May 1, 2013
By Mark Alan Hughes and Elise Harrington The Philadelphia Navy Yard is arguably the nation's most successful repurposing of a military base closed under the nationwide defense base-closing effort. What was once seen as an intimidating liability is now viewed as a key regional asset, with more people (10,000) employed there than when the based was closed. The key to this innovation was the arbitrage of legacy assets into new sources of value. One example: the electrical grid built originally for national security was adapted to provide the growing office campus with state-of-the-art energy-management options.
September 14, 2012 |
WALL STREET no doubt believes it will never get an understanding ear in Hollywood, but recent history says otherwise. The post-meltdown dramas "Wall Street 2: Money Never Sleeps," "Margin Call" and "Arbitrage," for instance, have something in common: are all directed by men who grew up in Wall Street families. Oliver Stone, J.C. Chandor, and now Nicholas Jarecki, whose "Arbitrage" is an unexpectedly sympathetic portrait of a big-shot financier (Richard Gere) trying to conceal crimes both personal and professional.
September 14, 2012 |
THE CHARACTER that Richard Gere plays in "Arbitrage" has been described as a Bernie Madoff-like figure, but that's way too flattering to the disgraced Ponzi operator. First, in the looks department, we can safely assert that bulging Bernie is no Richard Gere. Second, the character that Gere plays is a financier who gets caught on the wrong side of a bad deal, not a sociopath who remorselessly and systematically rips people off. Director Nicholas Jarecki said that when he set out to write something about the inner workings of high finance, he avoided anything that smacked of Madoff.
September 9, 2012 |
'You're in my hometown," says Richard Gere , calling Philadelphia from New York to talk about his perfectly timed financial-world thriller, Arbitrage. "Not that I've seen it much since I left, when I was 1. " His parents were students at the University of Pennsylvania, "just finishing up their college careers there," Gere says. "They came from a very small town in northeastern Pennsylvania - Brooklyn, Pennsylvania, like the borough. " That was long ago - 1949, to be exact.
April 26, 2003 |
Vanguard Group said yesterday that it would impose redemption fees on quick sales of nine international mutual funds to discourage traders from exploiting the time zones separating major global exchanges. As of June 27, the Malvern fund family will charge a 2 percent redemption fee on shares in these funds held less than two months. The funds are International Growth, International Value, International Explorer, Total International Stock Index, European Stock Index, Pacific Stock Index, Developed Markets Index, Institutional Developed Markets Index, and Emerging Markets Index.
September 23, 1993 |
Once romanticized, then vilified, the risk arbitrageurs of the '80s have been out of sight in the '90s - like Rambo, cloistered in a monastery between movies, waiting for a new call to action. Has the call come, now that Paramount Communications is in play? Probably, although risk arbitrage - speculating on stocks of companies embroiled in takeover fights - is, by necessity, a secretive business. And some of the big names that put takeover fights into the headlines in the '80s, while they may be out of jail, are out of business - Michael Milken and Ivan Boesky, for instance.
April 22, 1990 |
In the roaring 1980s, risk arbitrage was a growth industry on Wall Street and the arbitrageurs were the most daring players in a stock market characterized by derring-do. Now, arbitrage has become yet another casualty of a general market slump. With takeover activity at its lowest level in years, many arbs - as arbitrageurs are not-so-affectionately nicknamed - are dropping out. While no one is quite ready to call it a farewell to arbs, veterans of the business say their ranks are rapidly thinning.
April 7, 1990 |
Lotus Development Corp. and Novell Inc. agreed yesterday to merge their computer-software companies, a move that could give Lotus a leading edge in the software industry. The companies signed a letter of intent under which Novell would become a subsidiary of Lotus after the stock-swap merger. No cash would change hands. Lotus would swap 1.91931 shares of Lotus common stock for each share of Novell common stock. Both companies trade over the counter. Lotus, of Cambridge, Mass.
November 17, 1989 |
The New York Stock Exchange said yesterday that the amount of computerized program trading there had declined sharply in October, when the controversial strategy was blamed for a rash of wild market swings. Program-trading strategies accounted for 9.7 percent of an average total daily volume of 182.4 million shares, or 17.7 million shares a day, on the NYSE, the nation's largest stock exchange. That compared with 20.9 million shares, or 13.8 percent, of a total of 151.8 million shares traded daily in September.
February 7, 1989 |
Robert Krulwich is belly-down, his elbows planted and his hands framing his eyes. It's the classic cavalry-scout-on-the-ridge pose - sprawled flat, peering through binoculars at an enemy encampment below. Only Krulwich is wearing a white Oxford shirt and khaki pants, not a coonskin cap. He's prone on the green industrial carpet of a 60 Minutes projection room, not some craggy precipice. He is not gripping binoculars, nor spying on marauders hunkered over rations around a campfire.