Even as he collected his martini, the burly stranger who introduced himself as “Joe” exuded an aura of belligerence. We were standing on the fringe of a post-screening reception, so, hand extended, I blurted, “Did the movie work for you?”
“It was blah,” he replied. “Given what they spent for the script, they should have made a powerful f*ckin’ movie.”
At the time I didn‘t realize I was talking with Joe Eszterhas, who had made $4 million from sale of his script — more an auction than a sale and hardly “blah.” Joe and several estimable writing colleagues were participants in what came to be known in the mid-‘80s as the “Writers Rebellion,” a moment when top screenwriters decided to reinvent what they considered a broken system for propagating their creative product.
The rebellion was not as momentous as, say, the French Revolution, but its drama and rhetoric for...
“It was blah,” he replied. “Given what they spent for the script, they should have made a powerful f*ckin’ movie.”
At the time I didn‘t realize I was talking with Joe Eszterhas, who had made $4 million from sale of his script — more an auction than a sale and hardly “blah.” Joe and several estimable writing colleagues were participants in what came to be known in the mid-‘80s as the “Writers Rebellion,” a moment when top screenwriters decided to reinvent what they considered a broken system for propagating their creative product.
The rebellion was not as momentous as, say, the French Revolution, but its drama and rhetoric for...
- 4/11/2024
- by Peter Bart
- Deadline Film + TV
Updated with more signatories: Reaction continues to The Zone of Interest director Jonathan Glazer’s acceptance speech after his film won the Oscar for Best International Feature Film this month.
Some 1,215 Jewish show business professionals now have signed a letter denouncing the filmmaker’s speech, in which he decried the “dehumanization” of the October 7 attack on Israel by Hamas. See the updated full list below.
“We refute our Jewishness being hijacked for the purpose of drawing a moral equivalence between a Nazi regime that sought to exterminate a race of people, and an Israeli nation that seeks to avert its own extermination,” the letter states (read it in full in full below).
This list includes among its signatories Eli Roth and Amy Sherman-Palladino, Amy Pascal, Debra Messing, Gail Berman, Hawk Koch, Jennifer Jason Leigh, Gary Barber, Lawrence Bender, Tovah Feldshuh and Rod Lurie.
You can watch Glazer’s speech here,...
Some 1,215 Jewish show business professionals now have signed a letter denouncing the filmmaker’s speech, in which he decried the “dehumanization” of the October 7 attack on Israel by Hamas. See the updated full list below.
“We refute our Jewishness being hijacked for the purpose of drawing a moral equivalence between a Nazi regime that sought to exterminate a race of people, and an Israeli nation that seeks to avert its own extermination,” the letter states (read it in full in full below).
This list includes among its signatories Eli Roth and Amy Sherman-Palladino, Amy Pascal, Debra Messing, Gail Berman, Hawk Koch, Jennifer Jason Leigh, Gary Barber, Lawrence Bender, Tovah Feldshuh and Rod Lurie.
You can watch Glazer’s speech here,...
- 3/20/2024
- by Erik Pedersen
- Deadline Film + TV
Martin Campbell's "GoldenEye" is one of the most important films in the history of the James Bond franchise. The series had been mothballed for six years after the box office disappointment of "License to Kill" in 1989, which brought the two-film Timothy Dalton era to a premature halt. While producers Barbara Broccoli and Michael G. Wilson searched for Dalton's successor, the world went through a rapid metamorphosis. The Berlin Wall fell in 1989, precipitating the end of the Warsaw Pact and the breakup of the Soviet Union. The Cold War was over. The West won. Where did Bond fit in this new world order?
Old hostilities die hard, especially in spy fiction, so it's no surprise that screenwriters Jeffrey Caine and Bruce Feirstein (working from a story by Michael France) concocted a Russia-centric adventure revolving around an electromagnetic weapon that would plunge the Cold War victors into a global financial crisis.
Old hostilities die hard, especially in spy fiction, so it's no surprise that screenwriters Jeffrey Caine and Bruce Feirstein (working from a story by Michael France) concocted a Russia-centric adventure revolving around an electromagnetic weapon that would plunge the Cold War victors into a global financial crisis.
- 10/14/2023
- by Jeremy Smith
- Slash Film
Two years ago, during the lockdown, I wrote that I had become addicted to those little bird-box libraries that make walking here something of a literary pilgrimage.
I’m still addicted. And almost two months ago, just before the writers strike began, I made a charming discovery–that one of my neighbors is a Very Famous Writer– all thanks to his sidewalk library.
The writer will remain unnamed, because privacy is something to be respected, even by reporters. But here’s the short form:
About four o’clock one afternoon, before the dog-crowd comes out, I felt a need for one of those short, head-clearing walks. A good target, I figured, would be a spot some blocks away, where somebody or other was maintaining what I’d long thought was the best little library in town. I won’t give titles, because some of those might tip the owner’s identity.
I’m still addicted. And almost two months ago, just before the writers strike began, I made a charming discovery–that one of my neighbors is a Very Famous Writer– all thanks to his sidewalk library.
The writer will remain unnamed, because privacy is something to be respected, even by reporters. But here’s the short form:
About four o’clock one afternoon, before the dog-crowd comes out, I felt a need for one of those short, head-clearing walks. A good target, I figured, would be a spot some blocks away, where somebody or other was maintaining what I’d long thought was the best little library in town. I won’t give titles, because some of those might tip the owner’s identity.
- 6/11/2023
- by Michael Cieply
- Deadline Film + TV
(Welcome to Tales from the Box Office, our column that examines box office miracles, disasters, and everything in between, as well as what we can learn from them.)
There was a period when the "James Bond" franchise was dead for a few years, following Timothy Dalton's somewhat disappointing (commercially speaking) two-film run in the late '80s. After 1989's "License to Kill," the series was in need of reinvention, which would eventually come in a big way with 1995's massive hit "GoldenEye." Pierce Brosnan managed to bring Bond to the '90s in style, with the huge help of ace director Martin Campbell behind the camera. 007 was back in a big, bad way. But as is so often the case with a big, long-running series such as this, attention immediately turns to what comes next.
In this case, the answer to that question came in December 1997 in the form of "Tomorrow Never Dies,...
