The Five Dumbest Things on Wall Street This Week
Legal greens fees?
3. No, It's the Other Guy Who'll Be Playing Golf Now
And the winner of this week's award for Best Mistake in a Press Release goes to Bear Stearns (BSC), which confirmed our theory that somewhere out there, a lawyer is playing golf while billing his client $350 an hour.
In Thursday's announcement of who will succeed Mark E. Lehman as general counsel, Bear Stearns reported the hiring of Michael Solender, who previously was a partner at the esteemed law firm Arnold & Porter.
Except that's not exactly what Bear Stearns said. In fact, the firm noted that Solender had been a partner at "Arnold & Palmer" -- confusing the 57-year-old law firm with the 74-year-old golfer.
Of course, as much as we loathe playing golf, at least it's not as unpleasant as practicing law. So maybe we should let Solender have his fun.
4. A Comedy of ArrowsWe at the Five Dumbest Things Research Lab know better than to try to run a publicly traded company. Which is part of the reason why we politely request company presidents not to try to write witty market commentary. OK, we'll settle for just one president: Patrick Byrne, head of online closeout retailer Overstock.com (OSTK).
Let alone, Overstock.com
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