5 dumbest things on Wall Street

Apple delays the LTE 4G iPhone until 2012. Banks use tax dollars to finance a luxury hotel. Sears finally hires a CEO -- with no retail experience.

By TheStreet Staff Feb 25, 2011 1:14PM

By TheStreet Staff, TheStreet

 

Here is this week's roundup of Wall Street business blunders.

 

5. Verizon's bad apple

 

There's no phone as cool as the next big phone. Just ask anyone who's been holding out for the 4G Verizon (VZ) iPhone. But don't ask this week, after Apple (AAPL) delayed the LTE 4G iPhone until 2012.

 

Apple's iPhone 5, due out this summer, will not be an LTE 4G iPhone, Telecom Pragmatics analyst Sam Greenholtz told TheStreet Thursday.

 

Read more…

 

4. Banks aid poor communities, one luxury hotel at a time

 

Sometimes you have to admire the banking industry's ability to turn lemons into lemonade. Or if it's the case of the Blackstone Hotel in Chicago, the ability of banks to turn billions of taxpayer dollars into luxury accommodations financed with millions in fees.

 

The Blackstone is a downtown Chicago landmark that fell into disrepair over the years and was in need of a badly overdue face-lift for its "beaux arts" decor and "marble staircases," according to an article in Bloomberg Markets.

 

Luckily, there just happened to be a few billion lying around as part of the New Markets Tax Credits, a program set up by the Clinton administration to spur development and create jobs in communities with high unemployment and neighborhoods in need of "business growth," the Bloomberg article says.

 

So with a little bit of Wall Street know-how, companies like Prudential Financial (PRU) and JPMorgan Chase (JPM) got together to give a hand up to Blackstone guests who typically shell out $699 a night for a room.

 

Read more…

 

3. Team Carmelo, 1; Knicks/Nets, 0

 

Exactly one member of the New York metro area's NBA family benefited from the Denver Nuggets' trading Carmelo Anthony to the Knicks earlier this week, and the Madison Square Garden (MSG) faithful were chanting his name throughout warm-ups on Wednesday night.

 

When fans post comments on sports websites referring to MSG as an enterprise and talking about Anthony's "ROI," that's a good sign this was a lousy sports deal.

 

Read more…

 

2. The Swiss bank swindle -- redux

 

Credit Suisse (CS) appears to have missed the memo about the U.S. government becoming particularly interested in tracking down tax evaders who take advantage of the fine services of Swiss banks.

 

According to an indictment filed this week, four bankers allegedly working for Credit Suisse helped hide "thousands" of accounts that had $3 billion in assets that, oops, didn't get reported to the IRS.

 

Read more…

 

1. Sears CEO: Relevant experience optional

 

After three years of searching for a successor, Sears (SHLD) finally hired a new CEO -- a former tech executive with no retail experience.

 

To say that Lou D'Ambrosio, previously head of the telecommunications company Avaya and a 16-year veteran of IBM (IBM), isn't exactly what most investors and analysts felt Sears was in need of is an understatement.

 

Read more…

 

Related Articles

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

123
123 rated 1
266
266 rated 2
485
485 rated 3
660
660 rated 4
586
586 rated 5
652
652 rated 6
640
640 rated 7
504
504 rated 8
289
289 rated 9
159
159 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
TAT&T Inc9
VZVERIZON COMMUNICATIONS8
CTLCENTURYLINK Inc8
EXCEXELON CORPORATION8
AAPLAPPLE Inc10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.