If you couldn't tell by the fact they have members named Bono and the Edge, the four members of U2 came from a place where it was very common for people to have weird nicknames. One of them was Pete Chop, a friend of their former management associate Andrew Whiteway. When U2 met Pete the Chop he suggested they write a song about him, and they took him up on the challenge. The result was a very catchy pop number and U2's manager Paul McGuinness heard it as a potential big hit. The band disagreed and refused to put it out, though they did play it live a bunch of times. McGuinness didn't give up and he kept asking the band, "Whatever happened to 'Pete the Chop'?" They got so tired of the question that they eventually wrote "Treasure (Whatever Happened to Pete the Chop?)." It's sort of a backwards, inverted version of "Pete The Chop" and it came out as the b-side to "New Year's Day," but the original "Pete the Chop" remains in the vault.