The Five Dumbest Things on Wall Street This Week

1. Hewlett Hooey

The Hewlett-Packard (HPQ Quote - Cramer on HPQ - Stock Picks) spy saga could be headed for a courtroom showdown.

California's attorney general filed charges Wednesday against five key players in the surveillance fiasco. Former H-P Chairman Patricia Dunn and ex-ethics chief Kevin Hunsaker each were charged with felonies including identity theft and conspiracy. So were three private investigators hired by H-P.

"One of our state's most venerable corporate institutions lost its way as its board sought to find out who leaked confidential company information to the press," said attorney general Bill Lockyer. "On behalf of Californians, who cherish privacy so much they enshrined the right in our state Constitution, those who crossed the legal line must be held accountable."

Dunn doesn't seem to cherish Californians' privacy so much. She authorized two investigations in which private eyes snooped on H-P workers and directors. And unlike CEO Mark Hurd, who has repeatedly apologized, and former top lawyer Ann Baskins, who declined to answer questions, Dunn has been defiant.

"I do not accept personal responsibility for what happened," she told a congressional panel last Thursday.

And why should she? After all, her lawyer says she's standing up to a shadowy conspiracy.

"These charges are being brought against the wrong person at the wrong time and for the wrong reasons," Dunn's attorney, Jim Brosnahan of Morrison & Foerster, said in a Wednesday evening press release. "They are the culmination of a well-financed and highly orchestrated disinformation campaign.

"Throughout her entire career," Brosnahan adds, "she has stood for corporate process, responsibility and service."

Hold on, scratch responsibility.

Dumb-o-Meter score: 95. Dunn had congressional jaws dropping when she said of personal phone-call data, "My understanding was that these records were publicly available."

To watch Colin Barr's video take of this column, click here.

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