Word: bets
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...have seen this movie before. Once again they face a Republican nominee who supports abortion restrictions yet is widely viewed as moderate and unthreatening to pro-choice voters. Eight years ago, it was George W. Bush who convinced pro-choice Republican and independent women that he was a safe bet, asserting that "America is not ready to ban abortions." This time, according to a poll released last week by NARAL Pro-Choice America, voters have a fuzzy sense of John McCain's views on abortion - which is just the way the McCain campaign wants...
With its larger-than-life characters, unpredictable twists and big stakes, you can bet the gas money that the presidential race will get the lion's share of media coverage from now until the fall. But there's a lot more up for grabs in several state and local ballots this year. Some highlights...
...Serbian tennis instructor touted her to one of his clients, a Swiss businessman named Dan Holzmann. Intrigued, Holzmann invited Ivanovic and her mother to his home in Basel, the Swiss city that produced Roger Federer. "We all fell in love with each other," Holzmann says. He made a bet: he would cover Ivanovic's expenses, praying that she could repay him down the line. He hired a coach and paid for Ivanovic's training in Switzerland. Holzmann's bill: $500,000. As soon as Ivanovic signed a four-year, multimillion-dollar deal with Adidas in 2006, she gave Holzmann...
...bet that he has now largely won. With Bear Stearns, which the Federal Reserve forced into a fire sale to JPMorgan Chase, he cashed his checks quietly. But in the case of Lehman Bros., Einhorn engaged in a riveting public campaign to goad the firm into confessing its shortcomings. In mid-June, it more or less did. Einhorn, 39--a soft-spoken, baby-faced hedge-fund manager previously best known for winning $659,730 at the 2006 World Series of Poker--had briefly made himself the most important crusader for financial morality on Wall Street. Which may say less about...
Last summer the bet against Allied finally started to pay off (the company's stock is down 50% over the past year), and Einhorn began shorting Bear and Lehman--the smallest and least diversified of Wall Street's big firms. These companies once made all their money off commissions and fees, but the bulk of their profits in recent years has come from making bets. At Lehman Bros., trading and investing on the firm's own account contributed about 60% of its $6 billion in pretax profits last year. Key to these profits is leverage, a.k.a. debt. But with high...