Business blunders are not good for anyone, especially the investors below are some of the top business mishaps of 2007. For the entire list vist CNN.
1. China – Millions of items manufactured in China need to be recalled due to some malfunction; everything from Mattel’s barbies, to Nike football helmets.
2. Merrill Lynch – In the first quarter of 2007, thanks to its $1.3 billion purchase of First Franklin Financial, Merrill Lynch becomes the world’s top underwriter of subprime-mortgage-backed securities. After the subprime meltdown, Merrill announces a quarterly loss of 2.24 billion dollars
3. Chunk Prince – CEO of Citigroup resigns after an $11 billion write-down.
4. KFC/Taco Bell – A video clip released on YouTube shows packs of rats in a closed-for-the-night KFC/Taco Bell in NYC.
5. Rapper Jay-Z – the founder of the Rocawear clothing line, runs into trouble after the Humane Society finds that the ‘faux fur’ on its jackets is actually dog fur.
