The Five Dumbest Things on Wall Street This Week

1. Last Stop on the Bus

Stan O'Neal finally got the hook at Merrill Lynch (MER Quote).

The brokerage firm's CEO stepped down Tuesday. Merrill directors had started pushing for O'Neal's ouster after the firm was forced last week into an $8 billion writedown of subprime mortgage loans and collateralized debt obligations. O'Neal didn't help matters by (not so) secretly pursuing a merger with Wachovia (WB Quote) that would have lined his pocket with millions of dollars in change-of-control payments.

News leaks over the weekend made it clear that O'Neal was finished, but his departure was delayed while lawyers hammered out the terms of his departure. And for O'Neal, the wait was well worth it. ...