Spitzer Spit Out; Mr. Mozilo Goes to Washington; Bear's Cayne: Up in Smoke; Not Dead Yet; Yahoo!'s New Search; Schwarzman Bashes Birthday; Lamenting Lehman; AIG's Hunting Party; GM Jettisons Jet; Christopher Cox Clouseau; Credit Crunch Chaos
As our very own Jim Cramer likes to say: "There's always a bull market somewhere". And in 2008, the bull market for Dumbness soared as Wall Street sank to new literal and figurative lows. The year 2008 was surely an annus horribilis on Wall Street, and not just for hedge fund managers, investment bankers and Madoff victims. From Eliot Spitzer's shocking revelation and resignation as Governor last March, through the collapse of Lehman Brothers this September, until, most recently, the discovery of Bernard Madoff's $50 billion ponzi scheme, investors worldwide were treated to an unending string of shenanigans and bad news. As a result, stocks fell nearly 40% for the year, while layoffs and taxpayer bailout funds were way, way up. On the bright side, we here at the 5 Dumbest Lab were blessed with a surfeit of stupidity from which to choose our weekly jibes. Like the luckiest fisherman in the world, we didn't need a net to scoop up all of Wall Street's silliness. It just jumped in our proverbial boat. And as difficult as it was to select a starting five each week, it was even tougher to sort through all that dumb material to find the year's 10 best. So with this in mind, and hope for better times ahead, we offer you this, our countdown list of the Top Ten Dumbest Things On Wall Street In 2008.