There was a period when the "James Bond" franchise was dead for a few years, following Timothy Dalton's somewhat disappointing (commercially speaking) two-film run in the late '80s. After 1989's "License to Kill," the series was in need of reinvention, which would eventually come in a big way with 1995's massive hit "GoldenEye." Pierce Brosnan managed to bring Bond to the '90s in style, with the huge help of ace director Martin Campbell behind the camera. 007 was back in a big, bad way. But as is so often the case with a big, long-running series such as this, attention immediately turns to what comes next.
In this case, the answer to that question came in December 1997 in the form of "Tomorrow Never Dies,...
- 2/8/2023
- by Ryan Scott
- Slash Film
James Bond’s veteran screenwriters have shared some of the secrets of writing 007’s memorable lines.
Neal Purvis and Robert Wade took part in a rare interview for the British Film Institute (BFI)’s celebration of the screen spy’s 60th birthday as they looked back on their joint career bringing Bond to life – often, they explained, with another writer to give their words “a polish.”
The pair’s first outing for 007 was for The World is Not Enough, the third film in the franchise to star Pierce Brosnan. On that occasion, American writer Bruce Feirstein carried on the work. Later, on Casino Royale – Daniel Craig’s debut – it was handed over to Paul Haggis to finish. And on last year’s epic, No Time to Die, Fleabag star Phoebe Waller-Bridge was invited to come on board.
Related Story James Bond Movies In Order: Filmography, Bond Women & Iconic Villains...
Neal Purvis and Robert Wade took part in a rare interview for the British Film Institute (BFI)’s celebration of the screen spy’s 60th birthday as they looked back on their joint career bringing Bond to life – often, they explained, with another writer to give their words “a polish.”
The pair’s first outing for 007 was for The World is Not Enough, the third film in the franchise to star Pierce Brosnan. On that occasion, American writer Bruce Feirstein carried on the work. Later, on Casino Royale – Daniel Craig’s debut – it was handed over to Paul Haggis to finish. And on last year’s epic, No Time to Die, Fleabag star Phoebe Waller-Bridge was invited to come on board.
Related Story James Bond Movies In Order: Filmography, Bond Women & Iconic Villains...
- 10/9/2022
- by Caroline Frost
- Deadline Film + TV
As with so many other organizations these past couple of years, the Will Rogers Motion Picture Pioneers Foundation had been unable to meet in person. But on Wednesday, the charity, which provides assistance to theater workers, gathered at the Beverly Hilton to honor producers Barbara Broccoli and Michael G. Wilson as pioneers of the year.
Presenting the award to the producers most famous for the James Bond franchise were Michelle Yeoh (“Tomorrow Never Dies”) and Daniel Craig, who starred as 007 in five of the films since 2006’s “Casino Royale.”
“They just give and give, quietly and generously,” Craig said of Broccoli and Wilson’s philanthropic work. “They are like giving first responders. They see a problem and march right in.”
Talking about their stewardship of the Bond franchise, he said, “They never shy away from taking that risky decision that will lift the film from mediocrity.”
Yeoh said she was...
Presenting the award to the producers most famous for the James Bond franchise were Michelle Yeoh (“Tomorrow Never Dies”) and Daniel Craig, who starred as 007 in five of the films since 2006’s “Casino Royale.”
“They just give and give, quietly and generously,” Craig said of Broccoli and Wilson’s philanthropic work. “They are like giving first responders. They see a problem and march right in.”
Talking about their stewardship of the Bond franchise, he said, “They never shy away from taking that risky decision that will lift the film from mediocrity.”
Yeoh said she was...
- 9/22/2022
- by Shalini Dore
- Variety Film + TV
Three years since Elizabeth Banks was honored as Pioneer Of The Year in 2019, the Will Rogers Motion Picture Pioneers Foundation returned Wednesday night with their Pioneer Of The Year dinner, this time honoring James Bond franchise producers Michael G. Wilson and Barbara Broccoli. It was a welcome return for the industry charity which earned what co-chair Erik Lomis (with Heather Morgan) announced was a healthy haul of 1.5M dollars for the cause.
MGM, United Artists Releasing and their new owner Amazon Studios sponsored the evening for the organization whose membership spans the distribution and exhibition side of the business. Everyone was in high spirits at the Beverly Hilton ballroom. Of course the honorees themselves were responsible for much of that upbeat response for a crowd eager to get back to normal after three years where the pandemic had Ko’d this event. It didn’t hurt that the most recent James Bond himself,...
MGM, United Artists Releasing and their new owner Amazon Studios sponsored the evening for the organization whose membership spans the distribution and exhibition side of the business. Everyone was in high spirits at the Beverly Hilton ballroom. Of course the honorees themselves were responsible for much of that upbeat response for a crowd eager to get back to normal after three years where the pandemic had Ko’d this event. It didn’t hurt that the most recent James Bond himself,...
- 9/22/2022
- by Pete Hammond
- Deadline Film + TV
Just a few days after the New York Times published an article exposing Fox News host Bill O’Reilly’s numerous sexual harassment suits, his new book has debuted at No. 1 in the same paper. “Old School: Life in the Sane Lane,” which was co-written with “James Bond” author and humorist Bruce Feirstein, was released on March 28, and earned the top spot on the New York Times Bestsellers List in the nonfiction category. It’s described as a “defense of ‘old school’ traditional values versus ‘snowflakes’.” Julie Bosman, a national correspondent for the Times, noted the achievement on Twitter, posting a snapshot of.
- 4/5/2017
- by Carli Velocci
- The Wrap
Tomorrow Never Dies
Directed by Roger Spottiswoode
Screenplay by Bruce Feirstein
1997, USA
Goldeneye may have been the first Bond made in the ’90s, but Tomorrow Never Dies is the first ’90s Bond. Finally liberated from the remnants of the Cold War, the Bond era entered the global media age where moguls are the madmen and manipulation is more powerful than money. In many ways, its an era that the character and the world has been unable to deny in this modern age, but one in which the series has adapted to admirably.
The second outing for Pierce Brosnan’s 007 finds him ensnared by a former flame, Terri Hatcher’s Paris Carver; the trophy wife to Elliot Carver, Jonathan Pryce’s arrogant, Rupert Murdoch like tycoon. Brosnan drops the inner turmoil of Goldeneye and makes his 007 lighter than air, a walking suit who has fun with his gadgets and more fun with the ladies,...
Directed by Roger Spottiswoode
Screenplay by Bruce Feirstein
1997, USA
Goldeneye may have been the first Bond made in the ’90s, but Tomorrow Never Dies is the first ’90s Bond. Finally liberated from the remnants of the Cold War, the Bond era entered the global media age where moguls are the madmen and manipulation is more powerful than money. In many ways, its an era that the character and the world has been unable to deny in this modern age, but one in which the series has adapted to admirably.
The second outing for Pierce Brosnan’s 007 finds him ensnared by a former flame, Terri Hatcher’s Paris Carver; the trophy wife to Elliot Carver, Jonathan Pryce’s arrogant, Rupert Murdoch like tycoon. Brosnan drops the inner turmoil of Goldeneye and makes his 007 lighter than air, a walking suit who has fun with his gadgets and more fun with the ladies,...
- 11/5/2015
- by Shane Ramirez
- SoundOnSight
Jack Ma, founder of the Alibaba Group, who just became the richest man in China thanks to his company’s record-breaking Ipo-offering on the New York Stock Exchange, could next become the subject of a movie. Producer Janet Yang is looking to set up an international co-production focusing on Ma and his life, The Hollywood Reporter has confirmed. Bruce Feirstein, who’s repped by Apa, has written a script for Yang called Alibaba, the name of Ma’s group of Internet-based e-commerce businesses. On its first day of trading, Alibaba raised $21.8 billion in its initial public
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- 9/25/2014
- by Gregg Kilday
- The Hollywood Reporter - Movie News
Exclusive: Talk about a torn-from-the-headlines feature film. This might be the Chinese version of The Social Network. Just days ago, Jack Ma launched an Ipo for Alibaba on the New York Stock Exchange and finished the day with his company valued at $231 billion — more than Amazon and eBay combined — and making him the richest man in China and among the richest in the world with $26.5 billion. There’s already a fully scripted feature film on his life that is ready to be shopped, and the people behind it are formidable.
Apa soon will be shopping a script that Bruce Feirstein wrote, with Janet Yang producing. Yang, who worked for Oliver Stone and partnered with Lisa Henson, has been producing films in China including Shanghai Calling. There, she met Feirstein as he was rewriting and producing domestic audience films in China including Hong He (Red River) and writing about business subjects for Vanity Fair.
Apa soon will be shopping a script that Bruce Feirstein wrote, with Janet Yang producing. Yang, who worked for Oliver Stone and partnered with Lisa Henson, has been producing films in China including Shanghai Calling. There, she met Feirstein as he was rewriting and producing domestic audience films in China including Hong He (Red River) and writing about business subjects for Vanity Fair.
- 9/24/2014
- by Mike Fleming Jr
- Deadline
First, there was Empire's James Bond podcast special, a 90 minute discussion of all things 007. Then there was Empire's Skyfall spoiler special, a three quarters of an hour-long journey through Bond 23's intimate plot points. Then there was a 40 minute interview with Sir Roger Moore, all Christmas dinner tips and witty asides. Today, to complete the Bond quartet, here is a 45-minute interview with Skyfall writers Purvis & Wade - arguably the most enlightening of the lot.For those not in the know, Neal Purvis and Robert Wade have been Eon's in-house scriptwriters for the past five Bond movies, from 1999's The World Is Not Enough (with Bruce Feirstein) to 2012's Skyfall (with John Logan). With their tenure as Bond's pensmiths now at an end - Logan is set to write the next two Craig films alone - they dropped by the Empire Podcast studio to reveal some amazing spoilery secrets...
- 11/9/2012
- EmpireOnline
Rip-roaring adventure, memorable enemies and beautiful women, the Bond movies should make great games. But they've only made one. Here's why
I can remember my first experience of a James Bond computer game. It was the Commodore 64 version of View to a Kill, released by Domark Software in 1985. I distinctly recall awkwardly driving a tiny block-like taxi around a depiction of Paris that resembled a series of green sticking plasters haphazardly slapped over each other. And I thought to myself, this in no way captures the experience of watching a James Bond movie. It would turn out to be a prescient observation.
Fast forward to 2012 and the latest Bond flick is thrilling movie-goers with its gritty action, complex plot and compelling central performance. But there is no direct video game tie-in. Instead, there are a couple of sequences from Skyfall tucked into a game called 007 Legends, a sort of best-of-Bond compendium,...
I can remember my first experience of a James Bond computer game. It was the Commodore 64 version of View to a Kill, released by Domark Software in 1985. I distinctly recall awkwardly driving a tiny block-like taxi around a depiction of Paris that resembled a series of green sticking plasters haphazardly slapped over each other. And I thought to myself, this in no way captures the experience of watching a James Bond movie. It would turn out to be a prescient observation.
Fast forward to 2012 and the latest Bond flick is thrilling movie-goers with its gritty action, complex plot and compelling central performance. But there is no direct video game tie-in. Instead, there are a couple of sequences from Skyfall tucked into a game called 007 Legends, a sort of best-of-Bond compendium,...
- 10/31/2012
- by Keith Stuart
- The Guardian - Film News
Today marks the release of the latest James Bond video game, 007 Legends , and we've got the launch trailer for you below. 007 Legends , unlike other Bond games, is a combination of several films from the series to form one cohesive storyline. The films included are Goldfinger , Moonraker , On Her Majesty's Secret Service , Die Another Day , License to Kill , and the upcoming Skyfall . Daniel Craig provides the voice and likeness of Bond in the game and he's joined by his Skyfall co-star Naomie Harris. Michael Lonsdale and Richard Kiel also reprise their roles as Hugo Drax and Jaws in the Moonraker mission.The game was written by Bond veteran Bruce Feirstein, who wrote GoldenEye , Tomorrow Never Dies , and The World is Not Enough . 007 Legends hits...
