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

The Five Dumbest Things on Wall Street This Week: Oct. 26

5. AIG's Audacity

Thank you Bob Benmosche. From the bottom of our hearts, thank and God bless you.

Why, you are probably wondering, are we heaping such a generous dose of gratitude upon AIG's (AIG - Get Report) CEO?

Certainly it's not because he demanded it during a megalomaniacal rant in Monday's New York Magazine. To be honest, that article gave us more of a sense of agita than appreciation.

No, it's because Bob made our Dumbest legwork so much easier this week. Seriously, it's not easy finding these pearls of witlessness week-in week-out, so it's a major relief when a gem like this falls into our proverbial lap.

Speaking from his villa on the banks of the Adriatic, Benmosche bemoaned the lack of gratefulness from Uncle Sam for repaying with interest the more than $182 billion in taxpayer funds used to bail out the failed insurer during the depths of the 2008 financial crisis. (Well, to be precise, AIG has paid back the Fed in full, but not yet the Treasury which still owns about 15% of the company. But it's close, so let's not further upset the bearded Benmosche by splitting facial hairs.)

"Neither of them have ever said 'Thank you?' We have done all the right things. Somebody should say, 'By golly, those AIG people made a promise and they are living up to a promise!' We're left with a major part of the economy in America; they're going to make a profit on top of everything else they've got," said Benmosche from his Croatian castle, adding with a flourish, "God bless America. And God bless AIG. And God bless Tiny Tim."

Yes fellow citizens. You read correctly. The guy that pocketed $14 million in 2011 to help clean up the toxic mortgage bond mess created by folks that pocketed $165 million in bonuses for creating said mess wants us all to thank him.

Oh man, that's just audacious Bob. We acknowledge you did a stellar job in helping raise that Titanic of a company. But let's not go overboard and equate your savvy financial engineering with some kind of national heroism. In case you may have forgotten, you are Bob Benmosche, not Ben Freaking Franklin.

They say chutzpah is best characterized by a person who murders his parents and then pleads for the court's mercy on the grounds of being an orphan.

Well, in case we needed one, Benmosche's plea for gratitude has given us another very fine definition for the term.

We suppose we can thank him for that as well.
1 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
ZNGA $2.38 0.00%
AIG $55.82 0.00%
AMD $3.55 0.00%
GS $164.11 0.00%
MNST $144.22 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs