the New York Bar in 1985, but his Bar status is currently listed as "suspended."

Investing

Cramer started investing in the stock market during his time at law school. Cramer began promoting his holdings by leaving stock picks on his answering machine, impressing ''The New Republic'' owner Martin Peretz, who gave him $500,000 to invest; Cramer earned Peretz $150,000 in two years.

His track record helped Cramer obtain employment in 1984 as a stock broker with Goldman Sachs' Private Wealth Management division. Cramer's success in this position led him to found his own hedge fund, Cramer & Co. (later Cramer, Berkowitz, & Co.), in 1987. The fund operated out of the offices of hedge fund pioneer Michael Steinhardt's Steinhardt, Fine, Berkowitz & Co., and early investors included Eliot Spitzer (a Harvard classmate, one of his oldest friends, and former Governor of New York), Brill, and Peretz.

During Cramer's tenure of the fund, from 1988–2000, he had one year of negative returns, in 1998, the year of the 1998 Russian financial crisis. It finished down 2–3% for the year, and did not charge a management fee that year to their clients. The following year in 1999 the fund returned 47%, and in 2000 28%, beating the S&P; 500 by 38 percentage points. Cramer retired from his hedge fund in 2001, finishing with a 24% average annual return over 14 years and having "routinely [taken] home $10 million a year and more." The fund was taken over by his former partner Jeff Berkowitz after Cramer's retirement. During that time, he was also an "editor at large" for Smart Money magazine, and was accused of unethically combining his investing and reporting activities when he bought more of stocks that he recommended just before the recommendation article came out, contributing to a $2 million personal gain.

In 1996, Cramer co-founded TheStreet.com, Inc. with ''The New Republic'' editor Martin Peretz, one of his hedge fund's original clients. Cramer is currently a market commentator and adviser to the TheStreet.com, and is its second largest shareholder. Cramer also manages a charitable trust stock portfolio which is tied to TheStreet.com through a paid subscription service called the Action Alerts ''PLUS'' Portfolio.

Cramer currently works on a new project as part of TheStreet.com called MainStreet.com. An earlier project, TheRoad.com, was not successful.

Cramer claimed to be worth $50 to $100 million in October 2005. In 2009, Cramer received earnings of $461,276 from TheStreet.com.

Television personality

The cable television program ''Mad Money with Jim Cramer'' first aired on CNBC in 2005. According to CNBC's Web site in an article titled, "Mad Money Manifesto" by Jim Cramer, the show's mission statement and Cramer's job

"...is not to tell you what to think, but to teach you how to think about the market like a pro. This show is not about picking stocks. It's not about giving you tips that will make you money overnight – tips are for waiters. Our mission is educational, to teach you how to analyze stocks and the market through the prism of events."

To provide viewers with "the knowledge and the tools that will empower you to be a better investor," ''Mad Money'' features many segments, including: The ''Lightning Round'', ''Game Plan'', ''Execution Decision'', ''Off the Charts'', ''Sell Block'', ''Market Marshmallows'', ''Outrage of the Day'', ''Mad Bull Disease'', ''Am I Diversified'', and ''Mad Mail''.

After being a frequent guest commentator on CNBC in the late 1990s, Cramer co-hosted CNBC shows ''America Now'' and ''Kudlow & Cramer'' with Lawrence Kudlow in the early 2000s.

Cramer hosted a one-hour radio show, ''Jim Cramer's Real Money'', until December 2006. "Take the money and run" by the Steve Miller Band was the opening intro to each of his radio shows. The show was similar to his ''Mad Money'' TV show. He also guest-hosted in the slot caused by the cancellation of ''Imus in the Morning'' (MSNBC and WFAN/Westwood One) in May 2007.

On November 13, 2005, Dan Rather did a sit-down interview with Cramer on ''60 Minutes''. Among the topics of discussion were Cramer's past at his hedge fund; for example, his violent temper, and what finally led him to come to his senses and "calm down." Footage of Cramer at his family home with his daughters and wife was also included. On November 15, 2005, Cramer mentioned on his program that he received hundreds of e-mails after his ''60 Minutes'' interview. This report was taped before Cramer's radio show, ''Smart Money with Jim Cramer'' moved to WOR and became syndicated under the CBS Radio banner.

In 2005, Cramer appeared as himself in two episodes of the television series ''Arrested Development''. He appeared to first announce that he had upgraded Bluth Company stock to a "Don't Buy" from a "Triple Sell", and then to say that the stock was not a "Don't Buy" anymore, but a "Risky".

Cramer has also made appearances on NBC's ''Today'', ''NBC Nightly News'', ''Live with Regis and Kelly'', ESPN Classic's ''Cheap Seats'', NBC's ''Late Night With Conan O'Brien'', Comedy Central's ''The Daily Show with Jon Stewart'', ''The Tonight Show with Jay Leno'', ''Late Show with David Letterman'', ABC's ''Jimmy Kimmel Live'' and NBC's ''The Apprentice (U.S. Season 7)'' called "The Celebrity Apprentice".

Cramer also appeared in the 2008 motion picture ''Iron Man'' spoofing Stark Industries on his show ''Mad Money''. and appears in the movie ''Wall Street: Money Never Sleeps''. He also claims to have consulted for the original Wall Street movie by telling the filmmakers how he would get through to Gordon Gekko.

On March 12, 2009, Jon Stewart interviewed Cramer on The Daily Show.

On November 3, 2009, Cramer appeared on the ''Martha Stewart'' Show to promote his new book,''Getting Back to Even''. While baking wholewheat bread, he stated that it is a great time to invest in real estate and that he has recently purchased the Debary Inn in Summit, NJ.

In 2010, Cramer spent Passover in Israel. He is an active member of the Jewish Community and strong supporter of Israel. “Israel is a democracy, one of the great democracies of all time,” Cramer said.

As of March 2011, Cramer recommends gold, "I think you can see $1,550 (an ounce) very quickly and $2,000 within the next 18 months. I think between 10 and 20 percent of your portfolio should be gold."

Selected controversies

Fox News Channel lawsuit

In 2000, Cramer settled a lawsuit with Fox News Channel in which Fox had claimed Cramer reneged on a deal to produce a show for them. Their conflict began when Fox complained that Cramer promoted TheStreet.com's stock on the air.

Market manipulation

In March 2007, a December 2006 interview from TheStreet.com's "Wall Street Confidential" webcast stirred controversy after it appeared on YouTube.com. In the video, Cramer described activities used by hedge fund managers to manipulate stock prices – some of debatable legality and others illegal. He described how he could push stocks higher or lower with as little as $5 million in capital when he was running his hedge fund. Cramer said, "A lot of times when I was short at my hedge fund...When I was positioned short—meaning I needed it down—I would create a level of activity beforehand that could drive the futures." He also encouraged hedge funds to engage in this type of activity because it is "a very quick way to make money".

Cramer stated that everything he did was legal, but that illegal activity is common in the hedge fund industry as well. He also stated that some hedge fund managers spread false rumors to drive a stock down: "What's important when you are in that hedge-fund mode is to not do anything remotely truthful because the truth is so against your view, that it's important to create a new truth, to develop a fiction." Cramer described a variety of tactics that hedge fund managers use to affect a stock's price. Cramer said that one strategy to keep a stock price down is to spread false rumors to reporters he described as "the Pisanis of the world". The comment was a reference to CNBC correspondent Bob Pisani, who reports from the trading floor of the New York Stock Exchange. "You have to use these guys," said Cramer. He also discussed giving information to "the bozo reporter from The Wall Street Journal" to get an article published. Cramer said this practice, although illegal, is easy to do "because the SEC doesn't understand it." During the interview Cramer referred to himself as a "banking class hero."

SEC subpoena

In February 2006, an investigation by the U.S. Securities and Exchange Commission (SEC) into allegations of collusion between short-sellers and a stock research firm led to the serving of subpoenas to TheStreet.com and Cramer, as well as journalists for Dow Jones and Marketwatch.com. The SEC then began to back away from the subpoenas, indicating it had no intention of enforcing them after lawyers for Dow Jones said they would not comply. SEC Chairman Christopher Cox rebuked the SEC's staff attorneys for filing subpoenas on two Dow Jones reporters without first consulting him or the other top commissioners. Cox issued a statement saying neither he nor any of the SEC's four other commissioners were aware of the subpoenas, which he called "highly unusual."

The allegations had been raised publicly and in a lawsuit against Gradient by Overstock.com chief executive Patrick M. Byrne. In May 2007, it was revealed that the SEC had subpoenaed Byrne in May 2006, in connection with an investigation of the company.

Performance of stock picks

Cramer is the founder, former owner and Senior Partner of Cramer Berkowitz, a hedge fund where Cramer reported a compounded annual "rate of return of 24% after all fees for 15 years" at Cramer Berkowitz. He retired from his hedge fund in 2001, where he finished with a self reported 36% return in 2001.

On September 15, 2008, Cramer invited Robert Steel, the CEO of Wachovia on his show, ''Mad Money'', in order to recommend the stock to potential investors. Cramer agreed with the CEO that the company was fundamentally sound and that the ratio of good loans to bad loans was low. Cramer would recommend the stock to his viewers before Citi announced their intentions to acquire Wachovia's banking operations. Cramer stated that Wachovia was part of the "Fortress Five" in relation to having a fortress balance sheet stating "It's now the 'Fortress Five'... thanks to the leadership of Bob Steele, who I believe will be able to split WB into a good bank and a bad bank, and lead it much higher... Now that the stock was up today a couple of smackers... have a little pullback... knowing this market, you're going to get one." On Monday, September 29, Wachovia's share prices dropped over 95% in the pre-market and over 80% in market hours following news of a possible Citi acquisition. Prior to this, Cramer had stated, "This is run by Bob Steel. He's as close as we're going to get to a great banker. I think he's going to make this a great company. " Eventually, Wells Fargo would purchase Wachovia for $15.1 billion in an all stock deal leaving Wachovia shareholders with 0.1991 shares of Wells Fargo for every share of Wachovia stock, resulting in a large decline in stockholder value. In 2008, Wachovia shares declined 88 percent.

