The Five Dumbest Things on Wall Street This Week
1. TimeshareFive years after the collapse of Enron, Ken Lay and Jeff Skilling are headed for jail.
A federal jury in Houston
Despicable as Lay and Skilling are -- what with the lying, the pumping-and-dumping, the outrageous pay -- perhaps the most galling thing about the scandal was their defense at the trial.
"This is not a case of hear no evil, see no evil," Skilling lawyer Daniel Petrocelli insisted in February, The Wall Street Journal reports. "This is a case of there was no evil."Somehow, though, jurors seem to have noticed the guilty pleas entered by more than a dozen other Enron defendants -- many of whom ended up testifying against Lay and Skilling. So come Thursday, Petrocelli was promising a vigorous appeal and rationalizing the jury's decision. "They saw it their way," he said. For his part, Skilling said it's time to "go back and think this thing through." He'll have plenty of time for that where he's going. Dumb-o-Meter score: 95. "This closes the door on the poor-monkey defense," former Securities and Exchange Commission chief Harvey Pitt told CNBC. To view Colin Barr's video take on Enron's entry in Five Dumbest this week,
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