U2’s frontman and a charitable institution himself, Bono, became charitabe to Palm Inc., the company behind the Treo and Centro smart phones in December 2008.

After this £312 million pound invested proved to be a mistake after dropping 35 percent in stock shares since January, don’t you wish that Bono invested or placed his money in some other charitable institution?

Elevation Partners, the California-based private-equity business, where the U2 frontman is a managing partner, decided to save Palm Inc. The company may have been too optimistic with Palm Inc.’s potential as the firm’s executives originally predicted up to £1.1 billion in sales, but Bono’s investment in the smart telephone maker wasn’t at all smart when the company just raked in £193.8 million.

Factor in the struggling economy and competitors whose names are just too familiar like Apple and Blackberry, it’s no wonder Palm Inc. cannot get the elevation Bono would have wanted for the company.

Plus the fact that Bono appeared in a commercial for one of his company’s competitors, Blackberry, doesn’t help at all.

“Driving broad consumer adoption of Palm products is taking longer than we anticipated.” uttered Jon Rubinstein, chief executive of the company said in a statement. The guys are still optimistic about this £312 million investment.

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