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VIDEOEconomic Snapshot: Ill-Timed Undertakings
Our unscientific poll.
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We can't fault the entrepreneurs who didn't see the tidal wave of bad economic news coming, but we can needle the ones who decided to ignore the headlines once they were here. Minyanville presents some of the more out-of-touch, ill-timed undertakings of the recession to date.
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Ill-Timed Undertakings |
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OpenTable.com, a website that allows diners to book reservations online, files for a $40 million IPO. Trouble is, it's not that hard to get a reservation anymore.
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The Wall Street Journal is the business paper of record, so presumably it knew the financial system was on the brink of collapse and print media was sputtering spectacularly when it launched WSJ, a luxury lifestyle glossy, in September.
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When your nephew started college in 2005, New York was minting high-paid junior analysts by the hundreds. Now he's getting ready to graduate - and even CEOs are making a lousy $500,000 a year.
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Touchstone Pictures' Confessions of a Shopaholic opens nationwide next week. Unfortunately for Touchstone, shopaholics are now extinct.
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Stateside, tumbleweeds have been spotted rolling across shopping-mall parking lots. But across the pond, London's new Westfield Shopping Centre -- one of Europe's largest -- just opened for very little business.
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Las Vegas is feeling the consumer recession more acutely than most, making the December launch of Steve Wynn's $2.3 billion Encore casino more foolhardy than ambitious.
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Nobody thought the New York Mets would miss rickety old Shea Stadium…Until public outcry over the misuse of TARP funds forced Citigroup to shy away from acquiring naming rights to the new field.
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