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The 5 Smartest Things on Wall Street This Week: Nov. 9

Stocks in this article: KKR NYX TST C GS FB JPM

3. Mike's Marathon Mess

Alright, we know we said we would take a vacation from our usual vindictive selves and identify the "Smartest" things on Wall Street this week as opposed to the "Dumbest." Unfortunately, when it comes to New York City Mayor Michael Bloomberg's Marathon mushiness, we just can't help ourselves.

In case you were at home in the dark, which, quite sadly, was the case for a lot of people in the tri-state area, here's what happened.

Hours after originally saying he planned to push ahead with the New York City Marathon, a race which touches all of five boroughs, Mayor Mike abruptly reversed course Friday and canceled the event. The decision came after a slew of storm victims criticized the Mayor, saying his attempt to carry on with the road race would divert police and other resources like generators, blankets and water from recovery efforts.

Truth be told, the New York Road Runners Club, the race organizer, paid for those generators, not the City. Therefore, the resources in question were not the Mayor's to move in the first place.

Nevertheless, the idea that those generators were creating political heat for a billionaire Mayor in Manhattan instead of physical heat for storm victims in Staten Island was still too much for many to take, hence the quick change of course.

"We cannot allow a controversy over an athletic event -- even one as meaningful as this -- to distract attention away from all the critically important work that is being done to recover from the storm and get our city back on track," said the Mayor, doing his own bit of backtracking.

You know what? In the spirit of this week's column and all his hard work in the past week, we'll cut Mayor Mike some slack on his original dumb decision. It may have taken a few hours, but he eventually came to his senses and arrived at a very smart decision indeed.

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