The Five Dumbest Things on Wall Street This Week
|Doom and Voom
1. Flipping the Bird at CablevisionWell, you can say a lot about Chuck Dolan, but you can't accuse him of wishy-washiness. Once he fixates on a bad idea, he holds on to it for dear life.
Dolan, to remind you, is chairman of Cablevision (CVC), the mostly successful cable TV operator behind the ill-fated high-definition television satellite service called Voom.
But what wasn't so widely reported was Dolan's assessment of why Voom went down the tubes.
It had nothing to do with the obvious reasons why Voom was near-doomed from the start. Voom, for example, faced intense competition from the comfortably established EchoStar (DISH) and DirecTV (DTV). Voom's much-vaunted high-definition programming was padded with lame, exclusive-for-a-good-reason programming such as Euroleague basketball and views of a tropical fish tank.
No, that wasn't the problem, according to Dolan. Instead, it was Our Litigious Society, which apparently makes it impossible for company directors to Be Brave and Do the Right Thing.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV