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Halftime: What's Wrong With Goldman?

Is Goldman Sachs a broken stock, CNBC's Melissa Lee asked on Friday's "Halftime Report."

Douglas Kass of Seabreeze Partners doesn't think so. He's buying Goldman Sachs' stock for the first time ever.

"I try to be an opportunistic and value-orientated investor and that means that you buy stocks when there's a blemish or a scar on it," Kass explained, adding that his decision to buy Goldman is similar to when Whitney Tilson of T2 Partners announced he was buying BP shares after the oil spill in the Gulf of Mexico last spring. "The government issues are Goldman's oil spill."

Kass is making this a long-term investment. The New York City-based financial institution has the strongest capital position in its peer group, he said. He thinks the "best and the brightest" are working at Goldman, making it a good investment.

Veracruz founder Steve Cortes agreed with Kass. Cortes also bought shares of Goldman on the swoon. He thinks it has the world's "smartest people" working there, so buying shares below book value is a great opportunity.

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Cortes likes financials in general right now because financials tend to be "pretty domestic." If the U.S. dollar continues to rally, he expects money will continue to flee names that had benefited, like energy. The money will migrate to financials, which has long been left out of the rally.

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Trader disclosure: On May 13, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Steven Grasso owns (AKS), (AMD), (ASTM), (BA), (BAC), (C), (D), (HOV), (JPM), (LIT), (LPX), (MHY), (NDAQ), (PFE) and (PRST). Steve Cortes owns (EXC), (SO), (K), (KFT), (GS), (MS) and (IAI). Steve Cortes is short EUR vs. USD and CHF. Steve Cortes is short Nikkei futures. Steve Cortes is short (XLI). Steve Cortes is short Crude. Steve Cortes is short EEM vs. S&P Long. Stephen Weiss is short (AKS). Stephen Weiss is short (X). Stephen Weiss owns (DVN), (COP), (QCOM), (BRCM), (TEVA), (KO), (RIG), (HK), (AKAM), (UUP), (DE), (UAL), (MRK), (HBAN), (KEY)and (JPM).

Doug Kass
Seabreeze Partners Management Owns (GS)

Steven Grasso
Stuart Frankel & Co and it’s partners own (ABX)
Stuart Frankel & Co and it’s partners own (CSCO)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MSFT)
Stuart Frankel & Co and it’s partners own (MU)
Stuart Frankel & Co and it’s partners own (NEM)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners are Short (QQQQ)
Stuart Frankel & Co and it’s partners are short (AAPL)

CNBC.com with wires.

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