Word: money
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...years ago Bob Slezak, the former chief financial officer of brokerage TD Ameritrade, finished 15th in the Main Event and a year earlier hedge-fund operator David Einhorn placed 18th. Bill Chen, an arbitrage expert at options-trading firm Susquehanna International Group, has won a couple of big-money tournaments and has been cited in at least one book for his "Chen formula" for winning at Texas Hold 'Em. Don't ask; Google it. (Read "What's Still Wrong with Wall Street...
...knocked out that year short of winning money. "But I got hooked," he says. "There was no way I wasn't playing in '09, and that earlier experience really helped me this year." He has since joined the private-equity firm Flexpoint Ford as a partner, and has no plans to turn poker pro - for many reasons, but not least because he feels it would take him away from his family (he has three children at home) and, he says, because he loves his job. But he does hope to play the main event every year, especially...
...best example of that is when [News Corp. CEO Rupert] Murdoch bought MySpace - and it's rumored Tom Freston lost his job [as Viacom CEO] over not buying it - everyone talked about MySpace and how smart that was. But several weeks apart from MySpace News Corp. spent even more money on an Internet game company called IGN that nobody's ever heard of since. If you only count the ones that look successful it's easy to be a genius. But unfortunately the shareholders are stuck with the unsuccessful ones as well...
...number of folks say "Well, look, Google gave them $900 million in an ad deal for something they only paid $580 million for. How can that be bad?" And the answer to that is: Given that Fox Interactive Media group, of which MySpace is a part, actually lost money this year even after the short-term Google ad-deal windfall, $580 million doesn't seem like such a bargain. (See the top 10 financial-crisis buzzwords...
...troubled business. Content has never been king. The reality is that, wonderful as it is, the value of it doesn't go to the shareholders. Movie moguls need to be smart about how to manage talent. The reason [longtime Universal Studios owner] Lew Wasserman was able to make more money than anyone was that he set the culture of the industry. In his day there was an unspoken understanding of how you did business, a culture of co-operation. Somewhere along the way it became cool to steal talent at a bigger price - it made you a bigger mogul...