Five Dumbest Things on Wall Street: Oct. 10

Congratulations to those who took our Credit-Crisis Quiz. Hopefully, you had some fun.

Martin Colodzin is our winner. He'll get a signed copy of Jim Cramer's Mad Money: Watch TV, Get Rich. Thanks to all for playing.

Now, here are the answers.

1. Which of the following quotes cannot be attributed to Reserve Management founder and money market fund creator Bruce Bent just six weeks before his $63 billion Primary money market fund fell below $1 a share?

A. "We are seeing an unnecessary crisis of confidence in today's marketplace."

B. "It's important for investors to be aware of what and with whom they are investing, but at the same time they need to have confidence in the soundness of money market funds."

C. "You only find out who is swimming naked when the tide goes out."

D. "The purpose of the money market fund is to provide safety of principal, liquidity and a reasonable rate of return all the while boring investors into a sound sleep."

Answer: C

Warren Buffett said, "You only find out who is swimming naked when the tide goes out" when discussing falling housing prices in his Berkshire Hathaway(BRK-A Quote - Cramer on BRK-A - Stock Picks) 2007 Chairman's Letter.

Bent said A, B and D in an Aug. 4 press release billing him as "the world's most experienced money fund manager." In this case, experience didn't count: His fund traded down to 97 cents after revealing it owned $785 million in debt from now-bankrupt Lehman Brothers.

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2. Which of the following fallen financial stocks did Bill Miller not own in his Legg Mason Value Trust(LMVFX Quote - Cramer on LMVFX - Stock Picks) at the end of the second quarter of 2008?

A. AIG(AIG Quote - Cramer on AIG - Stock Picks)

B. Countrywide Financial

C. Freddie Mac(FRE Quote - Cramer on FRE - Stock Picks)

D. Lehman Brothers

Answer: D

Miller had no stake in Lehman Brothers at the end of June, according to the fund's quarterly report. The fund manager, famous for beating the S&P 500 15 straight years, is down 32% in 2008 after stepping on shareholder land-mines, including AIG, Countrywide and Freddie Mac.

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