|
101 DUMBEST MOMENTS IN BUSINESS
FORTUNE's roll call includes Apple, Bear Stearns, Procter & Gamble, Bank of America, among others
NEW YORK — December 17, 2007 — FORTUNE revealed today its roll call of the 101 Dumbest Moments in Business, 2007. The diverse list of dubious business decisions were made by companies such as Apple, Bank of America, Google, and Comcast; the European Union and other political fixtures; and celebrities such as Paris Hilton, Jessica Simpson and Jay-Z. The complete list is available online at: http://money.cnn.com/galleries/2007/fortune/0712/gallery.101_dumbest.fortune/index.html.
The complete list is available in the December 24th issue of FORTUNE and online at FORTUNE.com.
This year's offenders include:
- No. 1 — China — Recall after recall, China is forced to halt production on countless toys, foods and supplies that were found to be harmful, and in some cases, possibly deadly. The government executes the former head of its State Food and Drug Administration.
- No. 2 — Eli Lilly — Eli Lilly wins FDA approval to put Prozac into chewable, beef-flavored pills to treat separation anxiety in dogs.
- No. 7 — Toto — Japanese manufacturer Toto apologizes to customers and offers free repairs for 180,000 high-tech toilets — thrones that feature heated seats, air purifiers, blow dryers, and water sprayers — after at least three catch fire. "Fortunately nobody was using the toilets when the fire broke out," says a company spokesman. "The fire would have been just under your buttocks."
- No. 30 — Bear Stearns — In July, as bear Stearns executive futilely attempt to prop up two hedge funds that ultimately collapse amid the subprime meltdown, CEO James Cayne spends ten of 21 workdays out of the office, playing golf and competing in a bridge tournament in Tennessee. According to the Wall Street Journal, his fellow bridge enthusiasts claim that Cayne sometimes smokes marijuana at the end of tournament sessions.
- No. 51 — Apple — Nine-year-old Shea O'Gorman sends a letter to Apple CEO Steve Jobs suggesting ideas for improving her beloved iPod Nano, including adding onscreen lyrics so people can sing along. She gets back a letter from Apple's legal counsel stating that the company doesn't accept unsolicited ideas and telling her not to send in any more suggestions.
- No. 70 — Circuit City — In a cost-cutting move, Circuit City lays off all sales associates paid 51 cents or more per hour above an "established pay range" — essentially firing 3,400 of its top performers in one fell swoop. Over the next eight months Circuit City's share price drops by almost 70%.
- No. 79 — Hugo Chavez — To reduce his nation's 17% annual inflation rate, Venezuelan President Hugo Chavez announces a plan to chop three zeroes off his nation's currency. Economists say the move will have the reverse effect, as new pricing will tend to be rounded upward.
Alongside bloopers made by business and government power players, this year's list highlights the constant slide and imminent collapse of air travel, in items No. 84 through No. 93.
# # #
CONTACT:
Katy Reitz
212-522-6724
Katy_Reitz@timeinc.com
Erin Clinton
212-522-4071
Erin_Clinton@timeinc.com
Back to index |
Click here to print
