Per Fark, here is a list of the biggest record company screw-ups of all time, as told by Blender (read the full, and much more interesting, post here):

#20 As grunge dawns, one label bets on hair metal
#19 The industry kills the single—and begins its own slow demise
#18 BMG dumps Clive Davis, begs him to return
#17 Thomas Edison disses jazz, industry standards
#16 Warner pays for Wilco record twice
#15 MCA's teen-pop calamity
#14 Stax Records unintentionally gives away the store
#13 One label's big spending single-handedly ends "alt-rock" boom
#12 Geffen pumps millions into (the nonexistent) Chinese Democracy
#11 Geffen sues Neil Young for making "unrepresentative" music
#10 Columbia Records loses Alicia Keys, drops 50 Cent
#9 "Digital-rights management" backfires even more badly than usual
#8 Warner junks Interscope
#7 Music publisher gives away Bob Dylan
#6 Casablanca rides strong sales straight to the poorhouse
#5 The RIAA sues a struggling single mom for digital piracy
#4 Indie promoters take the major labels to the cleaners
#3 Motown sells for a pittance
#2 Decca Records A&R exec tells Fab Four, "No, thanks"
#1 Major labels squash Napster

The fact that the industry, and the listeners, have been sheisted by record labels is of no surprise to me. However, it's super interesting to hear about the extent to which we have been screwed. Lesson to be learned: selfish, scaredy-cat decisions may lead to overtly huge sums of money being thrown down the drain.

*thanks to Brett for the tip