The Five Dumbest Things on Wall Street This Week

1. You Enron, but You Can't Hide

Believe it or not, this whole Enron (ENE Quote) business has taught us here in the Five Dumbest Things lab a valuable lesson.

Most of all, it has rewarded our steadfast belief in the integrity of our elected officials. It has been heartwarming for those of us in the lab to confirm that every single elected official in Washington is a true stalwart on behalf of strict accounting standards. Thank your lucky stars for these indefatigable crusaders, who remain steadfast in their belief in strict oversight of financial reporting, no matter how much inconvenience might be suffered by major campaign contributors.

Hand still pressed firmly to our heart, we resolved to look elsewhere for Dumb Things. Specifically, we looked to Chicago, where it was reported this week that Nancy Temple, an attorney for Enron's auditor, Andersen, had a fascinating response to an October email sent to her by Andersen's chief Enron auditor. In the email the auditor raised concerns about a potential misunderstanding that might arise among investors as a result of the wording of an Enron earnings release. ...