This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

10 Dumbest Things on Wall Street in 2009 (Part 2)

1. Goldman's Divine Inspiration

(Originally published 11/13/09)

Wall Street may be a fertile ground for stupidity, but there are still times when we here at the Five Dumbest Lab struggle to find stories worthy of our list. If only we had a batphone to God like Goldman Sachs (GS - Get Report) CEO Lloyd Blankfein, it sure would make our lives much easier.

The CEO of the gold-standard investment bank discussed his divine partnership in an interview with London's Sunday Times newspaper, saying his flock of bankers and traders are doing "God's work."

"We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. We have a social purpose," sayeth Blankfein unto the Times.

Oh, so that's why the Apostle Paulson -- praised be Hank -- saved his former firm from going under last year instead of those unbelievers at Lehman Brothers. It's because Goldman helps other companies be fruitful and multiply.

And while we were looking for a burning bush to show us the way, Blankfein opened our eyes to the real sign that the world economy was recovering. He said that bountiful bank profits and bonuses, like Goldman's $3 billion third-quarter earnings and $20 billion bonus pool, are the real indicators of heavenly times ahead.

"Others made no money and still paid large bonuses. Some are not around anymore. I wonder why?" asketh Blankfein.

We don't know, Lloyd. Why don't you call your boss? Surely He knows.

Five Dumbest Final Thoughts -- Brother Lloyd needs to take a vow of silence.

Before joining TheStreet.com, Gregg Greenberg was a writer and segment producer for CNBC's Closing Bell. He previously worked at FleetBoston and Lehman Brothers in their Private Client Services divisions, covering high net-worth individuals and midsize hedge funds. Greenberg attended New York University's School of Business and Economic Reporting. He also has an M.B.A. from Cornell University's Johnson School of Business, and a B.A. in history from Amherst College.
5 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
IBM $159.52 -0.94%
WMT $82.54 -1.00%
AMZN $383.28 -0.35%
AMD $3.04 -3.00%
CIT $46.30 -0.88%

Markets

DOW 18,098.76 -104.61 -0.57%
S&P 500 2,099.21 -8.57 -0.41%
NASDAQ 4,969.4420 -10.4590 -0.21%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs