The so called serious business guys (read C-Suite Executives) also stage some remarkable laughable moves in hours of crisis. These moves even make a commoner laugh and remind us that moments of crisis are not an exception for stupidity. Here we are going to see some of the selected dumbest moments from the world of business happened in 2008. The “Big Three of Detroit “will start the show
How about a beggar with a golden bowl?
This is what exactly the “Big Three of the Detroit” did when they went to Washington D.C. to beg Congress for a multi-billion dollar bailout in their corporate jets. So what was the response? The US Congress sent the auto chiefs empty handed. I do agree that corporate jets are often the cost effective way for the heads of far flung corporations to get around. But at least they could have shared a ride!!!
The Response from the “Big Three”
Since Corporate Jets are not welcomed by the policy makers the Chief Executives decided to take an alternative way of travel. Since there is no sub way that goes that farther and Bike ride will kill them for a 10 hour ride, they resorted to take the road in cars of their own make. They wanted to promote the use hybrid vehicles with the public, but they are either fuel sippers or at the end of life models like Chrysler’s Aspen Hybrid, which Chrysler CEO drove.
For Kwizers: Who are the “Big Three of Detroit”? One is given here
A Mobile application for just $999.99
With the release of Apple iPhone not only Apple reaped profits but also their non-Apple software developers who had designed from video games to other time consuming applications. Though most of the applications cost less than $10 there was one applications which costed $999.99.There were eight suckers who bought this costly iPhone application from App Store. The theme of the application: “I am Rich” (really rich one). After Apple got blasts for making this application available for sale they quietly removed it.
For Kwizers: Curious to know the application? A hint: It has red jewel in it.
Another Comedy in Apple stable
How would you react on seeing your obituary column? Here is a case of Apple’s CEO Steve Jobs. In August, Bloomberg News accidentally (they say) released an obituary for Steve, who in spite of his widely publicized pancreatic cancer is still alive and giving a run for their money to his competitors. To add oil to the burning fire, in October a post of CNN’s user generated site, iReport claimed that Steve suffered a heart attack. Result – Apple’s stock was 10% down in just 10 minutes. (A perfect 10-10).In counter Steve appears in front of a giant screen with the message, “The reports of my death are greatly exaggerated.” (Ya it was really a great exaggeration!!!)
My Choice of Bestest among the best
What will you say about a person who says his building is strong after one of its pillars had collapsed? This is what US Republican Presidential Candidate John McCain said. When Lehman Brothers declared bankruptcy on the morning of Sept.15, McCain was declaring that “the fundamentals of this economy are strong.” By the day’s end Dow had already fell more than 500 points and the date becomes known as Black Monday. So McCain starts backpedaling fast. (Worldwide politicians are uniform atleast in the aspect of their skill in Backtracking). Recollecting what the same McCain said in late 2007, “the issue of economics is not something I’ve understood as well as I should, so only I’ve got Greenspan’s book.”
For Kwizers: Who is Greenspan and what are the titles of his books?
Peanuts at Cashew Price!!!
In a bid to counter Goliath Google, Microsoft makes a $44.6bn offer for Yahoo. The $31/share offer was 61% premium over Yahoo’s price at that time. Though Microsoft had rationale behind this offer it didn’t have a mechanism to find out Yahoo’s CEO mood. He declined the offer. With tech sector getting a huge beating in this economic crisis forcing Yahoo’s share to trade at $12 by year end, which means its present worth is $17 bn. Though Ballmer has the last laugh at Microsoft it is not the same case with Jerry Yang, since he has moved out.
Yahoo’s great mistake
If Microsoft made the mistake of over estimation then Yahoo made the mistake of rejecting the offer. Microsoft waited for a longtime before walking away. The deal would have made Yahoo’s shareholders three times richer in an economic downturn time. Yahoo did not stop with that, there were talks of merger between Google and Yahoo which attracted the attention of antitrust regulators. Hence it was put off, resulting in Yahoo making its final attempts for survival now.
For a perfect 8 in 2008
Homeowners in US are the most worried group. In order to bring HOPE to them, US Congress passed the only rescuing plan till date in July. A plan to guarantee upto $300 bn worth of mortgages and prevent more than 300,000 foreclosures. In order to be a part of that, banks must take steep losses which is voluntary!!! The anticlimax: Paltry 321 applications are filled since Oct.1 launch and not one loan workout has been completed according to US Department of Housing and Urban Development
Send in your comments to quizerkk@in.com or post in comments section
Source: Adapted from Fortune magazine news article
Posted by keepkwizing 
keepkwizing
