Scott Thompson's resume "error" is raising questions about how thoroughly Yahoo vetted him for the CEO job. NEW YORK (CNNMoney) -- Shock over the news that Yahoo CEO Scott Thompson padded his resume with an embellished college degree quickly gave way to two questions: How the hell did this happen? And what should Yahoo, which went through three CEOs in three years, do about it? "Thompson has quickly lost the confidence of many employees, who think he has to go," one senior Yahoo executive told CNN. "A lot of people are saying, 'How can Yahoo let this happen?'" The scandal ignited late last week when activist shareholder group Third Point alleged Thompson's published Yahoo bios Yahoo ( YHOO Fortune 500 hired outside counsel announced that she would step down

I stumbled across the crazy price action today in Herbalife ( $ The first thing I did was listen to the replay of the call  – of Einhorn’s questions.  You can listen to the audio here The $ Whitney Tilson would do But I may well have been wrong!   I talked about this with a few colleagues, and one of them made some astute points.  My colleague wrote, in reference to the 70% direct sales inquiry: “interesting. I was talking more about the commission structure, and the incentives to become a supervisor.   He clearly didn’t understand the commish structure, and was straightened out by the CEO”

There is a saying that the market reflects the price of everything and the value of nothing. Wall Street is such a house of mirrors. There are very few original thinkers. If you have a good track record (read you were right at least once big time) and you sound and act confident, not only no one is going to question you, but also you are likely to have tremendous impact on the market. Are there way too many “second level” thinkers in this market, who prefer to take the short cuts and let’s say look only at charts and follow established names? Everyone is taking the path of least resistance, not only because it takes less efforts, but because it has worked most of the time. Who is left to do the real homework? I am certainly guilty of charge. I am sure that even David Einhorn was pleasantly surprised by the reaction his comments caused during Herbal Life’s conference call. Here is what one of the StockTwits’s users rightfully pointed out earlier today: He makes a really good point. Benjamin Graham liked to say that “Price is what you pay. Value is what you get”. The reality is that value is what you think you get. Price is what the market is willing to pay for it. Value could be very subjective, even in the stock market. What is worth zero to you is worth $1 billion to Facebook, for example.

There was an awkward moment of tension at the Milken Global Conference in Los Angeles, when a buysider on one panel asked a Wall Street banker whether he had pocketed taxpayers’ bailout cash. The tit-for-tat began when several panelists at the “Outlook for M&A” session began griping about the U.S. government’s tax policy, which they said dissuades corporations from bringing overseas profits back home because of punitive taxes. The panelists – including James Casey, co-head of global debt capital markets for JP Morgan, Anthony Armstrong, an investment banker at Credit Suisse, and Raymond McGuire, global head of corporate and investment banking at Citigroup – predicted that the M&A market might get a big boost if the U.S. were to offer a tax holiday of sorts for repatriated profits. They also suggested such a move could be a boon for hiring and economic growth: Tilman Fertitta, a panelist who is chairman and CEO of the consumer products company Landry’s, said he would certainly feel the incentive to do more deals and invest more at home if he could bring back his overseas profits without being taxed. He even wondered why Mitt Romney and Barack Obama hadn’t made such a proposal a key point in their election campaigning.

Former MF Global Chairman and CEO Jon Corzine prepares to testify before the Senate Agriculture, Nutrition and Forestry Committee about the demise and bankruptcy of the company Dec. 13, 2011 in Washington, D.C. Kai Ryssdal: Then along came a company called MF Global. It used to be a sleepy brokerage firm. It dealt mostly with things like corn futures and pork bellies. Until Jon Corzine took over as CEO. Corzine was a star on Wall Street 20 years ago, but with the financial crisis still fresh, MF Global under Corzine's leadership failed spectacularly. An investigation into MF Global by Frontline -- part of its current series " Money, Power, and Wall Street Martin Smith:

Although he admits that timing the market is difficult, he suggests, strongly, that now is one of the worst times in history to buy stocks: We presently identify market conditions as being in the most negative 1% of historical data based on the average expected return/risk characteristics associated with similar conditions One of these troubling "market conditions" is valuation. Stocks are still very expensive when measured against normal profit margins. (To argue that stocks are reasonably priced, or even cheap, you have to believe that today's near-record-high profit margins will persist indefinitely. If they do, it will be the first time in history that this has happened.) Valuation is not a good predictor of what stocks are going to do next, but it is an excellent predictor of long-term future returns. Based on today's valuations, Hussman calculates that the expected 10-year total return of the S&P 500 is 4.4% (nominal). That's a lot better than the expected return on 10-year bonds, which are currently paying about 3%. And it's better than the market's expected return was in 2000. But it's a lot less than the 10% that most stock-market investors expect. And it's also less than at pretty much any time in history before the 1990s stock-market bubble began.

Daniel K. Tarullo, governor of the U.S. Federal Reserve, said he views the stress test as evolving, and seeks ways to give a better sense of how the Fed’s models work, without allowing banks to copy them. Daniel K. Tarullo, governor of the U.S. Federal Reserve, said he views the stress test as evolving, and seeks ways to give a better sense of how the Fed’s models work, without allowing banks to copy them. Photographer: Joshua Roberts/Bloomberg The Federal Reserve The critiques will be part of feedback letters sent to the lenders this week that cover everything from data collection to risk measurement, said three of the people, who declined to be identified because communications with the Fed are private. Flaws included marking down all housing prices dividends “A 20 percent decline in national house prices Daniel Tarullo