- 10/16/2012
- Comingsoon.net
With James Bond celebrating his 50th anniversary this year, actor Daniel Craig is once again going virtual in the new Activision game 007 Legends, which debuts Tuesday on PlayStation 3 and Xbox 360. Hollywood screenwriter Bruce Feirstein has now written more Bond games (five) than movies (three). His latest game updates stories from five classic films (Goldfinger, On Her Majesty’s Secret Service, Moonraker, License to Kill and Die Another Day) with Craig playing the spy across the entire overarching story line. Players will be able to download a sixth mission, Skyfall, upon Sony Pictures’ theatrical release Nov. 9. Feirstein explains how
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- 10/15/2012
- by John Gaudiosi
- The Hollywood Reporter - Movie News
We're getting very close to the release of 007 Legends and if you're a die hard Bond fan, then this opening cinematic for the game will really make you happy. 007 Legends , unlike other Bond games, is a combination of several films from the series to form one cohesive storyline. The films included are Goldfinger , Moonraker , On Her Majesty's Secret Service , Die Another Day , License to Kill , and the upcoming Skyfall . Daniel Craig provides the voice and likeness of Bond in the game and he's joined by his Skyfall co-star Naomie Harris. Michael Lonsdale and Richard Kiel also reprise their roles as Hugo Drax and Jaws in the Moonraker mission.The game was written by Bond veteran Bruce Feirstein, who wrote GoldenEye , Tomorrow Never Dies , and The World is Not...
- 10/4/2012
- Comingsoon.net
007 Legends is looking to live up to its name in more than just the movies it incorporates. Written by Bruce Feirstein, who is not only responsible for a few of the film adaptations but has previously worked with Activision on both 007 Everything or Nothing and the Goldeneye 007 remake, the game was already going to be crafted by a legend – now we know that it will be voiced by some as well.
As announced exclusively to MTV, Richard Kiel will be reprising his role as Jaws in 007 Legends. He may not be renown for talking, but there is clearly no one more capable of bringing the classic chomp back to life than the original actor himself. Similarly, the main Moonraker villain Hugo Drax will be voiced by the man who played him in the movies, Michael Londsdale.
These two classic characters join Skyfall‘s Rory Kinnear and Naomie Harris, who were...
As announced exclusively to MTV, Richard Kiel will be reprising his role as Jaws in 007 Legends. He may not be renown for talking, but there is clearly no one more capable of bringing the classic chomp back to life than the original actor himself. Similarly, the main Moonraker villain Hugo Drax will be voiced by the man who played him in the movies, Michael Londsdale.
These two classic characters join Skyfall‘s Rory Kinnear and Naomie Harris, who were...
- 7/27/2012
- by Ian Findlay
- We Got This Covered
Two veteran Bond film actors join the voice cast of the Eon Productions' shooter, while also adding longtime film and game writer Bruce Feirstein.
Find out who'll be giving Moonraker henchman Jaws his bite and who'll be filling the villainous shoes of the goateed space case Hugo Drax after the jump.
Activision has revealed to us that Richard Kiel will be reprising his role as Jaws, the brawny man of few words with the metal teeth in the Moonraker portion of 007 Legends. If you'll recall, the structure of the game will have Daniel Craig's James Bond progressing through the stories of Bond films past, of which 1979's Moonraker is one. The actor will be lending his likeness and voice to the role (although Jaws wasn't much for talking).
Kiel's Jaws appeared in both that film as well as 1977's The Spy Who Loved Me, using his superhuman strength and...
Find out who'll be giving Moonraker henchman Jaws his bite and who'll be filling the villainous shoes of the goateed space case Hugo Drax after the jump.
Activision has revealed to us that Richard Kiel will be reprising his role as Jaws, the brawny man of few words with the metal teeth in the Moonraker portion of 007 Legends. If you'll recall, the structure of the game will have Daniel Craig's James Bond progressing through the stories of Bond films past, of which 1979's Moonraker is one. The actor will be lending his likeness and voice to the role (although Jaws wasn't much for talking).
Kiel's Jaws appeared in both that film as well as 1977's The Spy Who Loved Me, using his superhuman strength and...
- 7/26/2012
- by Charles Webb
- MTV Multiplayer
To mark the 50th Anniversary of one of the most successful movie franchises of all time and with James Bond’s 23rd official outing in Skyfall due for release later this year, I have been tasked with taking a retrospective look at the films that turned author Ian Fleming’s creation into one of the most recognised and iconic characters in film history.
Despite Licence To Kill receiving a mostly positive reaction on its release in 1989 it was felt by many that the series had run its course. Over the following four years a legal dispute between United Artists, MGM and Eon Productions caused major delays jepordising the future development of the character. In the intervening years with the fall of the Berlin Wall and the end of the Cold War James Bond was being pushed aside in favour of muscled action stars and comic book heroes bringing Bond’s relevance into question.
Despite Licence To Kill receiving a mostly positive reaction on its release in 1989 it was felt by many that the series had run its course. Over the following four years a legal dispute between United Artists, MGM and Eon Productions caused major delays jepordising the future development of the character. In the intervening years with the fall of the Berlin Wall and the end of the Cold War James Bond was being pushed aside in favour of muscled action stars and comic book heroes bringing Bond’s relevance into question.
- 7/26/2012
- by Chris Wright
- Obsessed with Film
The history of Ian Fleming's MI6 super-spy James Bond in video games is almost as old as the interactive medium itself, entering the biz in 1983 with the release of "James Bond 007" for Atari 2600, ColecoVision and Commodore 64. Close to three decades and 23 (!!!) games later, Bizarre Creations (High Moon Studios handled the PC port) and Activision have cooked up Bond's latest adventure, an original tale by "GoldenEye" screenwriter Bruce Feirstein, "Blood Stone 007." Daniel Craig, Dame Judi Dench and Bond Girl of the Moment, Joss Stone, lend their voices and likenesses as well, giving the game plenty of star power. The question remains however: Is there enough shake in this martini to satisfy fans of the suave secret agent?
The Basics
James Bond Vs. WMDs. That's simplifying, but it's basically what is going in in "Blood Stone 007." Shady characters are producing a crapton of biological weapons and only MI6's top agent can stop them.
The Basics
James Bond Vs. WMDs. That's simplifying, but it's basically what is going in in "Blood Stone 007." Shady characters are producing a crapton of biological weapons and only MI6's top agent can stop them.
- 11/8/2010
- by Adam Rosenberg
- MTV Multiplayer
It's perhaps indicative of the current state of the global entertainment industry that while the crippling financial problems at MGM have temporarily foiled the 23rd James Bond film, Activision has had no such concerns pulling together a stellar cast for big budget new video game Blood Stone 007. The third-person action game's completely original story has been written by Bruce Feirstein, writer of three Bond films and two Bond games (Everything Is Nothing and From Russia With Love), while Daniel Craig, Judi Dench and pop singer Joss Stone all lend their likenesses and vocal talents. So Digital Spy joined the famous British secret agent to end some lives and break some hearts in Blood Stone. The game puts the player in the shoes of Daniel Craig's Bond, described by developer Bizarre Creations as "gadget light (more)...
- 9/16/2010
- by By Andrew Laughlin
- Digital Spy
As most of you probably already know, MGM is in financial straits. According to The Hollywood Reporter, things are going so badly with MGM's restructuring review that a forced bankruptcy is a real possibility by Sept. 15.
According to the trade, lenders don't want to lose control of the studio's lucrative James Bond movie rights. So one of them could still dig deeper to provide enough new equity capital to make a voluntary restructuring feasible.
Or if that option fails, the Century City studio could obtain a seventh extension of its debt forbearance agreement with its 100-plus lenders.
To you and I, what this means is that near-future projects based upon its holdings are in a spot of peril. Perhaps none more visibly than the storied Bond franchise.
The next installment — which would see the 42 year-old Daniel Craig reprise his role as the suave spy for the third time — has been placed on hold indefinitely,...
According to the trade, lenders don't want to lose control of the studio's lucrative James Bond movie rights. So one of them could still dig deeper to provide enough new equity capital to make a voluntary restructuring feasible.
Or if that option fails, the Century City studio could obtain a seventh extension of its debt forbearance agreement with its 100-plus lenders.
To you and I, what this means is that near-future projects based upon its holdings are in a spot of peril. Perhaps none more visibly than the storied Bond franchise.
The next installment — which would see the 42 year-old Daniel Craig reprise his role as the suave spy for the third time — has been placed on hold indefinitely,...
- 8/9/2010
- CinemaSpy
The "James Bond 007: Blood Stone" video game event in London this month had all the class and splash one would expect from the world's most elegant spy.
Guests sipped champagne in the historic former church venue One Marylebone and inspected pieces of Bond memorabilia including Oddjob's hat from "Goldfinger" and Jaws' famous teeth. The event even featured a video game Bond girl in a stunning black evening dress, the Brit songstress Joss Stone who belts out the game's theme song.
However impressive the Activision launch, big questions about the historic franchise loomed. Longtime Bond producer Michael G. Wilson touched on these unspoken questions from the podium.
"I wish we were launching a movie," he quipped, bringing laughter from the audience.
It was a rare public comment and an even rarer moment of mirth in the drawn-out James Bond-mgm saga, which has left the faithful feeling shaken. In April, Wilson...
Guests sipped champagne in the historic former church venue One Marylebone and inspected pieces of Bond memorabilia including Oddjob's hat from "Goldfinger" and Jaws' famous teeth. The event even featured a video game Bond girl in a stunning black evening dress, the Brit songstress Joss Stone who belts out the game's theme song.
However impressive the Activision launch, big questions about the historic franchise loomed. Longtime Bond producer Michael G. Wilson touched on these unspoken questions from the podium.
"I wish we were launching a movie," he quipped, bringing laughter from the audience.
It was a rare public comment and an even rarer moment of mirth in the drawn-out James Bond-mgm saga, which has left the faithful feeling shaken. In April, Wilson...
- 7/26/2010
- by By Bryan Alexander
- The Hollywood Reporter - Movie News
With the recent resurgence of news stories citing the formal cancellation of "Bond 23" (the next James Bond film, where Daniel Craig would be working with director Sam Mendes), Activision finds itself in a peculiar spot of timing with James Bond 007: Blood Stone. There's no movie to tie-in with, so this is basically the only, "new James Bond experience" for 2010 -- here's hoping that we get something closer to EA's excellent Everything Or Nothing rather than the lackluster Quantum of Solace. Now that Blood Stone has been formally announced this morning, we shot some questions over to producer Nick Davies over at developer Bizarre Creations.
1Up: Because of stuff like the HMV retail leak a while back, there's a lot of confusion about Blood Stone. Is it a driving game with a Bond skin, or is it a mash-up of The Club with Pgr, or what. So can you clarify,...
1Up: Because of stuff like the HMV retail leak a while back, there's a lot of confusion about Blood Stone. Is it a driving game with a Bond skin, or is it a mash-up of The Club with Pgr, or what. So can you clarify,...
- 7/19/2010
- UGO Movies
At the E3 Games Conference last month Nintendo announced an updated version of the N64 classic Goldeneye will be released on Wii. Despite news that production was indefinitely halted on Sam Mendes’ Bond 23, due to MGM’s financial issues, it hasn’t stopped Activision keeping the series alive with a brand new console game.
A trailer has now appeared online for the game titled James Bond 007: Blood Stone, written by Bruce Feirstein. The game will feature the voice talent of Daniel Craig as oo7, Judi Dench as M, with Joss Stone providing the soundtrack.
Embedded below is the official press release for James Bond 007: Blood Stone, along with the trailer:
Santa Monica, Calif., July 16 /PRNewswire/ — Award winning artist Joss Stone is set to debut as the newest Bond girl in Activision Publishing, Inc.’sJames Bond 007: Blood Stone, an original Bond experience from legendary screenwriter Bruce Feirstein.
A trailer has now appeared online for the game titled James Bond 007: Blood Stone, written by Bruce Feirstein. The game will feature the voice talent of Daniel Craig as oo7, Judi Dench as M, with Joss Stone providing the soundtrack.
Embedded below is the official press release for James Bond 007: Blood Stone, along with the trailer:
Santa Monica, Calif., July 16 /PRNewswire/ — Award winning artist Joss Stone is set to debut as the newest Bond girl in Activision Publishing, Inc.’sJames Bond 007: Blood Stone, an original Bond experience from legendary screenwriter Bruce Feirstein.
- 7/19/2010
- by Jamie Neish
- HeyUGuys.co.uk
Award winning artist Joss Stone is set to debut as the newest Bond girl in Activision Publishing, Inc.'s "James Bond 007: Blood Stone," an original Bond experience from legendary screenwriter Bruce Feirstein. In addition to stepping into a leading role, Grammy and Brit Award winner Joss Stone will create original music for the game, luring players into an explosive third-person action adventure where they will unravel an international conspiracy across exotic locales. Players will experience full-throttle, behind-the-wheel action on land and sea while using the most high tech gadgetry known to James Bond 007, the world's most skilled secret agent."James Bond 007: Blood Stone captures the cinematic intensity of a Bond film by immersing players in an intriguing conspiracy that will require them to think and act like James Bond," said David Pokress, Head of Marketing for Licensed Properties, Activision Publishing. "In addition, the game will feature a diverse...
- 7/19/2010
- LRMonline.com
We already brought you the slightly odd news that the N64 classic Goldeneye was undergoing a remake for the Wii, retrofitted to star Daniel Craig instead of Pierce Brosnan. Now, recently live online, is the trailer for the next Bond game proper: Activision's James Bond 007: Blood Stone.The game has been written by Bruce Feirstein, who penned Goldeneye, Tomorrow Never Dies and The World is Not Enough. Craig will again star in pixellated form, along with Judi Dench as M, and Joss Stone, who seems to be quite heavily involved, providing the music as well as taking a role as a Bond girl. Blood Stone: do you see? According to the press release, it's an "explosive third-person action adventure where players will unravel an international conspiracy across exotic locales [with] full-throttle, behind-the-wheel action on land and sea, and the most high tech gadgetry known to James Bond 007, the world's most skilled secret agent.
- 7/19/2010
- EmpireOnline
With the James Bond movie franchise officially dead in the water, our man Aaron takes a look at what may be the future for the long-running franchise…
Is it just me, Or does Daniel Craig look better digitized?
As if we all weren’t excited enough for the upcoming release of the newly revamped Goldeneye game for the Wii (a long awaited revisit to a classic among classics), Activision and Bizzare Creations released a trailer for it’s new game, James Bond: Blood Stone, early Friday morning.
Taking a third-person, action oriented approach to the James Bond video game series (think Splinter Cell: Conviction with bow-ties and Martinis), Activision is promising that this game will “Immerse you into the world of Bond”. To more adequately explain, here’s the official game description Activision released with their trailer:
[James Bond: Blood Stone features] Daniel Craig, Joss Stone and Judi Dench and features an epic, original story...
Is it just me, Or does Daniel Craig look better digitized?
As if we all weren’t excited enough for the upcoming release of the newly revamped Goldeneye game for the Wii (a long awaited revisit to a classic among classics), Activision and Bizzare Creations released a trailer for it’s new game, James Bond: Blood Stone, early Friday morning.
Taking a third-person, action oriented approach to the James Bond video game series (think Splinter Cell: Conviction with bow-ties and Martinis), Activision is promising that this game will “Immerse you into the world of Bond”. To more adequately explain, here’s the official game description Activision released with their trailer:
[James Bond: Blood Stone features] Daniel Craig, Joss Stone and Judi Dench and features an epic, original story...
- 7/17/2010
- by Aaron M.K.
- Nerdly
The next cinematic mission of James Bond might be in a holding pattern while the studio situation gets sorted, but that doesn't mean you won't see the super secret agent soon. In fact, you'll be able to control him yourself in a slick new game due later this year. The details and the trailer: James Bond 007: Blood Stone, an original Bond experience from legendary screenwriter Bruce Feirstein. In addition to stepping into a leading role, Grammy and Brit Award winner Joss Stone will create...
- 7/17/2010
- by Dave Davis
- JoBlo.com
HollywoodNews.com: Award winning artist Joss Stone is set to debut as the newest Bond girl in Activision’s James Bond 007: Blood Stone, an original Bond experience from legendary screenwriter Bruce Feirstein.
In addition to stepping into a leading role, Grammy and Brit Award winner Joss Stone will create original music for the game, luring players into an explosive third-person action adventure where they will unravel an international conspiracy across exotic locales. Players will experience full-throttle, behind-the-wheel action on land and sea while using the most high tech gadgetry known to James Bond 007, the world’s most skilled secret agent.
“James Bond 007: Blood Stone captures the cinematic intensity of a Bond film by immersing players in an intriguing conspiracy that will require them to think and act like James Bond,” said David Pokress, Head of Marketing for Licensed Properties, Activision Publishing. “In addition, the game will feature a...
In addition to stepping into a leading role, Grammy and Brit Award winner Joss Stone will create original music for the game, luring players into an explosive third-person action adventure where they will unravel an international conspiracy across exotic locales. Players will experience full-throttle, behind-the-wheel action on land and sea while using the most high tech gadgetry known to James Bond 007, the world’s most skilled secret agent.
“James Bond 007: Blood Stone captures the cinematic intensity of a Bond film by immersing players in an intriguing conspiracy that will require them to think and act like James Bond,” said David Pokress, Head of Marketing for Licensed Properties, Activision Publishing. “In addition, the game will feature a...
- 7/16/2010
- by HollywoodNews.com
- Hollywoodnews.com
This latest Bond videogame unveiled today for Christmas sales -- along with a reboot of GoldenEye for the Wii platform. Info below teaser trailer: Santa Monica, Calif., July 16 /PRNewswire/ -- Award winning artist Joss Stone is set to debut as the newest Bond girl in Activision Publishing, Inc.'s James Bond 007: Blood Stone, an original Bond experience from legendary screenwriter Bruce Feirstein. In addition to stepping into a leading role, Grammy and Brit Award winner Joss Stone will create original music for the game, luring players into an explosive third-person action adventure where they will unravel an international conspiracy across [...]...
- 7/16/2010
- by Nikki Finke
- Deadline Hollywood
Activision has today officially unveiled a new James Bond game featuring the likeness and voice of Bond actor Daniel Craig and singer Joss Stone. The third-person action game, titled James Bond 007: Blood Stone, is being developed by Blur studio Bizarre Creations. Craig will reprise his role as the famous British spy, with Judi Dench voicing M and Grammy Award-winning singer Stone playing the lead Bond girl. The game's original story, created by screenwriter Bruce Feirstein, will unravel an "international conspiracy across exotic locales", such as Athens, Istanbul, Monaco and Bangkok. Players will engage in cover-based fire-fights, melee combat and driving sections on land and sea, along with getting to use Bond's high tech gadgets. The game will also feature an online multiplayer component, including up to 16 players being able (more)...
- 7/16/2010
- by By Andrew Laughlin
- Digital Spy
· To the extent that The A-Team has a script, it was reportedly patched together by a total of 11 screenwriters including Kevin Broadbin, Bruce Feirstein, Jayson Rothwell, Laurence M. Konner and Mark Rosenthal, Michael Brandt and Derek Haas, [inhaaaale] Skip Woods, Joe Carnahan & Brian Bloom, and Mathew Carnahan. So don't think of it as any old bucket of shit cynically thrown on pop culture's wall -- this is a painstakingly crafted tapestry. A painstakingly crafted fecal tapestry, but still. Credit where credit is due. [Deadline]
Michael Sheen and Toni Collette find Jesus, Tim Burton and John August may (still) re-team, and more Hollywood Ink after the jump.
Michael Sheen and Toni Collette find Jesus, Tim Burton and John August may (still) re-team, and more Hollywood Ink after the jump.
- 6/10/2010
- Movieline
2Nd Update (below): I can report exclusively that the Writers Guild recently decided the credits on The A-Team, the movie based on the '80s TV show and opening this weekend. There were 11 screenwriters who worked on the film -- 5 single writers and 3 teams of two: Kevin Broadbin, Bruce Feirstein, Jayson Rothwell, Laurence M. Konner and Mark Rosenthal, Michael Brandt and Derek Haas, Skip Woods, Joe Carnahan & Brian Bloom, Mathew Carnahan. And that's with the interruption of the writers strike. The final credit now reads: "Written by Joe Carnahan & Brian Bloom and Skip Woods. Created by Frank Lupo [...]...
- 6/10/2010
- by Nikki Finke
- Deadline Hollywood
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.96. The United States Congress. Because they never learn. In the realm of physics, every action is met with an equal and opposite reaction. In Washington, every law is met with a phalanx of lawyers, lobbyists, and special-interest groups, all looking for a loophole. And for all the lessons that should have been learned last year, money still buys too much influence.In 2008, securities and investment firms spent more than $95 million on lobbyists; contributions to candidates and legislators from finance-industry individuals and pacs exceeded $150 million. In the first quarter of 2009, tarp-money recipients—including G.M., A.I.G., and the big banks—were still spending money to influence legislators on executive pay, credit cards, and banking regulations. Moreover, our legislators continue to push through 1,000-page...
- 9/30/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.91. Superstar C.E.O.’s. Why? Signing bonuses, stock options, housing allowances, cars and drivers, golf-club memberships, ghost writers, company apartments, corporate toadies, handpicked henchmen, friend-packed boards, peer-rewarded salaries, company-forgiven loans, personal jet time, guaranteed bonuses, back-scratching directorships, backdated stock options, self-aggrandizing autobiographies, tax advice paid for by the company, tax shelters for the family, consultant fees in perpetuity, second homes in Italy, annual raises without fail, poison pills, golden parachutes, severance packages, retention bonuses, retirement offices, breathless interviews with Maria Bartiromo with every answer received as gospel truth. If you lived like this, you’d think you were invincible, too.
- 9/29/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.86. Daniel Sadek. Meet Predator Zero in the subprime-mortgage game: Armed with a third-grade education and the $250 he paid for a California lender’s license, Sadek quit his job as a Mercedes-Benz salesman (in Orange County!) and opened Quick Loan Funding, whose TV commercials promised,“No income verification! Instant qualification! You can’t wait, and we won’t let you!” According to a competitor, Sadek would have written a loan to “an insolvent arsonist.” By 2007, Quick Loan had approved $4 billion in subprime mortgages and was pulling in almost $200 million a month selling them to Citigroup, Wells Fargo, and Bear Stearns. His personal take-home was $5 million each month, which he splashed out on fast cars, million-dollar Vegas gambling jaunts, and a $26 million feature film—Redline—whose...
- 9/28/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.80. Prosperity Theologists. Welcome to Television Evangelism, version 2.0, whose gospel can pretty much be summed up as “God wants you to be rich; He wants you have that Xbox 360 and that all-weather Jacuzzi; He will provide for Thee, so long as you provide for Me.” The leading proponent \is Joel Osteen, who broadcasts to millions each week from his 16,000-seat Lakewood church in Houston, Texas, formerly known as the Compaq Center Arena and one-time home to the Houston Rockets basketball team. All told, Osteen spent $95 million renovating the arena. Other Prosperity ministries include T. D. Jakes’s Potter’s House in South Dallas and Creflo Dollar’s World Changers near Atlanta, but Osteen is the only one who cites Nielsen ratings on his Web bio.
- 9/25/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.76. Our Nobel Laureate Economists. “Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.”—Paul Krugman, The New York Times, August 2, 2002. “A few months ago I found myself at a meeting of economists and finance officials …. One senior policy maker asked, “Why didn’t we see this coming?” There was, of course, only one thing to say in reply, so I said it: “What do you mean ‘we,’ white man?”—Paul Krugman, The New York Times, November 27, 2008.
- 9/24/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.71. Ralph Nader. For his epic narcissism. Let’s accept as fact—for a moment—that, if Mr. Unsafe at Any Speed hadn’t stayed in the 2000 election, Al Gore would have been president. This may not have prevented the terrorist attacks of 9/11, but let’s all agree that, for better or worse, Gore’s response would have been different. Certainly, the economic policies of the next eight years wouldn’t have been the same. So maybe it’s time for somebody to ask: Are you happy now, Ralph? Do you have any second thoughts about that 2000 election? Any regrets? Any three a.m. pangs of conscience about the war or the economic maelstrom that followed? Seriously, Ralph: do you still think it was worth it?...
- 9/23/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.66. “Maximizing Shareholder Value.” Like so many other overused and ultimately empty business buzz-phrases that came before it—walking the walk, talking the talk, breaking down silos, fulfilling our promise, leveraging our synergies, owning our space, monetizing our content, eating our own dog food, and refocusing on our core business—the phrase “maximizing shareholder value” became the verbal tic used by C.E.O.’s to answer any uncomfortable question raised during a shareholders meeting or quarterly-earnings conference call. Still, when the money was hot and the PowerPoints were clicking, it was the perfect way to justify the company jet, the six golf-club memberships, the seven-figure bonus, and the assumption of all sorts of insane risk to make the quarterly numbers. Looking forward, we nominate...
- 9/22/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.61. Lifestyle Porn. A special citation goes out to the newspaper style sections, cable-tv shows, and free magazines that pimped out their content to sell the ecstasy of unbridled consumption. From the money shots of steely bathroom fixtures, to the gauzy spreads of weekend second homes, to the allure of obscene profits at the climax of shows like Flip This House, they served as enablers to an entire generation of striving accumulators who simply had to have that stainless $500,000 kitchen makeover, even if it meant taking out a subprime mortgage to attain it. The headline for the entire era might well have been “To Have, and Have More.” 62. Bernard Madoff. It wasn’t only that he destroyed lives and decimated charities. Those crimes are real enough and cannot be diminished.
- 9/21/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.56. The Infantile American Consumer. Because we refused to read the fine print. No-money-down, no-income-verification, interest-only home loans? “I’ll take one!” Maxing out on a dozen credit cards? “Sure thing!” Sixty-inch TV sets, condos in Vegas, $800 Springsteen tickets, 6,000-square-foot McMansions, a new granite kitchen, two Hummers in the driveway, $220 a month on cable TV, and a jumbo second mortgage that pays off your credit cards and allows you to use your house like an Atm? “Done deal!” Yes, that pretty much sums it up, except for portraying yourself as the victim in all of this and blaming everybody else for the way you acted like a six-year-old in a toy store and refused to live within your means. 57. “I Gotta Guy.” The three most dangerous words in American finance.
- 9/18/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.51. Alan Greenspan. Because in the end, the Oracle had no clothes. In financial circles, Alan Greenspan was nicknamed “The Oracle” for the way his pronouncements could move markets. A positive statement about growth or interest rates from America’s chief banker sent stock markets soaring; a hint of pessimism about employment or the near-term financial outlook had the opposite effect. An ardent believer in free-market economics, and the idea that self-interest and allowing the marketplace to weed out bad actors and bad practices were more efficient than government regulation, Greenspan served five terms as the chairman of the Federal Reserve Board. He was nominated by Ronald Reagan in 1987 and succeeded by Ben Bernanke in February 2006, just as the real-estate bubble was starting to deflate.
- 9/17/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.46. Gordon Gekko. Because greed didn’t turn out to be so good. Let’s blame this one on Michael Douglas: playing the corporate raider Gordon Gekko in an Oscar-winning performance in Oliver Stone’s 1987 film Wall Street, Douglas was so convincing—so mesmerizing, so charismatic—that by the year 2000, a large percentage of the corporate world had forgotten that the Gekko character was the villain. And instead of a warning call, the phrase “greed is good” became a battle cry, and a corporate mission statement. 47. Goldman Sachs. Sometimes the bad guys don’t show up until late in the movie. During the height of the financial crisis, “the best and the brightest” at Goldman Sachs were pretty much flying under the radar. Sure,...
- 9/16/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.41. The Financial Press In May 2009, The New York Times ran an article by a man who bought a house he couldn’t afford. He ran up huge credit-card debts, refinanced the house (to pay off those credit cards) with a mortgage he didn’t understand, and finally ended up eight months behind on his house payments, terrified he was facing foreclosure. Yes, it’s a sad story. But what makes it even sadder is that it was written by a New York Times reporter who covers economics. Somewhere in the run-up to the dot-com bubble, financial journalism decided that “business is the new sports.” It created heroes (Steve Jobs) and villains (Dick Grasso), focused on luxe lifestyles (“FedEx your luggage!” “Rent this yacht!”), and substituted glibness for insight.
- 9/15/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.36. William Donaldson. Because as head of the S.E.C., he allowed big banks to become wildly overleveraged. On a bright April afternoon in 2004, William Donaldson and his fellow S.E.C. commissioners met to consider a proposal that would allow big banks to increase the amount of risk carried by their brokerage divisions. As Stephen Labaton would report in The New York Times’s Pulitzer-nominated series “The Reckoning” (now available as a book), the proposal to waive the restrictions on the net capital rule was pushed by the five largest investment banks, and led by none other than Henry Paulson, who was the chairman of Goldman Sachs at the time. As Donaldson assured his commissioners, “If we do this wisely we will help...
- 9/14/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.31. Jim Cramer. Because his viewers’ 401(k) accounts weren’t in on the joke. Every night, in the signature “Lightning Round” of his CNBC financial-advice show, Mad Money, Jim Cramer would greet callers with a hyperkinetic “Boo-yah,” then reel off an astounding blizzard of instant stock recommendations, punctuated by cartoonish sound effects. (Roaring bulls! Snarling bears!) When Cramer went on the Daily Show to defend these antics, he claimed he needed to be “entertaining.” He also tried to defend himself against Jon Stewart’s larger charge that he was being irresponsible because the whole market was rigged against the small investor. Stewart demolished this with a clip from a 2006 interview in which Cramer explained how hedge funds gamed the market. On the Daily Show, Cramer fell silent,...
- 9/11/2009
- Vanity Fair
Bruce Feirstein charts the 100 people, companies, institutions, and vices most responsible for the economic mess. Tune into Vf.com for five new financial villains every day.26. Collateralized Debt Obligations. This was the lipstick. Subprime mortgages were the pig. If you took a million subprime mortgages, sliced ’em up, and shuffled the pieces around into smaller, seemingly random groups, you’d get C.D.O.’s—collateralized debt obligations. The idea was that they lowered the risk involved, which allowed for Aaa ratings. It was all modeled on a mathematical formula called the Gaussian copula function, which looked something like this: Pr [Ta< 1, TB< 1] = F2(F-1 (Fa(1)), F-1 (Fb(1),) g). By 2006 some $4.7 trillion in C.D.O.’s had been sold. But there was just one small, tiny, little problem with the formula: it was based on “correlation,” meaning you could predict the future by looking at the past. And in this case,...
- 9/10/2009
- Vanity Fair
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