This Day On The Street
Continue to site
ADVERTISEMENT
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: Aug. 21

Apple's Collusion Delusion

Apple (AAPL - Get Report) CEO Steve Jobs must have been sauced when he tried to broker a deal with Palm (PALM) to stop poaching each other's employees two years ago.

At the time of Jobs' secret communique, Apple had just rolled out the iPhone and Palm had snapped up a former Apple executive, Jon Rubinstein, to develop new smart phones.

Worried that Rubinstein would start bringing Apple employees over to Palm, Jobs told Palm CEO Ed Colligan: "We must do whatever we can to stop this," according to communications revealed by Bloomberg News this week.

Just what exactly Jobs proposed to Colligan wasn't disclosed, but Jobs did reportedly say that Apple had the funds to bury Palm if the companies ended up in a legal fight.

Wow. That trademark turtle neck must have been cutting off circulation to Jobs' brain! Even two years after the fact, the Feds could still investigate both companies for collusion.

Colligan, who stepped down in June, rejected Jobs offer, apparently recognizing the obvious risk of running afoul of the Feds, according to a Bloomberg report this week.

"Your proposal that we agree that neither company will hire the other's employees, regardless of the individual's desires, is not only wrong, it is likely illegal," Colligan reportedly said at the time.

Likely illegal. And definitely dumb.

Dumb-o-meter score: 80 -- Jobs beat the options backdating rap so now he thinks he can get away with collusion?
2 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
FAS $31.61 -1.90%
UYG $74.60 -1.00%
AAPL $125.52 -0.73%
GOOG $522.47 -0.18%
LMT $187.30 0.00%

Markets

DOW 17,637.51 -92.60 -0.52%
S&P 500 2,064.51 -12.27 -0.59%
NASDAQ 4,977.7870 -31.4270 -0.63%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs