The Five Dumbest Things on Wall Street This Week

Sleepy Time at the SEC

1. Blind, Deaf and Mutual

The mutual fund industry is in a mess these days. But, lucky for the folks at Amvescap's (AVZ Quote) Invesco and Marsh & McLennan's (MMC Quote) Putnam, the Five Dumbest Things Research Lab is on the case.

As you may recall, over the past two weeks we've been asking for entries in our latest reader contest: "How to Fix What's Broken in Mutual Funds." We asked for creative suggestions, and we got them.

Here's a sample:

• Measure: To supplement the standard mutual fund ratings from Morningstar, David Holden suggests new ratings -- ones that the Securities and Exchange Commission would issue based on "type, degree and duration of corrupt practices."

  The new ratings, which Holden suggests calling "Darkstar" or "Deathstar," would have to be prominently displayed in any mutual fund company's advertising. "Over time," writes Holden, "the persistently offending funds would lose any credibility and customers, I would expect."

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