"Jim Cramer, the frothy-mouthed, crazy-eyed millionaire host of Mad Money on CNBC, is about to enter the land of genuine lunatics: press-obsessed real-estate moguls, power-mad billionaires, the editors of various glossy magazines and people who eat cockroaches for money. He's developing a reality-TV show," the Observer's Rebecca Dana scoops.

"King of Wall Street, as the show is presently called, is being conceived on the West Coast and is based loosely on the formula of The Apprentice, according to two sources familiar with the plans. The show, if made, would air on CNBC or NBC.

In an early blueprint, a group of contestants would be given a certain amount of money to invest. Then, as in life, whoever makes the most money wins."

No comment from Cramer or CNBC yet. More...