There is a new Fortune Magazine’s list of 101 Dumbest Moments in Business for 2008.
You may see it all at CNN.com, or read just a few things I found most memorable right here.
(If interested in pictures, click on the item’s link, read CNN, page back to Infogift’s article for the next item). If you decide to click through to the CNN site for the whole list, scroll by the gallery pictures, underneath the large screen display: it may save you some time.
1. China’s Moment.
Too many dumb moments for China: contaminated pet food, toys, football helmets. “The bad news is that 2008 is the Year of the Rat”.
4. Merrill Lynch and its role in the sub-prime mortgage crisis.
“…with the market in meltdown just a few months later, Merrill CFO Jeffrey Edwards (pictured) tells analysts that the firm’s subprime exposure is “limited, contained, and appropriately marked.” In October, Merrill announces a quarterly loss of $2.24 billion after $7.9 billion in subprime-related write-downs.”
8. Rats are Here.
“A video clip showing hordes of rats in a closed-for-the-night KFC/Taco Bell outlet in New York City gets nearly a million hits on YouTube.”
16. Microsoft’s PR Firm PR firm
“While working on an article about Microsoft, Wired contributing editor…Fred Vogelstein receives a 13-page dossier about himself, describing him as “tricky” and his stories as “sensational.” The document, prepared by the company’s public relations firm, Waggener Edstrom Worldwide, as background for Microsoft executives, was sent inadvertently to the writer.”
22. What’s in the Name Naming Rights rights”.
“A Tanzanian native, claiming ancestry in both the Gogo and the Yao tribes, sued Google and Yahoo alleging that they had misappropriated the tribal names”.
29. Swiss Newspaper.
“SonntagsZeitung, a Swiss newspaper, publishes a two-page ad for Gucci Eau de Parfum that turns out to be a hoax by a prankster who took a picture of himself posing naked next to a bottle of the high-end scent”.
31. Bear Stearns Analysts.
“In March, shortly after No. 2 U.S. subprime lender New Century Financial announces a major earnings restatement as a result of failing loans, Bear Stearns analysts Scott Coren and Michael Nannizzi write a research note on New Century. They argue that despite New Century’s stock having plunged 50%, to $15 per share, its downside risk is no worse than $10 in a “rescue-sale scenario.” Within a month, New Century drops below $1 a share, is suspended by the NYSE, and files for Chapter 11 bankruptcy protection”.
37. Judge Roy Pearson
“District of Columbia judge Roy Pearson loses a $54 million lawsuit against the owners of a dry-cleaning establishment that he claims misplaced a pair of his pants. Pearson argued that the cleaner committed fraud by failing to live up to the SATISFACTION GUARANTEED sign displayed in the shop.Four months later a judicial review committee votes against reappointing him to his post, finding that he failed to demonstrate “appropriate judgment and judicial temperament.”
39. Damien Hirst.
“British artist Damien Hirst, famous for such works as a tiger shark preserved in a tank of formaldehyde, creates the most expensive piece of contemporary art in history: a platinum human skull covered with 8,601 diamonds. Called “For the Love of God,” the piece is reportedly sold to an unnamed investment group for $100 million.”
50. The Defense Defense Department’s Shipping Fees.
“Makes you wonder what it would cost to ship a million German screws. Exploiting a flaw in a Defense Department purchasing system, South Carolina parts supplier Distributors rakes in $20.5 million in shipping fees on just $68,000 in sales. The scheme is finally detected when a Pentagon clerk spots a $969,000 bill for shipping two 19-cent washers to an Army base in Texas”.
99. Century 21: Rosy Outlook
“Her grandfather made a killing in the stock market back in ’29″.”There is a lot of bad news, but this is still the second-or third-strongest year historically over the past 30 to 40 years, and it is still a very strong, vibrant market.” Bev Thorne, senior vice-president of marketing for Century 21, on the outlook for real estate in 2007″.
If still interested in reading a whole list, visit the site: Dumbest Moments.
