NEW YORK (
) -- U.S. mortgage lenders hiring under qualified accountants to process an overwhelming amount of mortgage and foreclosure paperwork was considered the dumbest thing on Wall Street this week by readers of
As of late Friday, approximately 38% of the almost 200 readers that
took our poll
Bank of America
, GMAC and
all hiring incapable mortgage industry paper work processors was a particularly dumb idea.
The staff hired by these companies to handle foreclosure paper work was so under qualified that they earned the nickname
dug up court testimony from a midlevel
employee it was discovered that she had been signing off on up to 500 "foreclosure-related documents"
FBR Capital Markets analyst Paul Miller said in a note to clients on Thursday that between Basel capital requirements, regulatory reform, mortgage repurchase expenses and now the foreclosure issues, banking hasn't been the smoothest of industries.
"Investors are becoming exhausted hearing about one issue after another," Miller said in his note. "Even though we believe that this foreclosure issue could be overblown in the media, we have to wonder: what is the next shoe to drop for the industry?"
With approximately 24% of votes, the myth of green job growth was voted the second-dumbest thing on Wall Street this week.
The green energy = job growth formula is lacking labor data to support its premise. Other than annual reports from trade groups that are paid for by the green energy-sector companies, there hasn't been any accepted economic model or nationwide census to study the actual trends in green energy hiring.
The reality is that many of the U.S. green energy companies are currently facing major challenges. This year has been one of the worst years on record for the U.S. land-based wind power market. The American Wind Energy Association's 2010 mid-year report projected that wind power would decline somewhere between 25% and 45%.
In addition, many headlines over the past year have been about solar companies shipping jobs elsewhere.
moved its manufacturing operations to China in a bid to remain competitive while
Energy Conversion Devices
recently announced that it was shipping more than 100 jobs from its Michigan plant to Mexico.
The news that
may make a bid to takeover
was found to be dumb by 21% of voters.
The two big name companies don't exactly have the best track record when it comes to mergers and acquisitions.
The Wall Street Journal
AOL in an acquisition of Yahoo!.
While Yahoo! may be vulnerable right now, does anyone have confidence that AOL could capitalize on the synergies it sees so clearly on paper?
Close to 11% of voters found it dumb that
is asking its baristas to take more time and care in preparing each beverage, according to a report in the
Wall Street Journal
Starbucks is asking their employees to work at a slower pace so customers don't feel like their caffeinated beverages came off a mechanized assembly line.
The coffee company is instructing its baristas to steam milk for one drink at a time instead of a whole pitcher for multiple drinks, rinse pitchers after each use, remain at the espresso bar at all times and use one espresso machine instead of two.
Almost 5% of voters think that Hulu's Internet TV platform deficit is pretty dumb.
announced its lineup of
TV products this week. Hulu stood on the sidelines as NBC, Pandora, the NBA and primary rivals
Video on Demand and
sidled up to the next big thing in Internet TV.
-- Written by Theresa McCabe in Boston.
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