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The 5 Dumbest Things on Wall Street: July 15

2. Deutsche's Janet Jackson Junket

Unlimited golf. Fine. Champagne and spa treatments. Fine. Michelin-starred chef. Fine. Janet Jackson at $17,700 a minute. No freaking way.

Sorry Deutsche Bank (DB), but we have to draw the line somewhere.

The German bank, which fired 300 British employees during the financial crisis and is currently exposed to $2.37 billion of questionable Greek debt, treated its hard-hitting hedge fund clients to 48 hours of food, fun and wardrobe malfunctions last week, renting out a five-star golf resort in Hertfordshire, England. Deutsche Bank spent close to $2 million on the shindig, which included a 45-minute set by Janet Jackson, according to Sunday's Daily Mail.

Said George Mudie, Labour MP and deputy chairman of the Treasury Select Committee: "This displays incredible insensitivity. Because of the past actions of bankers, people are going through such hard times trying to keep their homes and families together."

Come on guys. Europe is coming apart at the seams and you spend $800,000 on Janet Jackson? We are quite sure Jermaine, Randy and Tito would have done the gig for a fraction of that amount. And La Toya probably would have done it for the all-you-can eat buffet.

Actually, and we're not kidding, word has it that Janet was not even the bank's first choice. The Mail says Deutsche offered even more money to the Black Eyed Peas to serenade their guests, but -- perhaps luckily for those in attendance -- the Peas declined, saying they would only lip-sync to their hits.

But seriously folks. When we hear stories about such untimely extravagance, it's hard for us not to hearken back to the days when U.S. bankers were routinely hammered by politicians for hosting blowout parties while simultaneously taking bailout funds.

Remember the uproar over AIG's (AIG) costly California retreat? What about the furor that led to Wells Fargo (WFC) canceling its Las Vegas casino junket?

Obviously, the dummkopfs at Deutsche Bank failed to remember those embarrassing lessons. Or maybe chose to forget them.

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