One year ago, attorney Howard K. Stern spent his time with exactly one needy client -- Anna Nicole Smith. From the perspective of an outside (or anyone who watched her 2002-2004 eponymous reality show), it seemed as though the vaguely creepy curly-haired counselor wanted much more than a professional relationship with the blonde bombshell. Sure enough, in a questionably valid ceremony at sea, the odd pair allegedly tied the knot. Smith identified Stern in the press as her months-old daughter's father, though questions of paternity quickly came to the surface, with a variety of peculiar players involved.

The tortured tabloid favorite became a cautionary tale in February when an ultimately lethal mix of prescription medication brought the new mother's early demise at the age of 37. Just five months prior, her 20-year-old son Daniel had died as well under dubious circumstances.

But Stern was about to lose more than his stepson and the woman that he loved. In a highly publicized paternity battle, he would lose the daughter he had claimed as his own and the rights to any of Anna Nicole's willed fortune. He would lose what shreds were left of his dignity, when rumors of a twisted affair between Stern and Larry Birkhead went public through an (unauthorized) tell-all book. And worst of all for the fame-hungry pseudo-widower, he's lost relevance.

Without a tenable connection to Anna or baby Dannielynn, there's absolutely no reason for anyone to care about Stern. Maybe he should brush up on his courtroom skills and join the O.J. Simpson defense team.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

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This post was part of AOL Money & Finance's Best & Worst of 2007. Voting has now closed and readers have chosen Sanjaya Malakar as the most shameless attempt to cash in on the proverbial 15 minutes of fame. Be sure to let us know in the comments if you are pleased with this result.

When Andy Warhol observed nearly 40 years ago that "In the future, everyone will be world-famous for 15 minutes," the man wasn't kidding. While the toe-headed artist couldn't have predicted the rise of the internet or reality television in 1968, this pair of media outlets now enables anyone with a webcam and a dream to put themselves on the map for one brief shining moment (or even several). Below are some of the folks we hated to love as they flitted across the pop-culture radar this year.

For about six weeks or so, the main topic of discussion at the nation's water coolers was the hairdo of a mild-mannered 17-year old. Sanjaya Malakar -- a contestant on News Corp.'s (NYSE: NWS) FOX Network's American Idol -- divided a nation with his questionable talent and his ever-changing coiffure. Howard Stern launched a campaign, the goal of which was to discredit the show with a Sanjaya victory. Sanjaya took it all in stride ... the tongue-lashings from Simon Cowell, the hatred from America's bloggers, the worldwide attention. But underneath it all, he was a sensitive teenaged boy, one who couldn't quite blink back the tears when he was mercifully ousted from the competition. From that point on, the Idol season wasn't the same. I barely remember who won.

If we didn't need reminding, this morning's news from China and Afghanistan re-alerts us to how sudden turbulence from afar can smack financial markets.

The Shanghai Composite Index tumbled 8.8% today on fears of new Chinese government austerity measures. And other Asian markets slumped in harmony. Meanwhile, the Dow opened down 134 points and the NASDAQ fell 45.

But that's not all. This morning also featured a failed assassination attempt on Vice President Cheney in Afghanistan. And US saber rattling against Iran raises the possibility that the price of oil could hit $125 a barrel in the event of a US air strike on Iran. The reason is that Iran could blockade the 20-mile wide Straits of Hormuz through which 40% of the world's oil exports must flow in order to reach the market.

Meanwhile a weak durable goods orders report is reinforcing fears stoked by former Fed Chair Alan Greenspan that a recession is in the cards for the US economy. With Fannie Mae (NYSE: FNM) announcing this morning that it will tighten its subprime mortgage standards, the hissing sound of a deflating housing bubble just ramped up its decibel level.

No wonder Americans would rather bury their heads in news of Anna Nicole Smith and Britney Spears. And for frightened investors, the best refuge may be money market funds and gold.

Peter Cohan is President of Peter S. Cohan & Associates, a management consulting and venture capital firm, He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Fannie Mae.