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December 29th, 2008

21 Dumbest Moments in Business — 2008



As soon as I saw the title of this Fortune Magazine article I couldn’t help myself. While sometimes laughter is the best medicine, for now let us take in the seriousness of this list, and allow it to teach us something from the ill-fated decisions that permeated through 2008 (then we’ll shake our heads and say “wow!”):

1. Detroit execs flying to D.C.: The chief executives of General Motors, Chrysler and Ford spark outrage when they fly their corporate jets to Washington D.C. to beg Congress for a multi-billion dollar bailout. More

11) Hope for Homeowners – er, not really: Congress passes bill to keep hundreds of thousands of troubled borrowers in their homes. A whopping 321 applications get filed. More

20) Phil Gramm and the “nation of whiners”: In early July, as the financial crisis spreads to Main Street, McCain campaign co-chair and former senator Phil Gramm appeals to voters and their economic anxieties by calling them a “nation of whiners” and dismisses a troubled economy as a “mental recession.” More

There’s plenty more regrettable moments of 2008 — click here to finish reading the remainder of the “21 Dumbest Business Decisions of 2008.”

What events did Fortune leave out? How about AIG executives spending $442,000 on a weekend retreat just weeks after their substantial government bailout?

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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