On August 3, 2007, Cramer made a plea (some call a rant) for Federal Reserve Chairman Ben Bernanke to cut interest rates supposedly because of comments he was getting from investment banks, and their concern about adjustable-rate mortgage borrowers increasing loan rates.

On July 8, 2008, in an article on TheStreet.com entitled, "Look At The Facts" Cramer said, "The losses are increasing, the auction-rate preferreds are now biting, the mortgage implode-a-meter now measures how many home-builders are going under."

On "Hardball with Chris Matthews" for September 19, 2008, Cramer stated "It's not too late to be on the pom-pom...the sideline" in regards to home teaser loans. Cramer spoke again on the Today Show on October 6, 2008, suggesting to investors, "Whatever money you need for the next five years, please take it out of the stock market."

On September 22, 2008, ''Wall Street Journal'' best-selling author Eric Tyson, criticized Cramer's stock picks and his performance in general.

An August 20, 2007, article in Barrons stated that within the select time frame of the previous two years, "his picks haven't beaten the market. Over the past two years, viewers holding Cramer's stocks would be up 12% while the Dow rose 22% and the S&P; 500 16%." CNBC disputed the magazine's findings. In a February 9, 2009, story, Barrons further reported that betting against Cramer's Buy recommendations using options in the short term could yield 25% in the initial month.

On September 28, 2009, Cramer told subscribers to buy CIT. One month later the company went bankrupt.

Action Alerts charitable trust

In the timeframe of 2002 until May 2009 the performance of Cramer's charitable trust ''"Action Alerts PLUS"'' outpaced the S&P; 500 and the Russell 2000; while the charitable trust accumulated a return of 31.75%, the S&P; 500 had a return of 18.75% and the Russell 2000 has a return of 22.51%. On an annual basis, the trust outperformed the S&P; 500 by 7.35% and the Russell 2000 Index by 3.33%.

CNBC does not permit Cramer to buy or sell any security he has spoken about on CNBC for the trust for five days following the broadcast. Whenever Cramer is acting within his portfolio or important news about his stocks occur he sends out e-mails to his paying subscribers on TheStreet.com. Whenever mentioning a stock that he holds in his portfolio, he is required to disclose that he owns shares of such company on his CNBC show.

Bear Stearns recommendation

On the March 11, 2008, episode of Cramer's show ''Mad Money'', a viewer named Peter submitted the question "Should I be worried about Bear Stearns in terms of liquidity and get my money out of there?" Cramer responded "No! No! No! Bear Stearns is not in trouble. If anything, they're more likely to be ''taken over''. Don't move your money from Bear." In other words, the caller wanted to know if it was possible that the liquidity crisis at Bear was so bad, that the viewer would be unable to get his money out of his Bear Stearns account if it went under. On March 17, 2008, Cramer claimed he meant the latter explanation, rather than the previous one. Cramer states he was not recommending the common stock but allaying concerns about the account holder's liquidity held in a Bear Stearns brokerage account. Cramer later wrote about the incident: "I did tell an emailer that his deposit in his account at Bear Stearns was safe, but through a clever sound bite, (Jon) Stewart, and subsequently (Frank) Rich—neither of whom have bothered to listen to the context of the pulled quote—pass off the notion of account safety as an out-and-out buy recommendation. The absurdity astounds me. If you called Mad Money and asked me about Citigroup, I would tell you that the common stock might be worthless, but I would never tell you to pull your money out of the bank because I was worried about its solvency. Your money is safe in Citi as I said it was in Bear. The fact that I was right rankles me even more."

Michael Lewis, a journalist for the U.K.-based Evening Standard news Web site, states that TheStreet.com listed Bear Stearns as a "Buy" at $62 per share on March 11, 2008, which was the same day as the caller's question and a day before the collapse of Bear Stearns. However, TheStreet.com--the web site quote that shows the ratings history for actual changes that Cramer makes—indicates that Cramer changed Bear Stearns rating to a "Sell" on February 5, 2008. On his March 12, 2009 appearance on the Daily Show, Cramer admitted he made mistakes on his Bear Stearns calls.

Cramer's responses to criticism

The White House

On March 2, 2009, Cramer drew the attention of some critics after his evaluation of President Obama’s spending plans and the administration’s handling of the banking crisis. Cramer’s name came up on March 3 during a White House press briefing after Cramer said that Obama was responsible for “the greatest wealth destruction I have seen by a president.” An offended White House shot back. Press Secretary Robert Gibbs said, "If you turn on a certain program it's geared to a very small audience. I'm not entirely sure what he's pointing to make some of the statements." When pressed further by NBC's Tom Costello, Gibbs said, "You can go back and look at any number of statements he's made in the past about the economy and wonder where some of the backup for those are, too."

