The winner may just be Richard Nixon's 1972 "Committee to Re-elect the President, otherwise known as...

CREEP

Then there was the recently formed Canadian Conservative Alliance Reform Party...

CCRAP (they later changed it, because it became the butt of so many jokes)

And then my favourite...At the time of Pearl Harbor the top US Navy command was called...

CINCUS

(pronounced "sink us")

They changed that one too, not long after the Dec 7 Japanese attack.