03/13/2009 09:36 am ET Updated Dec 06, 2017

Jon Stewart Roasts Jim Cramer, CNBC: MediaBytes with Shelly Palmer March 13, 2009

Jon Stewart and Jim Cramer went head to head on the Daily Show last night after a week of Stewart laying into Cramer for recommending Bear Sterns stocks in the days before the company fell apart. Stewart questioned both Cramer's and CNBC's ethic, noting that "Isn't there a problem selling snake oil as vitamin tonic?" Cramer's ashamed response was "I try really hard to make as many good calls as I can ... I'm trying."

Time Warner announced that Google SVP Tim Armstrong will be the new Chairman and CEO of AOL. Time Warner noted that current Chairman and CEO Randy Falco and President and COO Ron Grant would both leave the struggling service provider next week. The leadership change comes as Time Warner CEO Jeff Bewkes tries to spinoff AOL or merge it with another company. So far attempts have been unsuccessful.

Apple will begin testing new iPhone software next week. Analysts believe the operating system preview could indicate that a new iPhone may be right around the corner. Apple will preview the new software next Tuesday, March 17th, at a media event.

Jason McCabe Calacanis offered Twitter $250,000 to become one of 20 "suggested follows" on the popular micro-blogging service for two years. Calacanis believes being on the "suggested follows" list could generate as many as 10,000 new followers a day. While the offer stands, Twitter doesn't seem to be biting, although paying to be apart of its suggested followers list is probably the best business model anyone has pitched the service so far.

Shelly Palmer is a consultant and the host of MediaBytes a daily show featuring news you can use about technology, media & entertainment. He is Managing Director of Advanced Media Ventures Group LLC and the author of Television Disrupted: The Transition from Network to Networked TV (2008, York House Press). Shelly is also President of the National Academy of Television Arts & Sciences, NY (the organization that bestows the coveted Emmy® Awards). You can join the MediaBytes mailing list here. Shelly can be reached at