The Five Dumbest Things on Wall Street This Week: June 15
5. Buffett's Loony Lunch
Another year, another moron with money to burn.
Some anonymous well-heeled schmuck shelled out almost $3.5 million for a steakhouse lunch with Warren Buffett last Friday, setting a new record for the annual charity auction and, in our view, stupidity. The winner (loath as we are to call him that) topped last year's triumphant $2.6 million bid by hedge fund manager Ted Weschler, who wound up not only splitting a sirloin with the billionaire investor at Smith & Wollensky, but also getting hired to help manage Berkshire's(BRK.B) investment portfolio as well.
Good grief guys, get with the program. Paying millions of dollars for a lunch reservation? As if the 99% needed another place to protest in their fight against the financial world's incestuous dealings, now you're going to have them occupying OpenTable(OPEN) as well.
Oh, and as for the already loaded Weschler buying his spot on Buffett's staff last year, well, what kind of message does that send the recent spate of unemployed college grads who don't have the means to pony up a small fortune to gain meaningful employment?
Seriously, is it just us, or is the so-called Oracle of Omaha simply blind to the bad optics of this ridiculously off-putting event?
Look, we appreciate and applaud the fact that Buffett's auction benefits the Glide Foundation, which helps the homeless in San Francisco. More power to him for that.
But there has to be a more tasteful way to raise those funds, because right now the vision of a billionaire giving investing tips to a millionaire over a pricey steak lunch is hard for us to stomach.
4. Zynga's Pac-Man Moment
Will somebody please tell us why there is such surprise over Zynga's(ZNGA) recent meltdown? Maybe it's because we are old enough to remember when Pac-Man fever finally broke, but we simply don't see it as shocking in the least.
Shares of the social gaming company fell 10% Tuesday to $5 on the heels of a Wall Street analyst report that said sales at the company are hurting as more of its thumb-happy players are amusing themselves on smartphones as opposed to social networks.