Does the Chief Yahoo get to wear a dunce cap? What a fitting and ignominious end to what will go surely go down as the biggest CEO gaffe in history.

Jerry, you turned down a $33 per share offer from Microsoft! You did, you really did. Now, you must sit in the corner with that dunce cap on crossing your fingers that Daddy Warbucks in the form of Steve Ballmer comes and bails you out.

Jerry, sit down you ignoramus. You should be thankful that your hand-picked board lets you keep an office. "Chief Yahoo" is the perfect title for you.

Now what?

Steve Ballmer, it's your move. Only a few months ago, you offered to pay some $45 billion for the company. Granted, the now Chief Yahoo royally screwed up, but he is no longer in the picture.

Even better, with Yahoo (YHOO) shares trading below $12 per share, you may be able to achieve your original objectives at half the price. There are no excuses. I understand egos, and you had every right to be upset, but now is the time to bury the hatchet.

Let's not forget why you made the move in the first place, Mr. Ballmer.  Microsoft (MSFT) is trying desperately to catch up to search engine leader Google (GOOG).  The race goes way beyond search.

For the first time in your history…