Thirty-five million pounds!? People would ask, before laughing and dismissing the former Newcastle striker's chances of succeeding.
As far as Carroll was concerned, the doubters were proved right after he was sold to West Ham - with injuries meaning he has hardly featured for him this season.
But what of Kenny Dalglish and Damien Comolli's other signings?
As it turns out, they were not as bad as people first made out.
Take Jordan Henderson, for instance. Much-maligned since his arrival from Sunderland in 2011, the 23-year-old has come on leaps and bounds in the last couple of seasons.
Now, the midfielder is integral to Liverpool's first team. The engine room behind Brendan Rodgers' side - especially in the absence of Steven Gerrard - Henderson looks nothing like the nervous, stuttering youngster who first came to Anfield.
And Henderson is not the only one, either.
Another Dalglish signing, Jose Enrique, is also integral to the Reds' first team. Barring current injury, the Spaniard is a near-certainty to play each week and offers pace, strength and attacking flair at left-back
But there is one player bought under Dalglish and Comolli's reign whose case does not even need championing.
Indeed, Luis Suarez - arguably the best player in the world on current form - has taken the current Liverpool team to new heights. Yet it was not Rodgers who signed him, nor Roy Hodgson - who wanted to according to reports.
No, the Uruguayan was brought in by Dalglish, with the Scot going on to show him immense faith and support during his journey towards becoming Liverpool's talisman.
Of course, no one can make up for the transfers that undoubtedly did not succeed: Carroll, Stewart Downing, Charlie Adam. But no recruitment policy can ever be without its failings.
To have three of his signings playing such a big part at Anfield after his departure would most certainly please Dalglish.
And Liverpool fans can live safe in the knowledge that his signings were nowhere near as bad as first thought. Andy Carroll apart.
image: © dannymol