On March 5, 2009, Cramer responded to the White House. He said, "Huh? Backup? Look at the incredible decline in the stock market, in all indices, since the inauguration of the president, with the drop accelerating when the budget plan came to light because of the massive fear and indecision the document sowed: Raising taxes on the eve of what could be a second Great Depression, destroying the profits in health care companies, tinkering with the mortgage deduction at a time when U.S. house price depreciation is behind much of the world's morass and certainly the devastation affecting our banks, and pushing an aggressive cap and trade program that could raise the price of energy for millions of people."

Cramer questioned criticism he received which he explained makes him "uncomfortable being in the crosshairs of columnists and comedians I enjoy." Cramer asked, "So, why after toiling in the cable wilderness for four years with Mad Money am I the target of the wrath of the Obama clan, and the darling, albeit surely momentary, of the Obama-critics? After all, my criticism of Obama's handling of the economic crisis is a lot less pointed than my withering August 2007 'They Know Nothing' meltdown against Ben Bernanke and the previous administration's handling of the economic crisis."

Frank Rich

Referring to March 8, 2009, charges leveled against Cramer by ''New York Times'' columnist Frank Rich, Cramer said that he does not understand how Obama and his staff plan to raise taxes, institute cap-and-trade limitations and rework the health-care system all during a recession. The article says: "It isn’t that Cramer disagrees with Obama’s vision for the country – he even agrees with taxing the rich – but now is not the time to put those plans into action. The president needs to solve our housing, employment and financial problems, and only then turn his attention to health care and changing the mortgage deduction."

Jon Stewart

On March 12, 2009, Cramer appeared on ''The Daily Show with Jon Stewart''. Stewart reiterated earlier claims regarding the CNBC host's "silly and/or embarrassing and/or stupid financial observations." Moreover, he claimed CNBC shirked its journalistic duty by believing corporate lies, rather than being an investigative "powerful tool of illumination." For his part, Cramer disagreed with Stewart on a few points, but acknowledged that he could have done a better job foreseeing the economic collapse: "We all should have seen it more."

Stewart also discussed how short-selling was detrimental to the markets and investors. Cramer admitted to Stewart that short-selling was detrimental, stated his opposition to it, and claimed that he had never engaged in it, which contradicts earlier statements in which he described going short while managing a hedge fund. In a December 2006 interview from TheStreet.com's "Wall Street Confidential" webcast Cramer said, "A lot of times when I was short at my hedge fund...When I was positioned short—meaning I needed it down—I would create a level of activity beforehand that could drive the futures." He said, "I will say this: I am trying to expose this stuff, exactly what you guys do, and I've been trying to get the regulators to look at it." However, Stewart played several video clips from 2006 where Cramer discussed the spreading of false rumors to drive down stock prices and encouraged short-selling by hedge funds as a means to generate returns. At one point in a clip from December 22, 2006 he said, "I would encourage anyone in a hedge fund to do it." He called it a very quick way to make money and very satisfying. He continued, "By the way, no one else in the world would ever admit that, but I don't care, and again, I'm not gonna say it on TV." Stewart responded, "I want the Jim Cramer on CNBC to protect me from that Jim Cramer." Cramer again admitted that he can do better, and that he should try to change. The interview ended when Stewart pointedly suggested: “Maybe we can remove the ‘financial expert’ and the ‘In Cramer We Trust’ and start getting back to fundamentals on the reporting, as well, and I can go back to making fart noises and funny faces.” Cramer responded: “I think we make that deal right here.”

Response to criticism for his Wachovia call

On March 9, 2009, during a segment on ''Mad Money'', Cramer said Frank Rich "chastised me for endorsing Wachovia's stock after then-CEO Bob Steel came onto Mad Money and spoke positively about the bank." After the bank collapsed, Cramer reminded viewers that he is the first person to admit when wrong. Cramer mentioned, "Look, I was taken in, the guy pantsed me. I made a mistake. The SEC is investigating Steel's appearance on the show for truthfulness, though. I made a mistake, but they're investigating him to see if he lied. Bigger issue. Sometimes you just get had."

Cramer apologized both on ''Mad Money'' and on the ''Today Show'' for promoting Steel.

Response to pundits

"The pundits," Cramer explained on March 9, 2009, in a MainStreet article, "who haven't paid attention to anything I have been saying or writing for the past 18 months are all over me." Cramer said the pundits "won't engage in the merits of, say, favoring Tier 1 capital for the banks vs. common equity, or forbearing on the banks to work the situation out over time because the banks can be profitable if we have some patience. They just attack me." Cramer suggested, "It's time to get serious. It's time to take the issue from the pundits and from the left and right, and put it where it belongs: serious non-ideological debate to put out the real firestorm, the collapse of the economy from Wall Street to Main Street and the ensuing Great Wealth Destruction for all."

Bibliography

''Jim Cramer's Getting Back to Even'' ISBN 978-1439158012

''Jim Cramer's Stay Mad for Life: Get Rich, Stay Rich (Make Your Kids Even Richer)'' ISBN 978-1416558859

''Jim Cramer's Mad Money: Watch TV, Get Rich'' ISBN 1-4165-3790-2

''Jim Cramer's Real Money: Sane Investing in an Insane World'' ISBN 0-7432-2489-2

''Confessions of a Street Addict'' ISBN 0-7432-2487-6

''You Got Screwed! Why Wall Street Tanked and How You Can Prosper'' ISBN 0-7432-4690-X

Notes

References

External links

Biographies

Jim Cramer biography on CNBC.com

Jim Cramer biography on TheStreet.com

Notable Cramer sources

Mad Money w/ Jim Cramer Madcap Recap

Mad Money TV show recapped Nightly Verbatim Recaps

TheStreet.com, Cramer's investment website.

Stockpickr Stock market social networking site.

Articles written by Jim Cramer on MainStreet.com

In the Money, continued, ''Balance Sheet'', article about Cramer and other law alumni, from the online ''Harvard Law Bulletin''

Betting on the Market – PBS Frontline interview with Jim Cramer

Jim Cramer's Picks at Seeking Alpha

''To The Moon''

Maxim: Ask Jim Cramer, Maxim's interview with Cramer, and Top 2 Chinese Stocks Right Now

''Time's'' 100 Most Influential People of 2009 – Jim Cramer

Jim Cramer on the Iraqi Dinar – on DinarProfits.com

Bear Stearns Recommendation

The Bear Stearns Recommendation – on CNBC

Category:1955 births Category:American broadcast news analysts Category:American columnists Category:American finance and investment writers Category:American infotainers Category:American investors Category:American Jews Category:American money managers Category:American talk radio hosts Category:American television personalities Category:American business journalists Category:Goldman Sachs people Category:Harvard Law School alumni Category:The Harvard Crimson people Category:Hedge fund managers Category:Living people Category:New York lawyers Category:People from Montgomery County, Pennsylvania Category:People from Summit, New Jersey

ja:ジム・クレイマー uk:Джим Крамер

Damon Vickers is a Seattle-based investor. He is also a periodic commentator on investments and social and economic trends in the general and financial press, maintains an investment-oriented channel on YouTube, and is the author of the ''New York Times'' business best-seller, ''The Day After the Dollar Crashes.''

Early life

Damon Vickers was born in 1964 in New York City, and grew up in Kew Gardens, Queens, New Haven, and later in Sonoma County. After his parent's divorce, Vickers went to live with his father, who had been a floor trader for Goldman Sachs.

Damon’s father eventually discovered the teachings of Tarthang Tulku Rinpoche and the Nyingma Institute, and the pair moved to Northern California to help build the newly-founded Odiyan Monastery. Vickers spent several years living at the monastery, where he was jointly influenced by the “extremely liberal” influence of his father and the disciplined regimen of the monastery, as well as rigorous training in meditation. At the age of 13, Damon was initiated by Tarthang Tulku Rinpoche in the Nyingma lineage, and participated in the Black Crown Ceremony with Karmapa.

Early career

At the age of 18 Vickers became a top synthesizer salesman at Manny’s Music in New York, where he sold equipment to individuals such as Will Smith, Pauly Shore, Russell Simmons, Annie Lenox, George Benson, and Iggy Pop, among others.

Business career

Currently, Vickers periodically reports on companies and trends he finds interesting in both a daily commentary blog and his Twitter page.

Radio host

thumb|180pxFrom 2001 to 2004 Damon Vickers was the host of ''The Damon Vickers Show'', a nationally syndicated five-day-a-week financial radio program that broadcast from Seattle and Tampa. Prior to his own show he was a periodic guest on the ''Business Talk Radio'' network, ''Bill Bresnan'', and ''The Dolans''.

Media presence

Vickers has been a guest on ''CNBC'', ''Bloomberg'', and ''Fox Business News''. He has been cited or quoted in ''The Wall Street Journal'', ''The Washington Post'', and other financial and general-interest publications.

;''The Day After the Dollar Crashes His 2011 book ''The Day After the Dollar Crashes'' appeared on ''The New York Times'' business best-seller list, and reached number 5 among business books at Amazon.com. Martin D. Weiss called the book "A must read," with Michael W. Covel commenting “Damon Vickers wants you prepared for an unpredictable future. Are you? If not, time to wake up.”

Family history

Much of Damon Vickers' family were involved in business, investment, and finance. His father, John Vickers, was a floor trader for Goldman Sachs and Salomon Brothers. His grandfather Jack Vickers worked for Kidder Peabody and was a broker during the crash of 1929. Damon’s great grandmother, Katharine Angell, cofounded the Culinary Institute of America, and his great grandfather, James Rowland Angell, was head of the Rockefeller Foundation in 1920 and president of Yale University between 1921 and 1937.

References

External links

Damon Vickers on Twitter

Damon Vickers on Facebook

Damon Vickers on YouTube

''Day After Dollar Crashes Survival on Amazon.com

Category:Living people Category:1964 births Category:American money managers Category:Hedge fund managers Category:Financial analysts Category:Stock and commodity market managers Category:American writers Category:People from New York City

Coordinates	41°52′55″N87°37′40″N
name	Peter Schiff
school tradition	Austrian School
color	firebrick
birth date	March 23, 1963
nationality	United States
field	Financial Economics
religion	Jewish
alma mater	U.C. Berkeley (B.B.A.), 1987
influences	Irwin Schiff, Ludwig von Mises, F.A. Hayek, Murray Rothbard
opposed	John Maynard Keynes, Alan Greenspan, Ben Bernanke, Paul Krugman, Christopher Dodd, Barack Obama,
signature	}}

Peter David Schiff (; born March 23, 1963) is an American businessman, author and financial commentator. Schiff is CEO and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut and CEO of Euro Pacific Precious Metals, LLC, a gold and silver dealer based in New York City.

Schiff frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is often quoted in major financial publications and is a frequent guest on internet radio as well as the host of the former podcast ''Wall Street Unspun'', which is now broadcast on terrestrial radio and known as ''The Peter Schiff Show''. In 2010 Schiff ran as a candidate in the Republican primary for the United States Senate seat from Connecticut.

Schiff is known for his bearish views on the dollar and dollar denominated assets, while bullish on investment in tangible assets as well as foreign stocks and currencies.

Early life and education

The son of Irwin Schiff, a prominent figure in the United States tax protester movement, Peter Schiff was born and raised in New Haven, Connecticut. Schiff graduated from the University of California, Berkeley in 1987 with a Bachelor's degree in finance and accounting.

Financial career

Schiff began his career as a financial consultant at a Shearson Lehman Brothers brokerage. In 1996 Schiff and a partner acquired a small brokerage firm that had been founded in 1980, reincorporated it in California and renamed it Euro Pacific Capital. The company today has more than 15,000 clients and six offices nationwide, with its headquarters in Westport, Connecticut.

According to a 2005 article in ''The Advocate'' of Stamford, Connecticut Schiff relocated the firm to Darien, Connecticut to find brokers "who think like him". The New York Metropolitan Area, Schiff says, has the biggest concentration of brokers in the country, making it easier to recruit employees. The company has offices in Newport Beach, California as well as in Scottsdale, Arizona, Palm Beach, Florida, Los Angeles and New York. Euro Pacific Capital also holds the exclusive rights to broker some Perth Mint gold products in the United States.

Economic forecasting

Peter Schiff specializes in the understanding of the Austrian School, a school of economic thought generally categorized as heterodox (or non-mainstream). Schiff voices strong support for the Austrian School, and says it was first introduced to him by his father, Irwin Schiff..

U.S. bear market

In his 2007 book, ''Crash Proof'', Schiff writes that the current United States economic policies are fundamentally unsound, and predicts that in the future the United States dollar will lose much of its value.

Schiff believes that the imbalance between the amount of goods the U.S. consumes and what it produces will eventually lead to problems for the U.S. economy. As a remedy Schiff favors increased personal savings and production which he says will stimulate economic growth. Schiff cites the U.S.'s low personal savings rate as one of the causes of its transformation from the world's largest creditor nation in the 1970s to the largest debtor nation in the year 2000. Schiff attributes the low savings rate to higher inflation and the artificially low interest rates set by the Federal Reserve.

In a 2002 interview with ''Southland Today'', Schiff predicted that the economic downturn triggered by the bursting of the stock market bubble would lead to a bear market likely to last "another 5 to 10 years." In November 2002, US stocks began a bull market uptrend which held steady for at least five years, until reversing course in 2008, when the Dow, NASDAQ, and S&P; 500 began a decline to less than half of their peak 2008 values, followed in 2009 by the Dow climbing 61% from its low point over the following year. After interviewing Schiff in 2009, journalist and finance author Eric Tyson, referenced various Schiff predictions during the 2000s and stated that "On all of these counts, Schiff wasn't just wrong but ended up being hugely wrong." Schiff later released a video stating that, "When I gave that interview in 2002, I had no way of knowing how irresponsible the Fed was going to be ... But I recognized that early: back in 2003 and 2004 I changed my forecast ... if you look at what happened to the Dow in terms of gold [and not U.S. dollars], my forecast was extremely accurate."

In an August 2006 interview he said: "The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship... I see a real financial crisis coming for the United States." On December 31, 2006 in debate on Fox News, Schiff forecast that "what's going to happen in 2007" is that "real estate prices are going to come crashing back down to Earth".

