Bob Nardelli is ousted from Home Depot for alienating customers, shareholders, and suppliers.
Consequence: Nardelli gets the C.E.O. job at Chrysler, an American bellwether.
 
Under C.E.O. Stan O’Neal, Merrill Lynch takes billions of dollars in write-downs in 2007.
Consequence: O’Neal receives $160 million in severance.
 
J. C. Flowers & Co. enters into an agreement to take mortgage and student-loan giant Sallie Mae private but then realizes it has made a massive mistake.
Consequence: J. C. Flowers walks away from the deal without paying a dime, and Sallie Mae is left scrambling.

Falling home values mean that many people can’t refinance to keep up with their mortgage payments.
Consequence: In some cases, homeowners simply send their keys back to the bank and walk away, a practice known as “jingle mail.”

Wall Street traders place billions of dollars of bad bets in the credit markets.
Consequence: Bonuses at the biggest investment banks go up in 2007.