This Day On The Street
Continue to site
ADVERTISEMENT
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

5 Dumbest Things on Wall Street This Week: April 12

1. The Fed's Fat Finger

There's no disputing that Ben Bernanke has the global economy in the palm of his hand. His massive bond-buying program has forced stock and bond bears alike to lay down their arms in deference to his power.

We just hope the Fed doesn't suffer another fat finger episode like it did this past week. Though its premature data dump may not have sparked a flash crash, it is a good reminder of the Fed's fallibility.

Somebody at the Fed fouled up and mistakenly sent the minutes from its March meeting ahead of schedule to a select group of congressional staffers and lobbyists on Tuesday afternoon. Once it recognized the problem, the Fed was forced to release the information to the greater public on Wednesday morning at 9 a.m. instead of its usual 2 p.m.

"The reason is they were inadvertently sent early to a list of individuals who normally receive the minutes by email shortly after their usual release time," said a Fed spokesperson about the mishap. "The individuals on the distribution list -- primarily congressional employees and employees of trade organizations -- received the minutes shortly after 2 p.m. Tuesday."

Hey, that's no big deal. Congressional staffers and lobbyists are great at keeping secrets! There's no need to worry at all if they mistakenly get inside information in the future. It's not like these Washington folks know anybody on Wall Street or anything like that.

Sure. And if you believe that then we have a mortgage bond to sell you.

Wait. Ben Bernanke would probably buy that bond, toxic or not.

So we'll sell you a bridge instead.

-- Written by Gregg Greenberg in New York City.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
5 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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $132.54 0.88%
FB $80.58 0.12%
GOOG $540.32 -0.40%
TSLA $247.73 0.86%
YHOO $43.48 -0.45%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs