This Day On The Street
Continue to site
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

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 - Get Report), 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.

4 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
Only $9.95
14-Days Free
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
AMSC $6.88 0.00%
C $52.90 0.00%
DB $34.26 0.00%
GS $197.99 0.00%
LL $33.07 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs