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TheStreet Open House

The 5 Dumbest Things on Wall Street: Oct. 22

2. Tribune's "Frat" Boys Get Expelled

Well, it seems it only took the fostering of an almost brazen sexual atmosphere, bankruptcy, more than a dash of mismanagement and a scathing New York Times takedown for the head of Tribune Company to take the hint.

According to a report from the Chicago Tribune this week, chief executive officer Randy Michaels is headed for the exit. Then again, it hasn't happened yet so maybe it was just wishful thinking.

It's more than likely that the Times' portrayal of the management frat-house created under Michaels' reign may have proved a tipping point. Indeed, comparing the Tribune Company to a frat house has become such a ubiquitous analogy that one of the Chicago Tribune's columnists felt it was time to declare that, really, for the grunts in the trenches, life was no party.

We're sure it's not. That kind of behavior was reserved for management. But given the severity, or even just the sheer volume, of the accusations being levied, how in the heck did Michaels make it this far?

Michaels would mark the second high profile departure from the company in about a week. Last week, so called "chief innovation officer" Lee Abrams resigned after sending out an inappropriate email to the company. That sure was "innovative" -- as in an innovative way to get canned.

TheStreet Says: Where on earth could Abrams have gotten that idea that it was cool to send out inappropriate emails? Oh, right, from Randy "Neidermeyer" Michaels.

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