Wednesday 28 April 2010

James Camerons vs Gordon Gekkos Capitol Hill clash

From Mother Jomes
It began with the Hollywood Stock Exchange (HSX),(http://www.hsx.com/) a fake-money internet game in which players try to predict the box office takes of Hollywood's biggest flicks.---In 2001, Cantor Fitzgerald, a Wall Street investment firm, bought the five-year-old HSX with the intention of perhaps starting a real-money market along the same lines.--It wasn’t until 2008 that Cantor applied to the Commodity Futures Trading Commission (CFTC), which regulates futures trading, for approval for a real-money HSX.
---The studios freaked. They were worried that movie futures could be vulnerable to manipulation and insider trading, and that if investors lost confidence in a film it would bomb at the box office. The head of the Motion Picture Association of America (MPAA), Bob Pisano—essentially Hollywood's top lobbyist—wrote (PDF) to the CFTC, warning regulators that film futures would be the "economic equivalent of legalized gambling on movie receipts."

The MPAA is a formidable foe, however. Over the past five years, the trade group has spent around $2 million a year lobbying Congress. Its political action committee has handed out tens of thousands of dollars in campaign contributions to key members. It has what DC insiders call "suction."

Cantor Fitzgerald may be a big deal on Wall Street. But it doesn't have nearly as much pull on the Hill.

Motion Picture Association of America
chairman
Daniel Robert "Dan" Glickman (born November 24, 1944
日 月 年
壬 乙 甲
辰 亥 申
65 ~ 74 壬午
2010 庚寅 vs 年甲申
no wonder weird Holluwood Stock Exchange would freak his imstitution MPAA
but壬 moderates btw wood n metal
so OK

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