The Five Dumbest Things on Wall Street: Feb. 15

1. Kill The Messenger

With its stock down 80% over the last year, MBIA (MBI Quote) came to Washington, D.C., this week to put the blame where it always seems to belong: on someone else.

This time, the creaking bond insurance giant pointed the finger at activist hedge fund manager Bill Ackman of Pershing Square Capital, who estimates that MBIA faces more than $11 billion in potential losses on insurance contracts that it underwrote for structured finance securities tied to risky mortgage loans. ...