Five Dumbest Things on Wall Street: May 8

'TurboTax Tim' Rides Again

The irony was inescapable. But Tim Geithner still should have tried to get away.

President Barack Obama, with the Treasury secretary by his side, launched a new initiative Monday to "detect and pursue" American tax evaders by wiping out their offshore tax shelters.

Obama said he plans to close tax loopholes that enable U.S. companies to stash profits overseas. Plus, the president wants to increase transparency in bank accounts held by Americans in notorious offshore tax havens so as to avoid tax evasion cases like the one currently embroiling Swiss private banking giant UBS(UBS Quote). ...