As part of these exchanges on Fox News and his repeated appearances on financial news network CNBC, Schiff had mentioned factors such as speculators and "the absence of lending standards" which are now seen by many to indeed be contributing factors to the housing crisis which began in 2007. On December 13, 2007 in a Bloomberg interview on the show ''Open Exchange'', Schiff further added that he felt that the crisis would extend to the credit card lending industry. Following this observation, it was soon reported on December 23, 2007 by the Associated Press that "The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP... At the same time, defaults -- when lenders essentially give up hope of ever being repaid and write off the debt -- rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission."

Since 2007, Schiff has stated many times that if the government doesn't change course there will be hyperinflation in the US. Schiff is one of a minority of economists credited with accurately predicting the financial crisis of 2007–2010 while "nearly all [macroeconomists] failed to foresee the recession despite plenty of warning signs". In his book ''Crash Proof'', he described several aspects of the U.S. economy that would lead to a recession.

Online videos

Schiff's notoriety for financial predictions increased when a You Tube video entitled "Peter Schiff was right" became popular in late 2008 and 2009. The video consists of a compilation of clips of his many appearances on various financial news programs from networks including CNBC, Fox News, MSNBC and Bloomberg, most of which took place from 2005 to 2007. In the segments Schiff explains specifically the fundamental problems he saw with the United States economy at that time. Schiff's warnings of a coming economic collapse earned him the moniker "Dr. Doom."

In late 2006, Schiff predicted the housing bubble and resulting subprime mortgage crisis, and in late 2008, he predicted the automotive industry crisis and the crisis in the banking and financial markets.

Investment advice

Despite predictions regarding the housing bubble and automotive industry difficulties coming to fruition, as early as 2009 Schiff was receiving criticism due to the performance of some of his client's accounts in 2008, as well as controversies over the predictions themselves. In January 2009, economic blogger and investment adviser Michael Shedlock reported, "I have talked with many who claim they have invested with Schiff and are down anywhere from 40% to 70% in 2008." Other criticisms followed, including the aforementioned Eric Tyson post as well as an article for the investment news site Seeking Alpha, published on the site two days after Shedlock's blog post. Later that week an article appeared in the ''Wall Street Journal'' reporting that Schiff's broker-dealer firm, Euro Pacific Capital Inc., "advised its clients to bet that the dollar would weaken significantly and that foreign stocks would outpace their U.S. peers" and that instead, the dollar advanced against most currencies, "magnifying the losses from foreign stocks Mr. Schiff steered his investors into."

The Director of Communications at Schiff's investment firm responded to the original Shedlock piece by saying, "While it is true, that our accounts have suffered badly in 2008, a fact that we have never disputed or ran from, [Shedlock's] estimates for the size of our typical client losses are exaggerated and unfair." Schiff personally responded to Shedlock's criticism by saying, "to examine the effectiveness of my investment strategy immediately following a major correction by looking only at those accounts who adopted the strategy at the previous peak is unfair and distortive" and called Shedlock's blog entry "nothing more than an overt advertisement (and a highly deceptive one at that) to use my popularity to advance his career," adding that losses were felt mostly by recent clients and not by others.

Schiff responded similarly to criticisms made by Wade Slome of Sidoxia Capital Management, LLC. in a September 2009 blog entry entitled, "The Emperor Schiff Has No Clothes." Schiff stated not only were the losses suffered by his clients in 2008 highly exaggerated, but also that most of those losses have already been recouped, stating that many who where down then are now up, and most long-term clients were never down at all, but merely temporarily lost some of the profits they had earned over the years.

The January 2009 ''Wall Street Journal'' article discussed the value of Schiff's predictions, and stated how deficiencies "made mincemeat of investors who took his advice in 2008." In an interview the following week Schiff likened himself to billionaire investor Warren Buffett saying they were both "buy and hold" long-term investors. Contrasting his negative press he compared claims about accounts managed under Schiff's firm to the stock market value of Warren Buffett's company, saying: "His approach is you buy stocks and you never sell them—you hope to never sell them—and Berkshire Hathaway is down 40% in the last thirteen months; I don't see the Wall Street Journal saying 'Warren Buffett made mincemeat out of his clients.'" The ''Wall Street Journal'' also published a letter written by Schiff in response to his critics saying: "My central investing premise, a weakening dollar and safety in gold, commodities and foreign stocks, didn't materialize in 2008. But all the ingredients were (and remain) present for those movements to occur. Over the past year, market reactions that I didn't foresee—massive global deleveraging, a knee-jerk 'flight to quality' into U.S. Treasuries and a sharp counter trend rally in the U.S. dollar—have kept the scenario from playing out."

In a November 2009 videoblog, Schiff said that five stocks he picked for ''Fortune Magazine'' in January 2009 had gained a total of 360%.

In a March 2009 speech Schiff said that it would be impossible for the U.S. debt to China to be repaid unless the U.S. dollar's value is substantially diluted through inflation.

In September 2009 Schiff said that "I would not be surprised to see [gold] at $5,000 over the next several years" and that the 2009 stock market rally was a "bear market rally".

