Word: bankses
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Four years ago, movie companies and Wall Street banks embarked on a promising romance. Before then, the smart money on Wall Street had stayed away from Hollywood. And not without good reason - starting with William Randolph Hearst in the silent era, plenty of wealthy investors with stars in their eyes...
By 2006 the film finance market had worked itself into a froth, and banks far and wide were looking to get in on it. "There was an influx of so much capital, it caused deals to get priced in ways that didn't make sense," says Kavanaugh.
That's because in the last 12 months, as the economy began to buckle under the housing crisis, some banks dropped out of Hollywood, including Merrill Lynch, Lehman Brothers, Deutsche Bank and Dresdner Kleinwort. Those sticking around are asking for more for their money. Now investors are demanding that studios...
One positive sign in this week's mess is that both the turf battles and unyielding attachment to deregulation have been abandoned, perhaps forever. The Fed and Treasury have together seized de facto control of the regulation of all financial institutions of significance, and nobody at either agency seems willing...
Shanghai has always thrived as China's gateway to the world. While Beijing may boast millennia of history, Shanghai owes its prominence to having served as a key trading port for colonial powers. Once China accelerated market reforms in the 1990s, the country's first stock exchange was established in...