NBC News is, perhaps, the single worst MSM outlet in the country.

Sure, it has some stiff competition. CNN, obviously. The New York Times is in the running. We could all name a news outlet that sells a lot of BS to the public and find examples of epically bad reporting, including Fox News.

But NBC News gives us MSNBC and CNBC, and between them, they consistently and self-consciously pump out grotesque misinformation that makes Karine Jean-Pierre seem a well-prepared truth-teller.

This struck me as I watched the schadenfreude aimed at Jim Cramer for his call one month ago that Silicon Valley Bank was a strong buy with a huge upside for investors.

SVB was just closed down, having gone insolvent. Exactly one month after Cramer did his trademark scream into the camera that it was a strong buy.

Jim Cramer said Silicon Valley Bank was a buy last month at $320

Today it is being closed by California regulators pic.twitter.com/x1xMBTrQTS

— Inverse Cramer (Not Jim Cramer) (@CramerTracker) March 10, 2023

Other financial stocks are tanking, and the FDIC is rushing in to save depositors. That will do nothing for investors, who will likely be wiped out completely.

WASHINGTON – Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023. The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.

Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023. The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear. Under the Federal Deposit Insurance Act, the FDIC may create a DINB to ensure that customers have continued access to their insured funds.

As of December 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits. At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers.

Everybody makes bad calls in investing, but Cramer specializes in doing so. He is so often wrong that there are people who specialize in shorting the stocks he promotes, and the topic of the “Cramer curse” is seriously discussed.

Classic Cramer missing Tesla both ways😂 pic.twitter.com/7J2JNvlsdb

— Inverse Cramer (Not Jim Cramer) (@CramerTracker) March 9, 2023

During the 2008 financial crisis, Cramer was famously bullish on the banks that eventually crumbled, talking up how safe and stable they were as investments. At the time I expected that he would be put out to pasture, but like Rachel Maddow–another misinformation spewer extraordinaire–Cramer has rabid fans who respond to his snake oil salesman persona.

That’s why you inverse Cramer😂 pic.twitter.com/QK446mApzQ

— Inverse Cramer (Not Jim Cramer) (@CramerTracker) January 26, 2023

Earlier today Cramer was still promoting the stock, despite a 66% drop in pre-market trading. Just how wrong can one person be?

Jim Cramer wrong. And he gets paid big bucks to continue being massively wrong.

Watch SIVB common. It is climbing despite endless bear raids….

— Jim Cramer (@jimcramer) March 10, 2023

You can go to CNBC and see the current headline. The bank is gone. Kaput. Dead. The shares aren’t traded, and investors in the bank are at the back of the line when it comes to asset recovery. As of right now, anybody who followed Cramer’s advice has access to 0% of his capital, and probably will never see a dime again.

If hedge fund managers were Cramer’s audience then there would be no point in crying for them, but chances are that hedge funds sold short and were the ones who were buying to cover their positions over the past couple of days. They made out like bandits as did anybody who sold short since the bank hit $315/share last month. Insiders knew that the bank was in trouble. They were looking for chumps to sell to, and Cramer provided enough of them to keep the stock’s price pumped up until everything fell apart.

That chart ended yesterday since today the stock isn’t trading at all, making its shares worth essentially zero dollars. That is exactly the period of time since Cramer made his “Mad Money” buy scream.

Suddenly we are hearing that the Department of the Treasury is “monitoring a few banks” for liquidity issues, which of course makes everybody feel warm and fuzzy. And there are already stories about how the high dollar depositors have been quietly taking their deposits out of the bank.

Did Cramer let those rumors get out? Of course not.

The situation itself is way too volatile to intelligently comment upon, but the Cramer factor isn’t volatile at all. Jim Cramer is a menace to small investors, and he should have been pulled off the air years ago.

Now back up to $225😂😂

— Inverse Cramer (Not Jim Cramer) (@CramerTracker) February 23, 2023

How many people lost big chunks of their investments due to his advice? More importantly, does NBC News give a damn?