Political career

Schiff was an economic adviser to Ron Paul's 2008 presidential campaign. In support of Paul's economic revitalization plan, he said: "We need a plan that stimulates savings and production, not more of the reckless borrowing and consumption that got us into this mess in the first place. Ron Paul's plan is the only one that amounts to a step in the right direction. If you want meaningful change—for the better that is—Ron Paul is the only candidate capable of delivering it."

In 2008, Schiff also endorsed Murray Sabrin for the U.S. Senate seat in New Jersey.

In an interview in February 2009, Schiff's position was summarized as a nonpartisan critique of American policymakers, comparing former presidents George W. Bush to Herbert Hoover and President Barack Obama to former president Franklin D. Roosevelt, with neither of the more recent incumbents comparing favorably to the earlier ones.

Schiff supports the reduction of government economic regulation, and is concerned that President Obama's administration may increase such regulation.

Schiff says that the current economic crisis provides an opportunity to transition from borrowing and spending, to saving and producing. Schiff is critical of the U.S. government's efforts to "ease the pain" with economic stimulus packages and bailouts. According to Schiff, the U.S. government's approach of replacing "legitimate savings with a printing press" could result in hyperinflation.

2010 U.S. Senate campaign

In December 2008, Connecticut citizens created a website encouraging Schiff to campaign against the incumbent Senator Christopher Dodd. Approximately 5,000 people made campaign contributions using the web site. On February 21, 2009, a moneybomb raised over $20,000 for Schiff's campaign. In a May 2009 video blog, Schiff said that he was seriously considering a run for the senate and when questioned by a ''Washington Post'' reporter, he said the chance of him entering politics was "better than 50-50". In June 2009 Schiff commissioned a poll of likely voters which indicated that he trailed Dodd in popularity by four percentage points. On July 9, 2009, Schiff launched an exploratory committee and an official campaign website. He began accepting donations in an attempt to see if "people who really believe in freedom, liberty, sound money and the constitution are prepared to support that with an actual political contribution or to volunteer their services and work on this campaign." He received over 10,000 donations and many e-mails from around the world.

After giving some hints on ''The Daily Show'' Schiff officially announced his candidacy for the Republican nomination on September 17, 2009, during the MSNBC ''Morning Joe'' show. By October 2009 Schiff had received more than 10,000 telephone calls and letters and raised over $1,960,000 (USD) in campaign contributions.

At the May 2010 Republican convention, Linda McMahon received the most delegate votes but not enough to prevent an August primary election. U.S. Rep. Rob Simmons received more than the required 15 percent of the total votes necessary to force the primary. Schiff then collected the signatures necessary to earn a position on the August 2010 GOP primary ballot, submitting at least 400 signatures over the state requirement.

In July 2010, Schiff's campaign received endorsements from Steve Forbes and Ron Paul.

In the Republican primary, held on August 10, 2010, Schiff lost the nomination to Linda McMahon.

The results were:

49% Linda McMahon

28% Rob Simmons

23% Peter Schiff

Ultimately, the election was won by the Democratic Party primary winner, Richard Blumenthal.

Recognition

In 2011 Peter Schiff was listed as one of the Who's Who of Wall Street

Books

Peter Schiff is the author of five books published by John Wiley & Sons. His book, ''Crash Proof 2.0'', appeared on both the ''New York Times'' and ''Wall Street Journal'' bestseller lists.

''Crash Proof: How to Profit From the Coming Economic Collapse'', February 2007, ISBN 978-0-470-04360-8 1

''The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down'', 2008, ISBN 978-0-470-38378-0 2

''Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition'', September 2009, ISBN 978-0-470-47453-2 3

''The Little Book of Bull Moves, Updated and Expanded: How to Keep Your Portfolio Up When the Market Is Up, Down, Or Sideways'', 2010, ISBN 0470643994 4

''How an Economy Grows and Why it Crashes'', 2010, ISBN 978-0-470-52670-5 5

Notes

References

External links

Euro Pacific Capital US Brokerage Firm Website

Euro Pacific Precious Metals Coin Company Website

Schiff for Senate Official Campaign Website

Peter Schiff Online, Official book site for Peter Schiff

Peter Schiff radio, Schiff's daily radio show

Peter Schiff blog

The Peter Schiff Blog

Social media

Peter Schiff's Official YouTube channel

Category:American economics writers Category:American economists Category:American finance and investment writers Category:American Jews Category:American libertarians Category:American money managers Category:Austrian School economists Category:Classical liberals Category:Connecticut Republicans Category:Financial analysts Category:Libertarian economists Category:Microeconomists Category:People from New Haven, Connecticut Category:People from New York City Category:Stock and commodity market managers Category:University of California, Berkeley alumni Category:Writers from Connecticut Category:1964 births Category:Living people

cs:Peter Schiff da:Peter Schiff de:Peter Schiff (Ökonom) es:Peter Schiff fr:Peter Schiff nl:Peter D. Schiff (econoom) ja:ピーター・シフ pl:Peter Schiff pt:Peter Schiff fi:Peter Schiff uk:Пітер Шифф