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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Five Dumbest Things on Wall Street This Week: Jan. 25

Stocks in this article: MSFT CAT STSI SD AAPL

2. Greece's Legal Lesson

From the folks who brought the world democracy, check out the latest lesson in good governance from our friends in Greece.

Greek prosecutors indicted the head of the country's statistics agency this week for allegedly inflating Greece's 2009 deficit for political purposes. Andreas Georgiou and two other members were charged with "felony violations for dereliction of duty and making false statements that damaged the Greek state," according to a Greek official.

The allegations first popped up in September 2011, when a former board member of the government agency publicly accused Georgiou of using overly conservative accounting methods in calculating Greece's 2009 deficit in order to justify harsh austerity measures that were a precondition for the country's bailout package. Georgiou replied to those allegations by saying that Greece's statistical standards were simply brought in line with the demands of Eurostat, the European statistical agency.

Greece's 2009 deficit was originally projected to be 6% of gross domestic product, but was later jacked up to 13.6% after the Socialists swept into power in October of that year. That number was later upped to over 15% of GDP. Greece received its $146 billion bailout from the EU and IMF in May 2010 based on those final figures.

Imagine that. A Greek government economist is being criminally charged for totally missing the boat. Deliberately or not, Georgiou could end up in jail for blowing the figures.

Hmmm. Perhaps if members of Congress had a few hard years staring them in the face for every dumb decision they made, then maybe those bozos would govern the country with far greater care.

On that note, Atlanta Federal Reserve President Dennis Lockhart sure is lucky that's not the case here following his totally incorrect read of the banking system prior to the financial crisis. Based on Fed transcripts from August 2007 released last Friday, his goose would have been cooked if we were in Greece.

"I believe that the correct policy posture is to let the markets work through the changes in risk appetite and pricing that are under way, but the market observations of one of my more strident conversational counterparts -- and that is not Jim Cramer laughter -- are worth sharing," said Lockhart.

So what do you think, Jim? Should we use the Grecian formula and lock Lockhart up for being so boneheaded back then?

Nah. They may be nuts. And they may know nothing. But that's still a bit harsh.

4 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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