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...mortgage, the people who greenlight movies are facing more stringent demands from their financiers. "All of the studios, if they want to get a deal done in this environment, will need to better align their interests with investors," says P. John Burke, a film finance lawyer at the firm Akin, Gump, Strauss, Hauer and Feld...
...profitable. If you borrow 35 times your capital and those investments rise only 1%, you've made 35% on your money. If, however, things move against you - as they did with Lehman - a 1% or 2% drop in the value of your assets puts your future in doubt. The firm increasingly relied on investments in derivatives to produce profits, in essence creating a financial arms race with competitors like Goldman Sachs. Even though the Fed had set up a special borrowing program for Lehman and other investment banks after the forced sale of Bear Stearns to JPMorgan Chase in March...
...sound judgment can quickly cloud over when it comes to sports. "A lot of [sponsors] have been involved in football on the basis of someone's hobby," says Simon Chadwick, a professor of Sport Business Strategy and Marketing at Coventry Business School. When the boss of one leading British firm opted to back a poorly performing English cricket team in recent years, "people were asking 'Why?'" Chadwick says. "The fact was [the boss] was a big cricket fan. That was the only reason." At the least, such vanity can leave shareholders pondering how else a firm's profits are being...
About three years ago, when Saddiq Khan finished college in Pakistan and began working for a real estate brokerage firm in Dubai, it seemed impossible not to make money. Foreign buyers from Europe and the U.S. were flocking to the Gulf to get a slice of the oil boom and take advantage of the region's loose tax laws and resort lifestyle. Developers competed to launched one headline-grabbing mega-project after another: a ski slope inside a shopping mall, luxury skyscrapers, condos on artificial islands shaped like a giant palm tree. "It was crazy," says Khan...
...Maybe the CFTC, a strange little agency overseen by the Congressional agricultural committees, had no business regulating OTC derivatives. But the fact that nobody regulated them, even as the business grew and migrated from banks to firms like Bear Stearns and AIG, is a big reason why the world's financial markets are in such crisis this week. Bear and AIG were bailed out in part because they were big players in the market for credit default swaps, derivatives that are meant to insure against loans gone bad. Regulators have such an unclear picture of who's on the hook...