The Five Dumbest Things on Wall Street This Week

1. Passing the Hat

Vonage (VG Quote) is coming through loud and clear now.

Shares in the Holmdel, N.J., Internet phone company are down 31% since last week's $531 million initial public offering. Hefty competition from the likes of eBay's (EBAY Quote) Skype has sent investors fleeing. Even Vonage's effort to turn users into owners has boomeranged.

Last month, Vonage, explaining that "much of our success is attributable to our customers," said it would cut the customers in on the IPO. But users haven't had much success with the Customer Directed Share Program. ...