Bono Named Worst Investor (Palm)

U2 lead singer Bono has been named the "worst investor in America" according to an online publication called 24/7 Wall Street. Apparently the luck of the Irish does not apply to the world of investing.

Bono is part of the Elevation Partners investment team. Elevation has invested in Palm, Forbes, and Move.com. 24/7 boldly states that Elevation partners is "arguably the worst run institutional fund of any size in the United States."

Elevation bought a 25 percent stake in Palm in 2007. The stock closed at $3.70 today, down from a high of $18.09 last summer.

Sources also say that in 2006 Elevation invested $300 million into Forbes' online operations. The total value of the company is now roughly $100 million.

Finally, Elevation invested $100 million into Move.com and the shares have since plummeted by 50 percent. Move.com owns home and real estate websites.

Despite these disastrous invesment decisions by Bono, they still pale in comparison to the disaster that was Pop.