Who / What Were This Year's Biggest 'Turkeys' ?

We're looking back at 2007 to see who / what were the biggest cock-ups or own goals seen in the financial markets this year. Here are some of our suggestions:

1. ABTT (asset-backed trailer-trash)

2. Bank of America CEO Ken Lewis's comments that he had had as much 'fun' as he wanted from investment banking  - said as the firm announced that 3,000 staff, mostly in the investment bank, were to lose their jobs. Not too many of those who got the boot saw the funny side either, Ken.

3. Chuck Prince and Stan O'Neal. Both CEOs got the boot / stepped down for not appreciating how to manage bad news - you don't come out and announce billions in write-downs and then come back again a short while later with more of the same.

4. ABN AMRO's board of executive directors who finally succeeded in restructuring their bank out of existence in 2007.

5. Royal Bank of Scotland shareholders - what a blow Sir Fred managed to actually 'win' the battle for a bit of ABN AMRO.

6. The Wall Street Journal  - for writing a non-story about Bear Stearns, which culminated in a low blow at firm CEO Jimmy Cayne, who was accused (by unnamed persons) of smoking dope at a bridge event (something he came out and denied to the paper anyway). What nonsense from a publication that once lead the way on serious news and financial markets commentary.

We're sure that there are loads of 2007 'turkeys' we have missed. Send in your suggestions by using the 'comment on this story' button immediately below.

Reader Comments:

'Come on - the biggest turkey this year has to be Northern Rock. If you are providing funding to a bank, Darling, the last thing you do it tell the world you are doing it! Never mind, there's always the taxpayers to foot the bill for another Labour cock-up'.

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