Karen Backfisch-Olufsen might not be a name everyone knows right away. But if you’ve heard of Jim Cramer, the loud and lively TV host from CNBC’s Mad Money, then Karen’s story connects to his. She was his first wife, married to him for over 20 years.
Beyond that, Karen is a smart businesswoman who made her own mark in the world of finance. People often wonder about her life, her career, and what happened between her and Jim. Plus, they’re curious about where she is now.
Early Life
Karen Backfisch-Olufsen came into the world on February 25, 1965, somewhere in the United States. Not much is out there about her childhood, and that’s because she likes to keep things private.
Growing up, she had two siblings, Wendy and Mark Finerman. Wendy grew up to be a big deal in Hollywood, winning an Academy Award for producing movies. Mark, meanwhile, worked in finance, dealing with commercial mortgage securities. Karen’s family seemed to have a knack for success, each finding their own path.
As a kid, Karen didn’t share much about her days with the public. We don’t know what games she played or what her favorite subjects were in school. But one thing is clear: she had a sharp mind. Later, she went to the State University of New York at Stony Brook.
There, she studied hard and earned a degree that set her up for a future in business. Her early years might be a mystery, but they built the foundation for the woman she’d become.
Meeting Jim Cramer: How It All Started
Karen’s life took a big turn when she met Jim Cramer. Back in the late 1980s, they both worked at a hedge fund run by Michael Steinhardt. Imagine a busy office filled with people shouting about stocks and money. That’s where Karen and Jim crossed paths.
She was a trader, someone who bought and sold investments to make a profit. Jim was there too, full of energy and big ideas. They clicked right away, not just as coworkers but as something more.
After meeting, they dated for five years. Those years must have been exciting, working side by side in a fast-paced job while falling in love. In 1988, they decided to get married. It wasn’t a big, flashy wedding splashed across magazines. Instead, it was a quiet event with close friends and family.
Karen and Jim were ready to build a life together, blending their love with their shared passion for finance. Little did they know how much their story would grow.
Karen’s Career: A Star in Finance
Karen didn’t ride Jim’s coattails to success. She built her own career in finance, and it’s worth talking about.
Before meeting Jim, she worked as an assistant to the vice president at Lehman Brothers, a huge financial firm. Her job was to help manage portfolios, which means picking the right investments to make money. She was good at it. That experience gave her the know-how to shine later on.
When she joined Michael Steinhardt’s hedge fund, she stepped up as a trader. Trading isn’t simple. It’s about making fast decisions with lots of money on the line. Karen had a talent for spotting opportunities and avoiding risks.
After marrying Jim, she moved to Cramer & Co. There, she didn’t just help out, she was a key player. Jim once said he couldn’t have managed without her. She understood balance sheets, mergers, and value investing like a pro.
Later in her career, Karen took on even bigger roles. She co-founded Metropolitan Capital Advisors, Inc., a company that advises investors. She also became vice president at Lehman, proving she could lead in a tough field.
On top of that, she joined boards like GrafTech International and the Michael J. Fox Foundation for Parkinson’s Research. Plus, she’s a trustee at Montefiore Medical Center. Karen’s career shows she’s not just Jim Cramer’s ex-wife—she’s a force all on her own.
Marriage to Jim Cramer: A Team in Life and Work
Karen and Jim’s marriage wasn’t just about love; it was a partnership. For 21 years, from 1988 to 2009, they stood by each other. During that time, they had two daughters, Cece and Emma Cramer.
Raising kids while juggling big careers couldn’t have been easy, but they made it work. Karen didn’t just stay home, though. She kept working, and that’s what made their bond special. They were a team, both at home and in the office.
Jim often talked about how smart Karen was. He even called her the “Trading Goddess” in interviews and his books. In his book Confessions of a Street Addict, he wrote about how she saved his hedge fund from crashing during tough times.
How Karen Helped Jim at Cramer & Co.
One of Karen’s biggest moments came early on, during the stock market crash of 1987. Known as Black Monday, it was a chaotic day when stocks plummeted, and panic swept through Wall Street. Jim was running Cramer & Co., and the pressure was intense.
Many funds lost everything, but not Jim’s—and Karen was a big reason why. She stayed calm when others freaked out, helping Jim make smart moves to protect their investors’ money.
Her job as a trader meant she knew how to read the market’s wild swings. While Jim was full of big ideas and energy, Karen brought balance. She spotted safe places to put their cash and avoided risky bets that could’ve sunk them. Without her, Cramer & Co. might not have survived that storm.
