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The 10 Dumbest Things on Wall Street in 2012

9. Straight to Hellas -- published Jan. 20

Surely the Greek protestors were not applying the Socratic method this Tuesday when they flooded the streets of Athens just as international debt inspectors were arriving to determine if the country deserves a bailout.

You see, had the strikers employed the philosopher's decision-making rules then maybe they would have asked the right questions to arrive at a different -- and smarter -- conclusion.

Questions like: 'Hey guys, do you think we should wait until the folks with the money leave the country before we quit work to protest austerity?'

What the Hellas guys? You have got to be kidding us. Even American high schoolers are clever enough to hide the kegs when the cops show up.

Officials from the European Union, European Central Bank and International Monetary Fund traveled to Greece earlier this week to survey the impact of previous financial reforms before deciding whether to grant the country additional monetary aid.

Also on the group's agenda was a meeting with private creditors to negotiate a bond swap deal to cut Greek debt by 100 billion Euros ($127 billion).

And while one would think that this delegation would be hailed as heroes and given the run of the house, from all indications they could barely hail a cab to get to the Greek Parliament house. An estimated 10,000 protesters rallied in central Athens over potential pay cuts with strikers disrupting public transport and other services.

And while Socrates famously said "I only know that I know nothing" -- ignorance is not a viable excuse for the Greek government at this point. They know full well the importance of securing more rescue loans ahead of a 14.5 billion Euro bond repayment due in late March -- even if their countrymen would rather chug hemlock and see what happens.

It will be a long time before investors forget the craziness surrounding Facebook's IPO last May. From the underwriters overpricing the stock to the Nasdaq bungling the orders, it was a fiasco from start to finish. Nevertheless, what they may not recall about Mark Zuckerberg's coming out party was that it actually started the week before, when Wall Street analysts started setting insane price targets for the still private stock.
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