The Five Dumbest Things on Wall Street This Week

Which brings us to a final reason we're fond of Jain. (Though before we get to it, we should point out that press reports indicate it's tough to be fond of the guy if you have to actually work with or for him.) That's how Jain dealt with the inevitable fallout of his becoming fabulously wealthy from stock sales, though the shares are now in the toilet. (He cashed out nearly $400 million worth of stock, according to the Seattle Post-Intelligencer; shares which once traded at a reverse-split-adjusted $1,300 apiece are now worth $9.)

So how does Jain deal with the outrage that he got rich from inflated stock, but shareholders got the shaft? "Nobody believed [InfoSpace's stock] was overpriced," Fortune quoted him as saying in September. "If I did, I would have been selling a lot more."

If you can think of a comeback to that one, let us know. We'll be at the Lanesborough, awaiting your call.

5. So Much for the Chinese Wall

You know, Hughes Electronics GMH got so much grief from Beltway types over its attempt to merge with EchoStar DISH, you would have expected they'd earned a brief vacation from goverment antagonism.

You'd be wrong.

Late last month, the State Department issued a document charging a former Hughes subsidiary with illegally giving U.S. space technology to China, The Washington Post reported New Year's Day.

If the charges stick, Hughes and Boeing BA, which bought the allegedly infringing subsidiary, could be on the hook for $60 million, says the Post.

A Hughes spokesman told the Post the company believes it did nothing wrong. Which got us thinking how twisted things will get if and when Rupert Murdoch's News Corp. NWS succeeds in acquiring Hughes. The U.S. government, apparently, is mad at Hughes for not admitting guilt. The Australian Murdoch, meanwhile, is so fond of America -- or at least broadcast TV stations in the U.S. -- that he became a U.S. citizen. Of course he's also a fan of China, too, having proven in the past that U.S.-style press freedom is not as important to him as breaking into the Chinese media market. Who knows how Rupert would want to balance China's desire for scientific advancement with the State Department's killjoy attitude?

Bottom line is, we'll be watching Fox News Channel for the latest update. We want to see how O'Reilly factors into this one.