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: Nov. 6

La-Z-Boy Crashes Auction

In the end, the motorized chair which was involved in a DUI accident with a real automobile and is now up for auction on eBay (EBAY) wasn't even a La-Z-Boy (LZB - Get Report) anyway.

Yeah, we better explain that one.

Last year, 61-year-old Dennis LeRoy got hammered in a Proctor, Minn. bar and attempted to drive home. His vehicle of choice? A custom-made, motorized living room recliner powered by a converted lawnmower and equipped with a cup-holder, radio, headlight and a National Hot Rod Association sticker. After crashing into a "real" car on his way back from the pub, LeRoy failed a slew of sobriety tests and was sentenced to 180 days in jail.

But the story doesn't end there. At least not for LeRoy's unique ride.

Cops in Proctor made a deal with LeRoy to strike one of the DUIs from his record if they could sell the contraption and raise money for the state. They listed the chair on eBay calling it a "great parade vehicle or a terrific business draw." They also made sure to warn potential buyers that it is most certainly "not a street legal vehicle." According to news reports, the chair reportedly received bids topping $43,000, or close to the price of a brand new 2009 BMW 5-Series.

Well, the press caught wind of the story and dubbed LeRoy's invention the "DUI La-Z-Boy Mobile." And while that may seem like a cool moniker at a football tailgate party, it's not the kind of advertising La-Z-Boy was looking for. (Who figured La-Z-Boy would rather have its furniture judged for its style as opposed to its gas mileage?) Eventually La-Z-Boy stopped the auction with only a few hours of bidding left on the clock.

That is, until late Tuesday when the chair took off again. It turned out, upon further review, that La-Z-Boy did not manufacture the chair in question, and the item was put back up for sale on eBay. The $10,099.99 winning bid on Thursday was impressive, but much lower than the earlier auction.

We'll raise a glass to the lucky winner. We just hope he or she doesn't do the same before driving the prize home.

Dumb-o-meter score: 90 -- We're not sure whether we should be impressed with LeRoy's ingenuity, or saddened that someone would go to such lengths not to have to get up from their recliner.
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
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
EBAY $23.20 0.00%
K $71.84 0.00%
LZB $19.97 0.00%
M $40.26 0.00%
NKE $57.17 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs