Vote now for Best of Detroit 2021 

Time for another Gooberhead Award — an honor bestowed periodically on someone in the news who's got their mouth running 100 mph ... but forgot to put their brain in gear!

Today's is a group award, going to a whole gaggle of America's most prestigious investment banks. These are the financial sharpies who, in recent years, have moved billions of investor dollars into the wild and wacky world of dot-com start-ups.

You've heard of these start-ups — some outfit with a name like, run by a couple 20-something computer whizzes who have no business experience, suddenly has skillions of dollars showered on it by investors. The kids become multimillionaires overnight and get written up in the media as business "geniuses" — even though they don't actually make anything, including a profit.

In the past year, though, the speculative bubble has burst for these dot-com wunderkinds, and their companies are going belly up.

OK, they're just kids, but what about the Wall Street bankers who advised so many Americans to invest in these profitless money holes? The New York Times reports that such giants as Goldman-Sachs, Merrill Lynch, J.P. Morgan, Credit Suisse, Fleet Boston, and Bear, Stearns were hawking these dot-com stocks at, say, $40 a share just a few months ago — but now those stocks are worth only pennies, and, for small investors, "big chunks of their nest eggs have been wiped out."

These Wall Streeters have a moral and fiduciary responsibility to advise investors with caution, yet they're now shrugging their shoulders and saying that they got caught up in the "exuberance of the market." Besides they say, you can't "blame the merchant for selling something to a paying customer."

This is Jim Hightower saying ... What a bunch of goobers. While they wash their hands of any responsibility, they've also pocketed hundreds of millions of dollars in fees for directing investors to buy practically worthless stocks. Shouldn't they have to give back some of those fees? Jim Hightower's latest book, If The Gods Had Meant Us To Vote They Would Have Given Us Candidates, has just been released in a fully revised and updated paperback edition. E-mail

Tags: ,

We welcome readers to submit letters regarding articles and content in Detroit Metro Times. Letters should be a minimum of 150 words, refer to content that has appeared on Detroit Metro Times, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at

Support Local Journalism.
Join the Detroit Metro Times Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.

Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.

Join the Metro Times Press Club for as little as $5 a month.

More by Jim Hightower

Most Popular

Read the Digital Print Issue

October 20, 2021

View more issues


Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Best Things to Do In Detroit

© 2021 Detroit Metro Times - Contact Us

Website powered by Foundation