Yep that's right.
Omnishambles has been declared word of the year. And not by me, but by the Oxford English Dictionary.
I'm sure that we can all guess it means "a situation which is shambolic from every possible angle". Oh, yes, just like the BBC!
As a word I don't like it. It is too long, too contrived, too, well ... shambolic. But I have to admit it is pretty well descriptive of our times. Think just this last few weeks of Jimmy Savile, the latest BBC "McAlpine" fiasco, Abu Qatada, Abu Hamza, Italian earthquake scientists. And they're only the ones I can think of immediately.
What I find even more amusing is that good old(ish) word (first recorded 1865 according to the OED) pleb was also shortlisted for word of the year. Now that would have been a even better choice, if only to cock-a-snook at a few people!