The Five Dumbest Things on Wall Street This Year
1. Serious Snooping
Hewlett-Packard's (HPQ) spy games didn't turn out to be much fun for anyone.
This year it emerged that the Palo Alto, Calif., tech giant had been rummaging through employees' and journalists' phone records in hopes of ferreting out the source of boardroom news leaks.
The probe did eventually expose the leak: longtime director Jay Keyworth. But it also gave H-P -- once considered the Silicon Valley model of upright management -- a shiner that won't soon fade.CEO Mark Hurd said he was sorry and promised not to make the same mistakes again. Keyworth quit after scoring an apology from Hurd. General counsel Ann Baskins and other execs left ahead of a congressional probe into the matter. Former Chairman Patricia Dunn, who oversaw the internal inquiry, quit and left the board. Still, the new year could bring a state trial on felony identity theft and conspiracy charges. "On behalf of Californians," state Attorney General Bill Lockyer said in October, "those who crossed the legal line must be held accountable." But accountability, it seems, isn't Dunn's specialty. As she told Congress this fall, "I do not accept personal responsibility for what happened." She may yet have to accept something far more onerous: hard time.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV