Fictional finance on the rise | Abnormal Returns

• abnormalreturns
• January 23rd, 2012

What if anything should we make of the surge of finance in fictional forms?? Clearly the financial crisis and its aftermath has made finance a more interesting topic for writers.? One could even argue in a contrarian fashion that when finance is worthy of a fictional treatment the market is set for a turn.? (See the short-lived nature of the TNT-show, Bull, launched and cancelled in 2000 in the aftermath of the Internet bubble.)

The movie Margin Call has received a great deal of praise both from within the world of finance and the critical establishment as well.? See our earlier post with a move review roundup. Over the week two of our favorite bloggers, The Epicurean Dealmaker and Barry Ritholtz both watched the film and were favorably impressed.? (Although I don?t think they watched it together.) Barry thought it was a ?great film? and TED writes:

For let me first say that I recommend the movie unreservedly, not only to professionals within the investment banking industry but also to outsiders still in possession of their moral compass. The lighting, cinematography, casting, and dialogue is, for the most part, pitch perfect, and the movie conveys exceptionally well the mood and atmosphere of the sales and trading end of a big investment bank.

Now it sounds like another movie, Arbitrage starring Richard Gere as a desperate hedge fund manger is set to emerge from the Sundance Film Festival as well.? In addition two new books are also set in the world of finance as well.? Felix Salmon recently reviewed the forthcoming novel The Fear Index by best-selling author Robert Harris.? Salmon writes:

I tend to find fictionalizations of high finance disappointing?Robert Harris?s?The Fear Index, however, is very different. For one thing, it?s not boring: it doesn?t allow financial exegesis to slow it down, and it?s as addictive as any thriller written. Pick this up on an airplane, and you won?t want to land. On top of that, it?s well written, to boot.

In other cases writers may simply be reflecting the world in which they live.? Erin Duffy, author of Bond Girl: A Novel, worked in fixed income sales before writing her debut novel.? Sara Vilkomerson at Entertainment Weekly writes:

Bond Girl?is a sparkling debut, smart and snappy but never weighed down by financial terminology. Who knew Wall Street could be this much fun?

The one common denominator among these works is that market volatility helps drive the plot.? In a world where the fate of countries hinges on the collective judgements of markets maybe finance really is a world worthy of more fictional depictions.

This is obviously not a comprehensive list of recent finance fiction.? Have we missed any recent works of fiction that are set in the world of finance?? If so, please feel free to leave a comment below.

Items mentioned:

Margin Call review round-up.? (Abnormal Returns)

Fat Cats and Starving Dogs; Happy Foxes and Sad Sacks (Big Picture)

A Certain Moral Flexibility.? (The Epicurean Dealmaker)

Is Arbitrage this year?s Margin Call?? (LA Times)

Q&A for Arbitrage.? (Sundance)

The Fear Index.? (Felix Salmon)

Bond Girl:? review.? (Entertainment Weekly)

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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Source: http://abnormalreturns.com/fictional-finance-on-the-rise/

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Rushdie speech cancelled after death threats in India (Reuters)

JAIPUR, India (Reuters) ? A video-link speech by Salman Rushdie to Asia's largest literature festival was cancelled minutes before it was due to begin on Tuesday because of death threats to the organizers and fears of riots by Muslim groups.

Rushdie's 1988 novel "The Satanic Verses" is banned in India and he had been forced to cancel a plan to address the festival in person. The portrayal of the prophet Mohammad in his book incensed Muslims and led to the author spending years in hiding.

He accused authorities on Tuesday of pandering to zealots with an eye on elections where Muslims form a key voting group.

"I find an India in which religious extremists can prevent free expression of ideas at a literary festival, in which the politicians are too, let's say, in bed with those groups to wish to oppose them, for narrow electoral reasons," the British-Indian author told the Indian news channel NDTV.

"Does India want to be a totalitarian state like China?"

The question of whether Rushdie should take part dogged the festival even before it began last week as organizers tried to balance religious sensitivities with freedom of speech in the world's largest democracy.

Rushdie dropped plans to travel to the north-western city of Jaipur after assassination threats against him were reported by Indian authorities.

Organizers announced the cancellation of Rushdie's video-link on Tuesday to a mix of boos and applause after being warned by police that his appearance could trigger a riot.

"There are a large number of people averse to this video link inside this property. They have threatened violence," Ram Pratap Singh, owner of the hotel at which the festival was held, told a large crowd that had assembled to listen to the author.

"This is necessary to avoid harm to all of you."

"TRIUMPH FOR BIGOTRY"

After an announcement at midday on Tuesday that Rushdie's address would go ahead, leaders of local Muslim groups began to congregate at the main entrance to the festival, vowing to protest if the video-link was shown.

"All of us feel hurt and disgraced. Artists have not been able to prevail," said Sanjoy Roy, the festival's producer, holding back tears as he addressed the crowd on the last day of the five-day event which drew 70,000 people.

"The police commissioner told us there would be violence in the venue and a riot outside where thousands were gathering if we continued," festival director and author William Dalrymple said in a statement.

"We have all received death threats, which are still continuing to arrive."

Indian political parties have been accused of failing to support Rushdie for fear of offending Muslim voters ahead of an important state election in Uttar Pradesh, the country's most populous state, next month.

The publication of "The Satanic Verses" over 20 years ago sparked protests around the world and death threats against Rushdie after Iranian leader Ayatollah Khomeini claimed that the novel's portrayal of the prophet Mohammad insulted Islam.

Five authors have been investigated by police in Jaipur for reading from "The Satanic Verses" at the festival.

Rushdie told NTDV he felt a "fool" for having been deterred from visiting the festival. "The threat of assassination was either exaggerated or fabricated," Rushdie told NDTV.

"The threat that did exist was the threat to the festival grounds, of the sort that we've seen today. And I think for that you have to blame, obviously, the Muslim groups that were so unscrupulous, and whose idea of free speech is that they're the only ones entitled to it."

Electronic name badges, X-ray machines and police pat-downs greeted visitors to the festival and close to 600 police were stationed around the five-stage venue in the capital of Rajasthan state.

Muslims make up 13 percent of India's 1.2 billion population and there is a history of violent clashes between religious groups. Around 2,500 people, mostly Muslims, were killed in the neighboring state of Gujarat in 2002 after a suspected Muslim mob burnt alive 59 Hindu activists and pilgrims inside a train.

(Editing by John Chalmers, Raju Gopalakrishnan and Robert Woodward)

Source: http://us.rd.yahoo.com/dailynews/rss/tv/*http%3A//news.yahoo.com/s/nm/20120124/stage_nm/us_india_rushdie

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Video: Paterno takes turn for the worse

>>> state football coach joe paterno is said to be in serious condition after experiencing complications battling lung cancer . nbc's michelle franzen is in state college , pennsylvania, with the latest. good morning, michelle.

>> well, jenna, good morning. joe paterno is said to be surrounded by family here at the nittany medical center . that after false reports circulated that the legendary coach had passed away . his son jay paterno responded in his own message on twitter saying not only was his father alive and fighting, but inspired by the outpouring of support from this community. holding vigil. penn state students and supporters surrounded the campus statue of legendary football coach joe paterno saturday night. leaving flowers, and praying for the man they affectionately call joe pa . they gathered after word came from the paterno family he was in the hospital, fighting for his life. doctors say his condition is serious, due to complications from lung cancer . paterno , who led the nittany lions for 46 seasons, was fired last fall, in the wake of the jerry sandusky sex abuse scandal. criticized for not going to police and following up on the allegations. just over a week ago, he granted "the washington post " an interview, explaining in a frail voice how he reacted in 2002 , when then graduate assistant mike mcqueary reported seeing jerry sandusky fondling a boy in a penn state locker room.

>> and then i called, you know, my superiors, and i said, hey, we got a problem, i think. would you guys look into it. cause i didn't know, you know, i had never had to deal with something like that. and i didn't feel -- i didn't feel adequate.

>> reporter: paterno also expressed regret for not doing more to follow-up. but believed he did the right thing at the time. reporter salary jenkins said paterno seemed determined to tell his story, even though the cancer treatment was taking its toll.

>> he's pretty lucid. he does wander a bit. he's hard of hearing now. the chemotherapy has made him a little bit foggy at times. and so, you know, we doesn't talk for very long periods.

>> reporter: paterno has been part of penn state 's football program for six decades, and has the most wins of any major u.s. college football coach in history. in november, his firing was so controversial, some students rioted. with paterno himself calling for calm. despite being forced out, paterno told jenkins, he still loves the place he worked and called home for most of his life.

>> i've had a wonderful experience here at penn state . i don't want to walk away from this thing bitter.

>> reporter: the family has also asked for privacy during this difficult time. meanwhile, onward state, the news agency serving penn state and the community here first made the mistake of reporting paterno had died after it -- after initially saying that he had died, they also came back and issued an apology, the managing editor also announced he was stepping down. jenna?

>> michelle franzen . michelle, thank you.

>>> doug flutie was the 1984 heisman trophy winner . he's currently a college football analyst for nbc sports and nbc sports network. doug, good morning. thanks for being with us.

>> my pleasure.

>> so, doug, you've covered joe pat earno for so many years. yeah, you know him as a man. you know him as a coach. what will his legacy be?

>> there's no doubt that his legacy on the field stands as it is with all the winning football teams. but his biggest legacy is to that university. he's built that university. all the young people he has nurtured and molded over the years. the young people that he has helped lead successful lives, that is his legacy.

>> the question has to be asked, how much of his reputation or this legacy that you talk about might be tainted because of the recent penn state sex abuse scandal?

>> well, i think that when it's all said and done, and we look back, that will be very dim as a part of his legacy. i think it's right at the tail end, which was a bad time for it to happen, but when it comes to remembering joe paterno , i mean, he is synonymous with penn state and penn state football and that university. his generosity, his loyalty to that university over the years, that is what will be remembered.

Source: http://video.today.msnbc.msn.com/today/46090277/

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Romney?s lowered expectations. (Americablog)

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Year of the Dragon may burn Putin, light up for Pacino (Reuters)

TAIPEI (Reuters) ? The coming Year of the Dragon will bring actor Al Pacino good fortune, but Russian Prime Minister Vladimir Putin needs to watch out -- he may lose vast sums of money.

As Chinese communities around the globe prepared for Lunar New Year, which starts on Monday, a Taiwanese fortune teller predicted a mixed bag of luck for famous "dragon" people around the world.

"Putin was born in 1952 ... This year he has a negative Treasure Star, it means he could lose a lot of money," Chan Wei-chung said of the possible fortune of the Russian leader, who last month faced widespread protests over a disputed election.

"As a country's leader, it is possible that he will not get the money he should earn, or the money he earns in the end all needs to be spent out again," Chan added, using an ancient Chinese method that plots destiny from alignments of stars in 12 "palaces" at the time and date of birth.

For veteran actor Al Pacino, born in 1940, the year is brighter, particularly if he does good deeds.

"This card reads 'bright sunshine,' which means he could turn away trouble with good luck, because of his works of charity or the help he has done for others," Chan said, consulting a set of fortune-telling cards he designed himself.

"This is a very lucky sign, we are very happy for him."

Sandra Bullock, born in 1964, needs to watch out for manipulative people beside her, but may have a chance of conceiving, while Reese Witherspoon, born in 1976, may enjoy more work success despite suffering from stress.

Chan, whose advice is much sought after by Taiwan's glitterati, sees a magic year for British actor Rupert Grint, of Harry Potter fame, but only if he heeds his elders.

"This year he has helpful forces by his side ... unstoppable connections in the rise of fame. His money comes from elders this year, this includes any seniors, his agent or his company, who can all help him to earn more money," Chan said.

There are 12 animal signs of the Chinese Zodiac. Those born in 1940, 1952, 1964, 1976 and 1988 are all dragons.

(Reporting by Christine Lu; Editing by Elaine Lies and Ed Lane)

Source: http://us.rd.yahoo.com/dailynews/rss/oddlyenough/*http%3A//news.yahoo.com/s/nm/20120120/od_nm/us_taiwan_fortuneteller

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The last Haditha Marine: Trial update, prosecution collapse, plea deal in the works? (Michellemalkin)

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Syrian tanks pull back from rebel town: opposition (Reuters)

AMMAN (Reuters) ? Syrian forces have pulled back from a rebel-held town near Lebanon after an agreement with insurgents to end fighting, a senior opposition leader in contact with residents said on Thursday.

Dozens of tanks and armored vehicles that had been surrounding Zabadani, 30 km (19 miles) northwest of Damascus, pulled back on Wednesday night to military garrisons 8 km away, and food and basic supplies have started reaching the town, Kamal al-Labwani told Reuters.

"The attack on Zabadani could renew any time. They may have pulled out of the area because they want to replace troops that have been hesitant to storm the town with more loyal forces," said Labwani, who is in the Jordanian capital.

President Bashar al-Assad's forces attacked Zabadani on Friday, after frequent demonstrations against his rule in the mixed Sunni Muslim and Christian town, situated near smuggling routes in mountains separating Syria from Lebanon.

It was the first big military assault since Arab monitors arrived in the country last month. Residents and opposition sources say insurgents managed to hold back the attacking troops until a ceasefire was reached on Tuesday.

There was no immediate comment from the Syrian authorities and state media have not mentioned the Zabadani ceasefire or five days of fighting that preceded it.

Arab monitors witnessed one demonstration there this week during a pause in the fighting, according to residents and YouTube footage which could not be independently verified.

(Reporting by Khaled Yacoub Oweis, Amman newsroom. Edited by Richard Meares)

Source: http://us.rd.yahoo.com/dailynews/rss/world/*http%3A//news.yahoo.com/s/nm/20120119/wl_nm/us_syria

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