Jim often leaned on her instincts. He was the loud leader, pitching ideas and rallying the team, but Karen was the quiet force executing the plan. She understood balance sheets and could tell if a company was worth the risk. For example, if Jim wanted to jump on a hot stock, Karen would double-check the numbers to make sure it wasn’t a dud. Together, they balanced each other out, turning Cramer & Co. into a powerhouse.
Teamwork That Made Millions
The fund reportedly managed over $400 million at its peak, delivering returns of 24% a year after fees. That’s huge in the finance world, and Karen’s fingerprints were all over it. She didn’t just help Jim—she helped build something lasting.
Jim admitted this himself. In interviews, he’d say he couldn’t have done it alone. Karen’s ideas, like focusing on value investing (buying cheap stocks with big potential), shaped their strategy. She also trained younger traders, passing on her know-how. Even after she left, her influence lingered, keeping the fund strong until Jim sold it in 2001.
Why Did Karen and Jim Divorce?
After 21 years, Karen and Jim’s marriage ended in 2009. Fans and followers were shocked because they seemed so solid. But here’s the thing: they never told the world why they split.
Both kept it private, which makes sense for two people who didn’t love the spotlight. Some guess it was about their busy lives. Jim’s career was taking off with TV shows and books, and that kind of fame can strain a relationship.
Others think it might have been personal differences growing over time. Raising two girls and running a hedge fund could wear anyone down. Jim once wrote about how hard he worked, waking up at 2:45 a.m. to beat the competition.
Maybe that left little time for family. Karen, meanwhile, stepped back from trading in the 1990s to focus on their daughters. Their paths might have drifted apart—one chasing the public eye, the other choosing a quieter life.
In their divorce settlement, Jim said he gave Karen most of the money he’d made trading. He also sold their New Jersey mansion to her for just $1. She later sold it for $3.675 million in 2019. The split wasn’t messy in public, though.
They stayed respectful, even working together as business friends after. Whatever the reason, their divorce closed a long chapter, leaving people curious but without clear answers.
After the Divorce
When the marriage ended, Karen took custody of Cece and Emma. She focused on being a mom, keeping her girls out of the news. Jim stayed close to his daughters too, talking about them on TV sometimes.
For example, in 2022, he told CNBC he doesn’t give them money so they learn to stand on their own. Karen, though, faded from the public eye. She didn’t jump into interviews or write a tell-all book. Instead, she chose peace and privacy.
Jim moved on faster. In 2015, he married Lisa Cadette Detwiler, a real estate broker. They met through a friend and tied the knot in Brooklyn. Karen didn’t seem to follow suit. No one knows if she dated again or found new love.
She’s stayed single as far as the public can tell, focusing on her kids and her own life. The divorce changed things, but Karen handled it with grace, keeping her story her own.
Karen’s Life Now: Where Is She Today?
Fast forward to 2025, where is Karen now? Honestly, it’s hard to say for sure. She’s still out of the spotlight, living quietly. Some think she’s in New Jersey, where she raised her girls. Others wonder if she’s moved somewhere new.
What we do know is she’s not on social media. No Instagram posts, no Twitter updates. That’s rare these days, but it fits her style. Karen’s always been private, even when married to a TV star.
Her daughters, Cece and Emma, are grown up now. Emma studied art history at Tulane University and fashion at Parsons School of Design. In 2023, she started a business called Folds. Cece keeps a lower profile, but both seem close to their parents.
Karen likely spends time supporting them, maybe visiting or cheering from afar. As for work, she might still be involved with her boards or investments, but nothing’s public.
Her net worth sits around $5 million, earned from her finance days and the divorce. Karen’s life today feels like a calm chapter after a busy past.
Does Karen Have a New Relationship?
Here’s the big question: Is Karen with someone new? The answer is, we don’t know. Since 2009, no rumors or photos have popped up about her dating. She could be happily single, enjoying her freedom. Or maybe she’s met someone but keeps it secret.
Unlike Jim, who remarried, Karen hasn’t shown any signs of a new romance. If she’s in a relationship, she’s a master at hiding it—and good for her if that’s what she wants.
I imagine Karen sipping coffee in a cozy house, maybe laughing with her daughters or reading a book. She doesn’t need the world to know her every move. After years in finance and a high-profile marriage, she’s earned that quiet. Whether she’s alone or with someone, she’s living on her terms.
