Dumbest of This Week's 5 Dumbest: Fast Food Foreclosures

About 38% of voters felt that U.S. mortgage lenders hiring under qualified accountants to process foreclosure paperwork was particularly dumb.
Author:
Publish date:

NEW YORK (

TheStreet

) -- 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

TheStreet

.

As of late Friday, approximately 38% of the almost 200 readers that

took our poll

thought that

JPMorgan Chase

(JPM) - Get Report

,

Bank of America

(BAC) - Get Report

,

Citigroup

(C) - Get Report

, GMAC and

Goldman Sachs

(GS) - Get Report

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

Burger King Kids.

When the

Financial Times

dug up court testimony from a midlevel

Wells Fargo

(WFC) - Get Report

employee it was discovered that she had been signing off on up to 500 "foreclosure-related documents"

daily

.

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.

Green Jobs: Where's the Data?

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.

Evergreen Solar

(ESLR)

moved its manufacturing operations to China in a bid to remain competitive while

Energy Conversion Devices

(ENER)

recently announced that it was shipping more than 100 jobs from its Michigan plant to Mexico.

The news that

AOL

(AOL)

may make a bid to takeover

Yahoo!

(YHOO)

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.

Following a

story last week by Silicon Alley Insider

,

The Wall Street Journal

reported that

private equity investors have considered financing

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

Starbucks

(SBUX) - Get Report

is asking its baristas to take more time and care in preparing each beverage, according to a report in the

Wall Street Journal

.

Vote: Should Starbucks Slow Down Its Service?

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.

Today's Outrage: Hulu's Google TV Gaffe

Sony

(SNE) - Get Report

announced its lineup of

Google

(GOOG) - Get Report

TV products this week. Hulu stood on the sidelines as NBC, Pandora, the NBA and primary rivals

Amazon

(AMZN) - Get Report

Video on Demand and

Netflix

(NFLX) - Get Report

sidled up to the next big thing in Internet TV.

-- Written by Theresa McCabe in Boston.

>To contact the writer of this article, click here:

Theresa McCabe

.

>To follow the writer on Twitter, go to

@TheresaMcCabe

.

>To submit a news tip, send an email to:

tips@thestreet.com

.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.