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The 5 Dumbest Things on Wall Street: Oct. 7

1. Bank of America's Yiddishe Mama

Moy-vey Brian! Bank of America's (BAC - Get Report), so-called system "upgrade" is driving all your customers absolutely meshugenah!

As if CEO Brian Moynihan didn't have enough tsuris with a stock price now below $6, America's biggest bank -- which boasts 29 million online customers -- was struck with a new headache this week when its efforts to improve its online banking platform turned into a total mish-mash. For six days ending Wednesday, customers had problems accessing their accounts without a single word from BofA brass.

And as any yiddishe mama would say, 'Brian, bubbeleh, you don't call? You don't write? Why do you treat me this way?'

Of course, the timing could not be worse for BofA's money mavens. The computer glitches started at the same time the company announced it was sticking its customers with a $5 monthly debit card fee. And while that may be a bissell for a big shot like Brian, over the course of a year that's some serious gelt for consumers who need another expense like they need a loch in kop. So much so that an online petition at asking the bank to reconsider the farkakta fee had more than 132,500 signatures by Wednesday afternoon.

Things got so bad, in fact, that this whole mishegos reached all the way up to America's main macher, President Barack Obama, who said on Wednesday, "Well, you can stop [the fee] if you say to the banks, 'you don't have some inherent right just to, you know, get a certain amount of profit if your customers are being mistreated.'"

To which Moynihan replied, "Butt out you yenta! I'm no schlimazel!"

Actually, he didn't say that (although it would be hilarious if he did). But he did issue a retort to the president, saying "we have a right to make a profit."

And while we agree that's truly the emmes, and Brian's bank has a right to make money for its shareholders, we don't think it was the brightest move in the battle for public opinion to tell both his customers and the President of the United States to kish mir in tuchas.

Farshtayst? We bet you do.

-- Written by Gregg Greenberg in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
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