The Five Dumbest Things on Wall Street

1. Herbalife's Diploma Debacle

In his zeal to offer premiere meal-replacement shakes and herbal supplements that defend against the vicissitudes of snacking, Herbalife (HLF Quote) Chief Operating Officer Gregory Probert has let a big fib get away from him: He never completed his MBA from California State University, Los Angeles, even though his resume claimed he did. On top of that, Herbalife claimed that Probert had earned the degree -- in as many as 19 filings with the Securities and Exchange Commission.

"The truth is that my vanity prevailed and I did not take action ... even though I was aware it was not accurate," said Probert.

"I suppose that some of us who have been blessed with a certain degree of good fortune are tempted to see the paths we took in romantic vs. strictly factual ways," Probert told The Wall Street Journal. "I was wrong for succumbing to my vanity and apologize for doing so." ...