The Five Dumbest Things on Wall Street This Week
The Five Dumbest Things on Wall Street: March 28
03/28/08 - 07:18 AM EDT
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5. Buy Bear on eBay
Bear Stearns shareholders received a small mercy this week when JPMorgan Chase'sJPM offer for their once-highly valued stock was raised to $10 from $2. But alas, more indignity lurked where indignity often does: in the dirty laundry pile. Remember how the stock was trading at $170 a year ago? Well, a Bear Stearns T-shirt sold on eBayEBAY for $151, only 19 bucks off the high the stock traded at. The ghoulish habit of buying trinkets from failed companies has some precedence in the (in)famous tilted Enron E, for example, which fetched $44,000 at auction a few years back, making the Bear Stearns T-shirt look like a bargain. Some might question the wisdom of allowing a product with such bad vibes into your home, but maybe by tilting the E the other way or washing the T-shirt, you can cleanse away the bad. That said, it's now beginning to make sense that my golf game has been a bit off for the past, oh, two decades.
Dumb-o-meter score: 85. Anyone want a bag of Drexel Burnham Lambert imprinted golf Tees? Going once, going twice...
Bailout nation; Bear's Cayne: up in smoke; MBIA's mass wealth destruction; nothing but bull; safe and sound with Fannie and Freddie.
Eli Lilly's diabetes problem; Spitzer spit out; Joe Lewis' second thoughts; Blackstone's compensation conundrum; WellPoint predictions prove offpoint.
Buffett's dollar doubters; GM on the Fritz; Third Avenue beatdown; Citi's man in Dubai; WaMu moves the goal posts.
Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.
Catch up on his thinking on the hottest topics of the past week.
Investors will have to deal with a Fed meeting and another flood of earnings and economic data.
Ensco International and Echelon have the potential to move higher in coming days.
See who made what calls.
The addition of video is helping telecom companies compete against cable and satellite companies.
The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
See who made what calls.
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