This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Five Dumbest Things on Wall Street: Jan. 15

Arbitron CEO's Absence

Here's a lesson for former Arbitron (ARB) CEO Michael Skarzynski: Better rate than never.

Arbitron, which supplies radio ratings information to advertisers, revealed that Skarzynski resigned Monday because of false statements he gave to a congressional committee. The company said Skarzynski told the House Oversight and Government Reform Committee in a hearing last month that he had participated in a home visit to Arbitron panelists in November. The truth, however, is that while company officials did make the visit, Skarzynski played hooky. Arbitron's stock closed down $2.55 on the news, or 9.6%, to $24.15.

Remember that old Woody Allen quote that "80% of success is showing up"? It turns out a full 100% is necessary when it comes to keeping your job.

Arbitron is under Congressional scrutiny over its new method of tracking radio audiences called the Portable People Meter. Critics say it undercounts minorities and therefore lessens the advertising dollars smaller stations can attract. Arbitron has settled lawsuits from attorneys general in New York and New Jersey over the People Meter, but still faces lawsuits from a handful of states.

"Honesty and integrity are the cornerstones of Arbitron's values, and we take any acts inconsistent with these values very seriously," Arbitron CFO Sean Creamer said on Tuesday.

Arbitron said Skarzynski will be replaced by Bill Kerr, who previously led the magazine and broadcast company Meredith Corp. (MDP). Kerr still serves as Meredith's chairman, but said he has asked the company to find a replacement.

And for everybody's sake, Kerr's replacement better darn well show up for work.

Dumb-o-meter score: 95 -- Another lesson for Skarzynski: It's OK for Congress to lie to you, but don't you dare lie to Congress.

Before joining, Gregg Greenberg was a writer and segment producer for CNBC's Closing Bell. He previously worked at FleetBoston and Lehman Brothers in their Private Client Services divisions, covering high net-worth individuals and midsize hedge funds. Greenberg attended New York University's School of Business and Economic Reporting. He also has an M.B.A. from Cornell University's Johnson School of Business, and a B.A. in history from Amherst College.
5 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
CMCSA $56.47 -0.25%
GS $187.97 -1.60%
GOOG $548.00 -0.73%
GE $24.81 -1.23%
KOSS $2.26 -7.38%


DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs