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If you’re looking for some bank-breaking works of less-than-staggering genius, look no further. Not only were these five leaders plagued by terrible ideas, they never bothered to get their money’s worth.
1. Caligula’s Bridge (Over Very Troubled Waters)
As he was going mad, the Roman emperor Caligula began spending money on increasingly bizarre and extravagant projects to satisfy his megalomaniacal whims. Among Caligula’s best efforts: constructing a three-mile pontoon bridge across the Bay of Naples by confiscating merchant ships, having their bulwarks sawed off (making them useless afterward), spreading soil over the planks, and then planting trees, shrubs, and flowers to make the bridge more pleasant. When it was done, Caligula supposedly rode his horse across the bridge at the head of 20,000 troops to prove wrong an earlier prophecy that claimed he could no more become emperor than ride across the bay. After a night of partying, Caligula left and never came back. The bridge itself was destroyed by a storm a short while later.
2. Nero’s Extreme Home Makeover
As the noted gossip Suetonius tells it, the emperor Nero decided to go Caligula one better by building an extravagant mansion for himself in burned down neighborhoods of Rome following the great fire of 64 CE. Called the Domus Aurea, or “Golden House,” because its exterior was overlaid with gold leaf and mother of pearl embedded with gems and beautiful seashells, the building was far and away the largest private residence ever seen in Rome, covering a large part of three of Rome’s seven hills. So, just how extravagant was Nero’s crib? In the entrance hall stood a 120-foot statue (of Nero); a columned arcade ran for a mile; a pool the size of a small lake was surrounded by buildings shaped like cities and fake farms; exotic animals roamed everywhere; and the ceilings were carved ivory panels that could retract to allow a rain of perfume and flowers to fall on partiers. The Roman poet Martial said of it, “One house took up the whole city of Rome.” When it was finished Nero famously said, “Good, now I can at last begin to live like a human being.” [Image courtesy of Ryan Freisling.]
3. Prince of Thieves (Mainly the White-Collar Variety)
Prince Jefri Bolkiah, the brother of the sultan of Brunei, spent his small country into bankruptcy during the 1990s with a multibillion puts all the other royal contenders to shame. Clearly, Prince Jefri knew how to treat himself right, as the 300,000 citizens of Brunei found out when his purchases were put up for auction as part of bankruptcy proceedings (pictured, courtesy of the BBC). Included for sale were a golden toilet roll holder, rows of gold plated Jacuzzis and showerheads, porcelain flamingos, gold plated wastepaper baskets, a multi-million dollar marquee complex, Comanche helicopter simulators, an Airbus jet, a Formula 1 racing car, and a bronze plated eight-foot-high Trojan horse. Luxury hotels in Great Britain, France, and Singapore were also favorite purchases of Jefri. That’s not to say he hasn’t been caught with his fingers in more than a few (illegal) pies. Previously, a lawsuit had been brought against Jefri for the theft of approximately $16 billion from Brunei’s state run economic development agency. Needless to say, he didn’t develop anything profitable with the funds.
4. Versailles and Everything After
Louis XIV was one of the most extravagant kings in French history. A lot of the stuff Louis spent money on was quite respectable—as a famous patron of arts he supported literary and cultural figures like Molière, Le Brun, and Lully, and he spent a great deal of money to improve the Louvre. Of course, Louis’ most famous boondoggle was his palace at Versailles, a sprawling 700 room rococo residence on an 800-hectare estate with carefully tended gardens and woodlands about 15 miles to the southwest of Paris. In fact, Louis used so many luxurious materials—including gold leaf, crystal chandeliers and doorknobs, silk and satin window dressings, exotic hardwood furniture, ivory, mother of pearl, and precious stones—and his house contained so many famous works of art, that it’s actually impossible to calculate a modern cost equivalent. If the spending wasn’t bad enough, Louis also foolishly kicked out the Huguenots, or French Protestants, even though they provided many of the country’s leading merchants and much of its tax income. Last but not least, Louis launched an endless series of unwinnable wars that were to put the last nail in the coffin of French finances. Who knew the nickname the Sun King referred to one that was setting? [Image courtesy of Eric Pouhier.]
5. Empress Dowager’s Ship That Never Sailed
In 1888, China had been on the ropes for a good three decades. Once an international powerhouse, the nation’s world rep had suffered greatly since its humiliating loss to Great Britain in the Opium War. Foreign technical advisors told the mandarins who set policy that China needed a modern navy along Western lines if it was going to defend itself from further European and Japanese aggression, and the mandarins duly set aside 30 million taels of silver for new, modern ships. However, the dowager empress Cixi, who had the final say, decided that the money would be better spent on reconstructing the elaborate Summer Palace, which had served as a vacation spot for the Chinese imperial family for millennia.
When advisors complained that the only ship she had purchased was a marble pleasure yacht, she noted that while it was indeed immobile, “it’s still a very nice place for a picnic.”
Ed. Note: This list was pulled from Forbidden Knowledge.
Comments (30)
Comment
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Cool, I’d heard of some of these stories, but not all. I didn’t know that young Jefri had gone bust though!
posted by Kris on 4-1-2008 at 7:03 pm
Ummm…what about some modern leaders, like Former Mexican president Carlos Salinas de Gortari??? Mexico’s economy was booming in the 70’s;going to Mexico at that time was concidered ‘cosmopolitan’ and a big deal, especially in the mexican golden cinema in the 30’s and 40’s. But that bastard stole mexico’s money in the 90’s and transfered it to swiss banks and all over… since then, mexico is only known by drunk college kids that go to cancun and mexican men building houses who are hired illegaly….shame..
posted by Elizabeth Lopez on 4-1-2008 at 7:47 pm
George W. Bush
posted by Reality on 4-2-2008 at 3:36 am
How about George W. Bush? Spent on a stupid war, spent on giving his oil buddies and real estate buddies tax breaks up the wazoo…and now we’re in credit hell.
posted by mp on 10-1-2008 at 10:39 am
Hey mp, you America hating sellout–go tohell yourself!
posted by tj on 10-1-2008 at 11:19 am
Right….GWB’s “war” and tax breaks. That’s what makes people take out stupid mortgages and makes banks buy the securities tied to them. moron
posted by dl on 10-1-2008 at 11:32 am
I wonder, if instead of bailing out and rewarding the “profiteers” who made millions in the insurance, pharmacueticals, weapons and stock markets, the gov. gives all citizens over 21 yrs old a million dollars? This would be cheaper, and would help individuals. I am sure, somehow this is flawed thinging, but I thought I would mention it anyway, since it was mentioned on the Cafferty File.
posted by Captain Frank on 10-1-2008 at 11:38 am
can we say Carly Fiorina! $40 mil for running HP into the ground. if i don’t do my job, i get fired…no big reward, just fired.
posted by mt on 10-1-2008 at 11:46 am
They left out GWB and the Iraq War.
posted by Allen on 10-1-2008 at 12:11 pm
Why is it that just because a person speaks their piece about G. Bush he is an “American-hating sellout?” I also agree that GW has run this country into the ground. The billions of dollars spent each day on the Iraq war is criminal. It just shows that you get the U.S. citizen fool and his vote are soon parted.
No one has mentioned the various African leaders who have stolen vast sums of money from their treasuries. What about Idi Amin, Mobutu Sese Seko, etc. These guys (and other African so-called leaders) have been responsible for millions upon millions of deaths and starvation in their countries because the felt that the countries wealth was their personal wealth.
With all the incredible mineral resources in many African countries there is no other reason for their citizens to be so poor other than failed leadership.
posted by Soulshadow on 10-1-2008 at 1:18 pm
The war IS expensive, Soulshadow. But it isn’t one person’s war, nor one administration’s war. It was voted on by a plurality of Congress at the time. People need to stop making one maligned President into a scapegoat for all that is wrong with the United States of America.
posted by rudejohn on 10-1-2008 at 1:41 pm
Yep.
Definitely left out Mad King George W. Bush. Squandered a surplus on Christo-Fascist wars in the middle east.
Historians shouldn’t be surprised that he did this to make a buck. After all his great grandaddy Prescott Bush was okay making money off of the Nazis.
posted by Shawn on 10-1-2008 at 1:43 pm
Captain Frank – not sure which e-mail forward you pulled your number from, but your statement that giving everyone over 21 yrs old $1 million would be cheaper than a $700 billion bailout would only hold true if the number of Americans over 21 didn’t exceed 700,000 (the actual number is in the hundreds of millions).
There’s a similar AIG bailout e-mail forward going around that was created by someone who clearly does not have access to a calculator.
posted by Chris H on 10-1-2008 at 1:48 pm
Re Fishman
When is the scrutiny going to hit the corporate Boards of directors for these golden parachutes? These are the “wisemen” who approve these packages. These claques of trough feeders need to suffer for their inane giveaways. Why have they dodged investigation for their actions?
posted by SBrown on 10-1-2008 at 2:19 pm
G.W.Bush should be blamed for running the U.S.A. into debt! Our military wasn’t as strong as it should have been when President Bush was elected, but our economy was good and we were out of debt!
Chicken Little went screaming that Iraq had WMDs and those who believe, those who expected him to know the truth, agreed to his demands. Instead of the truth setting us free, George has brought the U.S.A. to the brink of another depression, bankrupted our nation, caused us to look like fools the the world, has half the American people believing in him still and defending him.
Wake up and smell the horse droppings people! The blame starts at the TOP, manure rolls downhill never up.
Since we are targeting wall street, let’s target American oil companies, those like Bush and Cheney who have, are and will continue to benefit from their backing and take over the oil companies AND seize the financial windfall these people have made!
Use those monies to pay off our debt, get out of Iraq, make the war in Afghanistan winnable, take care of our troops, give massive support to our middle class and tell those greedy SOBs NEVER AGAIN!!!
posted by mico on 10-1-2008 at 2:24 pm
Don’t forget the criminal mastermind Billy Bob Clinton who was responsible for the changes to the Community Reinvestment Act which basically ushered in the era of sub-prime mortgages.
I notice a lot of the retarded commentators left Billy Bob out.
posted by Tom M on 10-1-2008 at 2:34 pm
Sounds like tj woke up on the wrong side of the bed this morning.
posted by Rachel on 10-1-2008 at 2:52 pm
Anyone who is blaming Bush for our economic woes is showing their true ignorance. While GWB certainly did not help the issue our current crisis is rooted in the Clinton administration.
Do just a tiny bit of research before opening your mouth and proving that you are in fact a fool.
Clinton era changes to banking regulations in 1995, basically nullifying the Glass Steagall Act in 1999, and fouling up the Community Reinvestment Plan are the root cause.
Clinton’s regulations basically forced banks to loan money to low and moderate income homes. Based on the liberal democrats socialist view that everyone should be able to afford a house. Very noble but very stupid as not everyone can afford a house as is now evidenced by the fact that so many people took out what we now realize are risky loans.
Furthermore, just look who was at the helm of Fannie Mae and Mac for the past decade. Yes, Clinton cronies.
Get your facts straight, Bush definitely won’t go down in history as one of the best president’s but it appears he has done less damage than Clinton did.
posted by Mike on 10-1-2008 at 2:58 pm
Now come on think of all the employment W’s war has created. Coffin making is huge,the Hummer factory is booming,soup kitchens have never seen such trade. He’s a great and thoughtful leader, not afraid to make the decisions that will make him unpopular as long as the money keeps getting funnelled from your pocket to theirs. I love you George!!!!
Long live America!!!!!
posted by Peter on 10-1-2008 at 3:09 pm
Micro – “and we were out of debt.” Man get your facts right. This country’s not been out of debt since before your grand daddy was born. In 2000 our country’s debt was 5.5 trillion. The last time the deficit actually dropped was 1948 (who was president then?). 2) The budget is recommended (proposed) by the president but passed by the CONGRESS, which happens to be controlled by democrats. Bush and Cheney haven’t made a dime off oil companies (show proof or shut up) AND “big oil” paid more in taxes last year than all of the middle class combined and has a higher tax rate than almost any other industry. Our current debt is over 9 trillion. We can’t “pay off our debt”. Why??? Quick what’s the highest cost of government??? Entitlements! Protected by LAW. Take a civics course, take a math course, heck – just pass high school.
posted by DegreeOfCommonSense on 10-1-2008 at 3:10 pm
The CRA was destroyed under the bush admin, and imho is still as irrelavent as it was under clinton. are you familiar with Ellen Seidman? look her up.
posted by Zack P on 10-1-2008 at 3:21 pm
What about Ceausescu of Romania megapalace in Bucharest ? A disaster.warRaymond
posted by Angel on 10-1-2008 at 3:22 pm
While we may not have been out of debt in 2000, there was at least a surplus. We could pay off debt, but unfortunately there is a lot of foolish spending and too many spineless people in congress to stand up to said spending.
I don’t think I’ll be crying a river for the oil companies being the most taxed industry when it’s bringing in record profit. Also, and this goes for other industries, just because you may be in a certain bracket, there are many loopholes buried in the voluminous tax code.
A will agree that Clinton’s repealing of the Glass Steagles act was a blunder as well as giving banks a green light to loan money to unqualified borrowers. The thing is, it’s not just the poor who are foolishly borrowing. Look at the middle class and upper middle class having McMansions foreclosed on because of living beyond their means. If anything needs to be changed to fix the current situation, it’s going back to requiring good credit and/or a large down payment to get a mortgage.
posted by John on 10-1-2008 at 3:30 pm
I am pretty sure the basic economic class will teach you that if the government gave a lot of people a million (or just gave away 700 billion) without buying assets, it would cause massive inflation. It wouldn’t solve anything. Not that buying $700 billion in bad debts is necessarily a good move either.
posted by A on 10-1-2008 at 3:34 pm
Bob Nardelli dam near ran Home Depot into the ground.. cutting floor staff to save a buck, yet walks away with 200 mil$$$ …
posted by binrat on 10-1-2008 at 4:02 pm
So, mico, It was only George W. Bush who insisted that Iraq had WMDs? I think you conveniently forgot that this was also the position of the CIA, the Defense Intelligence Agency, and British intelligence (MI6). Bush relies on them for information, not the other way around. I hope ignorance isn’t contagious.
posted by Ryan D on 10-1-2008 at 4:06 pm
Some infamous modern leaders like Junta from Burma should be in the list.
posted by Tha Gyar Min on 10-1-2008 at 5:14 pm
I don’t think George Bush belongs in this list, not because I am any sort of supporter of his (I am not), but because his situation does not match the parameters of this story.
First, the list includes leaders who made purchase mainly for personal use; and second, nations who were basically brought to the ground by those purchases.
The U.S., despite its current woes, is hardly near bankruptcy. Also, the “purchases” were hardly of a personal nature, unless one attributes the desire to attack Iraq a personal desire to finish Daddy’s incomplete job.
posted by Erik on 10-1-2008 at 6:22 pm
I just want to get the facts straight. I’m a moderate btw.
The Intelligence agencies of America did not agree that there were WMD’s in Iraq. If you read any books on this, you will learn that there was only one informant that the CIA had that stated Iraq had WMD’s. He failed multiple polygraphs. The Bush Administration Ignored this. Think about how much money contractors are getting from the war that are in bed with the white house? Haliburton Charges the US government 100 dollars for every load of laundry it washes. 45,000 contractors in Iraq, more than any other conflict.
posted by anon on 10-1-2008 at 6:46 pm
W’s “war” and tax breaks ran a hegemonic state to the ground, unleashed a war between muslim sunnis and shias, destabilized world economy and created a mess that the entire world has to clean up.
No idiot out there in the history can beat that.
posted by Duh on 12-1-2008 at 11:10 pm