Barron’s reporter Bill Alpert has written another lengthy critique of Jim Cramer‘s stock tips. In August 2007, Alpert wrote this piece on the CNBC host.

This time, he concludes Cramer’s “recommendations underperform the market by most measures.” Alpert mentions parenthetically that Barron’s is owned by News Corp. News Corp. also owns the Fox News and Fox Business networks. That point was brought up twice during Alpert’s email interview with CNBC VP of public relations Brian Steel. “You wrote a premeditated hatchet job to curry favor with your new bosses at News Corp.,” said CNBC’s Steel in the article. “[Cramer] doesn’t consider you a journalist.”

Fox Business Network has also criticized Cramer’s stock picks, even creating an ad campaign around them.

We asked Steel for a response to the story after publication, and he gave us his take, but also forwarded the complete question-and-answer email exchange he had with Alpert for the story (the full exchange is after the jump). One of the points seen from the initial questions relates to the idea there may be “leaks” from inside CNBC — an idea raised in the Barron’s article and picked up by several financial bloggers.

“Our research reveals that the stocks Cramer picks as Buys have been rising versus the market for several days in advance of his show, while his Sells have been falling. This doesn’t prove there is a leak in the tight security surrounding CNBC’s show. It could merely mean that Cramer and his staff are heavy-footed in their research. Or it could mean that his stocks are primarily momentum plays.”

But Alpert discounts the idea of leaks in his original question to CNBC: “We believe — and stipulate, to avoid repetition — everything that CNBC told us before about how tightly it secures the show on the day of broadcast.”

“Their ‘analysis’ is faulty on numerous levels, not the least of which is their completely arbitrary and never-before-used 7 month and 1 week timeline,” Steel tells TVNewser. “However their transparent attempt to discount Jim’s two cash calls is actually quite cunning and manipulative as by their own admission Jim outperforms the market by double digits when those two historic calls are included.”

Also, as briefly mentioned in the article, Barron’s own stock picks performed approximately 5% worse than the S&P 500.

Click continued to see the full email exchange between CNBC’s Steel and Barron’s Alpert…

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