This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Five Dumbest Things on Wall Street This Week

1. Hurricane Dan

Former CBS (CBS) anchorman Dan Rather stormed back into the news this week.

Rather sued his former employer Wednesday in New York State Supreme Court. The longtime face of the CBS Evening News claims the company destroyed his reputation as "one of the foremost broadcast journalists of our time" by failing to stand behind an expose on President Bush's National Guard service. Rather seeks $70 million in damages.

In September 2004, Rather reported on 60 Minutes that Bush had failed to perform some of his National Guard duties and enjoyed preferential treatment from his superiors. CBS withdrew the story after questions arose about the authenticity of some source documents. After initially defending CBS' reporting, Rather apologized , saying that in airing the report CBS "made a mistake in judgment, and for that I am sorry."

Three years later, Rather is still sorry, but for a different reason. The newsman now says the report was accurate. It was his coerced apology that was a mistake.

So why did Rather, who briefly ended his evening newscasts by saying "courage," keep his mouth shut all this time? Because his superiors told him to, the suit claims. Meanwhile, the ungrateful CBS brass sought to make him a "scapegoat" so the network could "curry favor" with the White House.

Those weren't the only injustices visited upon Rather, to go by his lawyers' account. After he got yanked out of the anchor chair in 2005, Rather "was provided with very little support staff, very few of his suggested stories were approved, editing services were denied to him, and the broadcast of the few stories he was permitted to do was delayed and then played on carefully selected evenings when low viewership was anticipated," the suit whines.

Worse yet, consider what happened when Rather asked to go to Louisiana in the fall of 2005 to report on Hurricane Katrina.

CBS "refused to send him," the suit claims, in a bid to further lower his profile by keeping him off the air. The network did this, Rather's suit alleges, knowing full well that "Mr. Rather is the most experienced reporter in the United States in covering hurricanes."

Maybe CBS figured it was windy enough in New Orleans already.

Dumb-o-Meter score: 93. CBS denies the allegations in the suit, calling them "old news."

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs