The 5 Smartest Things on Wall Street This Week: Nov. 9
NEW YORK ( TheStreet) -- Be it ever so dumb, there is no place like Wall Street.
What's up Dumbest fans? Sorry if you missed our column last week, but like a lot of other unfortunate folks here on the East Coast, Hurricane Sandy had other, far more pressing plans for us. While we thankfully made it through the savage storm without significant loss of life, limb or property, Sandy did make it virtually impossible for us to publish our weekly countdown of Wall Street's biggest blunders.
Yes folks, it is nearly impossible to speak truth to power when --electricity-wise -- you are completely powerless.
Furthermore, even if we were able to scrape together a few tidbits of tawdry Wall Street behavior during the abbreviated trading week, it just would not have been worth compiling and publishing a list anyway. There were so many instances of positive, heart-warming behavior here in lower Manhattan and elsewhere during Sandy's onslaught, that even cold-hearted curmudgeons like us couldn't be so callous as to highlight the handful of negatives that took place.
So with all those good tidings still in mind, and with so many of our friends in the financial sector still struggling to return to normalcy, we proudly offer you a twist on our traditional weekly musings. For this week, and this week alone, we present The Five Smartest Things on Wall Street This Week .
Don't worry loyal readers -- or all you sinister CEOs - we haven't gone soft. We'll get back to our bare-knuckle ways next week. But for now, let's celebrate the benevolence and bravery of our friends on Wall Street instead of their bone-headedness.
Take that Sandy!
5. Hedgies Help Out
We here at the Dumbest Lab may be well known for shutting up an overbearing hedge fund titan or two. This week, however, we were left speechless when we witnessed a parade of plutocrats putting up.
Their millions that is.
In the wake of Sandy's carnage, and the brutally cold weather that breezed in shortly thereafter, a number of high-profile hedge fund and private equity players dialed up their efforts to provide relief to areas still reeling from the storm. Most notably, the Robin Hood Foundation, a charitable organization originally created by hedge fund honcho Paul Tudor Jones to fight poverty, announced its plans to raise money and provide relief to those without power or a permanent home on the East Coast.
Last Sunday, Robin Hood's chairman Lee Ainslie said the foundation planned to disburse $3 million in immediate aid to regions impacted by Hurricane Sandy. Meanwhile, Ainslie, who is also CEO of hedge fund Maverick Capital Management, told Bloomberg TV that the popular Wall Street charity had raised more than $8 million in a relief fundraising effort over the weekend.