NEW YORK ( TheStreet) -- Fannie Mae and Freddie Mac's never-ending bailout was considered the dumbest thing on Wall Street this week by readers of TheStreet.
As of late Friday, about 38% of the more than 215 readers that took our poll thought that the government's plan to give Fannie Mae and Freddie Mac more bailout money is a particularly bad idea. On Thursday, the government announced that the estimate for the Fannie and Freddie bailout would more than double the original bailout package in the next three years, possibly reaching as much as $215 billion. The White House spent the week touting the success of the Troubled Asset Relief Program, or TARP, projecting losses would come down to $50 billion, down from a previously estimated $341 billion earlier this year. Unfortunately, while TARP costs go down, the cost of keeping Freddie and Fannie solvent is skyrocketing. On Wednesday, the New York Federal Reserve teamed up with money management giants Pacific Investment Management, Blackrock ( BLK), and Freddie Mac, in demanding that Bank of America ( BAC) and Bank of New York Mellon ( BK) buy back mortgage-linked loans that Bank of America mortgage lender Countrywide Financial failed to service properly. The National Association of Attorney Generals representing all 50 states is investigating suspect foreclosure practices at the big banks, leading Bank of America, JPMorgan Financial ( JPM) and PNC Financial ( PNC) to suspend foreclosure proceeding in at least some, if not all states. The Obama administration is expected to propose replacing or reshaping Fannie and Freddie early next year. With approximately 29% of votes, Fox pulling access to its channels from Dish Network ( DISH) and Cablevision ( CVC) was voted the second-dumbest thing on Wall Street this week. News Corporation's ( NWSA) Fox network continues to play hardball in its negotiations with the cable outfits that distribute its content. Last week, Fox pulled access to 19 Fox regional sports channels from the Dish network after their agreement expired on Oct. 1. Then Fox pulled its programming from Cablevision, keeping more than 3 million sports fans from watching both the New York Giants football game as well as baseball's National League Championship Series last weekend. >> Fox-Cablevision Standoff Continues Predictably, no progress has been made between any of the parties and with pressure mounting, many feel that it's time for the FCC to step in and take action.
The news that Steve Jobs was putting down Apple's ( AAPL) competitors was considered dumb by 20% of voters. On his company's conference call on Tuesday, one might have thought the CEO would have preferred to focus on its $20 billion in quarterly revenue, and the unveiling of the ultra-thin MacBook Air on Wednesday. Instead, he explained why his competitors' tablets would be "dead on arrival," due to their fragmented operating systems and their foolhardy commitment to the simply unusable 7-inch screen. "Their manufacturers will learn the painful lesson that their tablets are too small and increase the size next year, thereby abandoning both customers and developers who jumped on the seven-inch bandwagon with an orphan product," Jobs said on the call. "Sounds like lots of fun ahead." Close to 7% of voters found it dumb that Cell Therapeutics ( CTIC) announced it was on track to filing its experimental lymphoma drug, pixantrone, with European regulators later this quarter. Not that it had filed, just that it was on its way to filing. >>Cell Therapeutics: Empty Promises
Cell Therapeutics hasn't been living up to its stated goals. In July 2009 management told investors that they could expect pixantrone to win U.S. approval in the fourth quarter of that year, followed by approval in Europe in the third quarter of 2010. However, the company has not yet filed the drug with regulators and won't be able to run a pediatric clinical trial until after the drug is approved. Almost 6% of voters think that Randy Michaels staying at Tribune Company after the Chicago Tribune reported that he was headed for the exit is pretty dumb. Despite expectations, Michaels has not resigned from his CEO position where he has is said to have fostered a frat-house environment, the New York Times reported. If Michaels leaves it would mark the second high profile departure from the company in about a week. Last week, so called "chief innovation officer" Lee Abrams resigned after sending out an inappropriate email to the company. That sure was "innovative" -- as in an innovative way to get canned. -- Written by Theresa McCabe in Boston. >To contact the writer of this article, click here: Theresa McCabe. >To follow the writer on Twitter, go to @TheresaMcCabe. >To submit a news tip, send an email to: firstname.lastname@example.org.