This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

10 Terrible Financial Choices in Music History

Stocks in this article: SNETWXVIA.BERTS

6. Mariah Carey's Glitter isn't gold
At the end of the 1990s, Billboard Magazine and the World Music Awards dubbed Carey the best artist of that decade. Each of her first seven albums had gone multiplatinum -- with her Daydream and Music Box albums selling more than 10 million copies each. Where do you go from there? To the movies!

Surely Carey could handle being one of the biggest music stars in the world, a one-woman industry and an actress in a film about a struggling club singer in the 1980s -- familiar subject for a performer who was once a backup singer for Brenda K. Starr. It was a lot more complicated than that, however, as Carey had just left Columbia Records amid fallout from her divorce from Sony (SNE) exec Tommy Mottola, signed an $80 million deal with Virgin/EMI, ended a relationship with boyfriend Luis Miguel and had a near breakdown on MTV's Total Request Live. Just months before Glitter was supposed to be released, Carey was checked into a hospital for extreme exhaustion.

She'd get no rest once Glitter was released, as it that happened the same day as the Sept. 11, 2001, terrorist attacks, was nearly universally panned, brought in less than a quarter of what it had cost to make and won Carey Worst Actress "honors" at that year's Golden Raspberry awards. More importantly, it cost Carey her new record deal when its soundtrack failed to go multiplatinum and Virgin bought out Carey for $28 million.

It took Carey almost four years to completely rebound, signing with Island Records in 2002 and scoring 6 million sales of her album Emancipation of Mimi in 2005. Though Carey albums such as 2009's Memoirs of an Imperfect Angel or last years Merry Christmas II You have failed to sell a million copies, Glitter remains the one garish, sparkly smudge on an otherwise brilliant career.

6 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs