This Day On The Street
Continue to site
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

Five Dumbest Things on Wall Street: May 8

'TurboTax Tim' Rides Again

The irony was inescapable. But Tim Geithner still should have tried to get away.

President Barack Obama, with the Treasury secretary by his side, launched a new initiative Monday to "detect and pursue" American tax evaders by wiping out their offshore tax shelters.

Obama said he plans to close tax loopholes that enable U.S. companies to stash profits overseas. Plus, the president wants to increase transparency in bank accounts held by Americans in notorious offshore tax havens so as to avoid tax evasion cases like the one currently embroiling Swiss private banking giant UBS (UBS - Get Report).

With a straight face, the Treasury secretary kicked off the press conference by lecturing the American public about "indefensible" tax breaks and loopholes that allow "some well-off citizens to evade the rules that the rest of America lives by."

The always eloquent Obama followed Geithner, remarking that nobody likes paying taxes "but most Americans meet their responsibilities because they understand that it's an obligation of citizenship, necessary to pay the costs of our common defense and our mutual well-being."

Unless, of course, you are the president's nominee for of Secretary of the Treasury.

Yes Mr. President, the American public may have short attention spans, but it has not been that long since "TurboTax Tim" Geithner was raked over the coals during his confirmation hearing for failing to pay $34,000 in Social Security and Medicare taxes. In fact, it almost seems like yesterday when Geithner was blathering to Congress about how the popular tax-preparation software caused him to make "careless mistakes" on his returns.

After that embarrassing episode, one would think that the president would choose a different member from his deep bench of economic advisers for the occasion. Or maybe just grab his trusty teleprompter and do it as a solo act.

Trotting out the poster boy for tax evasion for an event like this, however, just makes no sense.

Unless, of course, the president's point is that it takes a tax cheat to know one.

Dumb-o-meter score: 95 -- What's next, President Obama? Will Jose Canseco and Barry Bonds be spearheading your new program to fight steroids in baseball?
1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AMZN $668.93 -0.36%
GM $30.67 -1.90%
SHLD $14.95 -3.50%
S $3.52 -4.10%
UBS $15.67 -1.50%


Chart of I:DJI
DOW 17,651.16 -99.75 -0.56%
S&P 500 2,050.19 -13.18 -0.64%
NASDAQ 4,727.0170 -36.2070 -0.76%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs