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Welcome to the major leagues of debt. Collateralized debt obligations, almost always referred to as a CDOs, are horrendously
complicated deals that often leave anyone without a MBA wondering what was put into these CDOs.
The first thing to
understand about bonds, (aka debt) is that bonds are often backed by something else. Think about your home mortgage. If you
don't pay your mortgage, the bank can take the house. You end up homeless, and the bank sells the house to pay off the rest
of that mortgage. There is something "backing" that mortgage; something lender can fall back on, if you don't pay your bills
like a good human being. That's called collateral.
CDOs are one flavor of an entire sector of investing called structured
finance, and they are also backed. CDOs, in the simplest concept, are just bonds backed by something else. In most cases,
a CDO is backed by a collection of various types of debt. CDOs can be home mortgages, or other types of debt like credit cards,
auto loans, and personal loans. Most of these types of debt are usually considered a bit more risky and they don't have the
backing that a home loan does. So, if you think it through, you can imagine that CDOs are usually considered a risky investment.
To take a step further, understand that CDOs have multiple flavors within each CDO. These flavors are called tranches. If you've taken French, you might recognize the word, it means "slice" or "portion." Each slice of that CDO you invest in is a little different and carries different amounts of risk.
You could invest in the lowest risk tranche of the CDO, which would
provide you lower risk. But, you don't get a good return on that investment. Or, you can be the heroic adventurer of bonds
and invest in the lowest-grade tranche of the CDO. You'll make an amazing return, but if the economy even looks at you wrong,
you might lose the entire investment.
CDOs aren¿t easy, and are almost always invested in by mutual funds, insurance
companies and hedge funds. As an individual investor, you will probably not come across a CDO you can participate in.
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Tuesday, June 17, 2008
The American Film Institute Crowns TOP 10 Films in 10 Classic Genres
Comtex
LOS ANGELES, June 17, 2008 /PRNewswire via COMTEX/ ----The American Film Institute (AFI) tonight revealed the 10 greatest movies in 10 classic American film genres in AFI's 10 TOP 10, a three-hour special television event on the CBS Television Network. A jury of 1,500 film artists, critics and historians named the following films as the very best in the following genres: 2001: A SPACE ODYSSEY (Science Fiction), CITY LIGHTS (Romantic Comedy), THE GODFATHER (Gangster), LAWRENCE OF ARABIA (Epic), RAGING BULL (Sports), THE SEARCHERS (Western), SNOW WHITE AND THE SEVEN DWARFS (Animation), TO KILL A MOCKINGBIRD (Courtroom Drama), VERTIGO (Mystery) and THE WIZARD OF OZ (Fantasy).
AFI's 10 TOP 10 enlisted hosts for each genre including: Jessica Alba for Romantic Comedy; Sean Astin for Fantasy; Gabriel Byrne for Mystery; Kirk Douglas for Epic; Clint Eastwood for Westerns; Cuba Gooding, Jr. for Sports; Jennifer Love Hewitt for Animation; Quentin Tarantino for Gangster; Sigourney Weaver for Sci-Fi; and James Woods for Courtroom Drama.
"This year's celebration of the art form is ten times the fun for movie lovers," said AFI President and CEO Bob Gazzale. "And another chapter in our mandate to drive audiences to discover and rediscover the classics of American film."
AFI's 10 TOP 10 honorees are: ANIMATION 1 SNOW WHITE AND THE SEVEN DWARFS 1937 2 PINOCCHIO 1940 3 BAMBI 1942 4 THE LION KING 1994 5 FANTASIA 1940 6 TOY STORY 1995 7 BEAUTY AND THE BEAST 1991 8 SHREK 2001 9 CINDERELLA 1950 10 FINDING NEMO 2003 FANTASY 1 THE WIZARD OF OZ 1939 2 THE LORD OF THE RINGS: THE FELLOWSHIP OF THE RING 2001 3 IT'S A WONDERFUL LIFE 1946 4 KING KONG 1933 5 MIRACLE ON 34th STREET 1947 6 FIELD OF DREAMS 1989 7 HARVEY 1950 8 GROUNDHOG DAY 1993 9 THE THIEF OF BAGDAD 1924 10 BIG 1988 GANGSTER 1 THE GODFATHER 1972 2 GOODFELLAS 1990 3 THE GODFATHER PART II 1974 4 WHITE HEAT 1949 5 BONNIE AND CLYDE 1967 6 SCARFACE: THE SHAME OF A NATION 1932 7 PULP FICTION 1994 8 THE PUBLIC ENEMY 1931 9 LITTLE CAESAR 1930 10 SCARFACE 1983 SCIENCE FICTION 1 2001: A SPACE ODYSSEY 1968 2 STAR WARS: EPISODE IV - A NEW HOPE 1977 3 E.T. - THE EXTRA TERRESTRIAL 1982 4 A CLOCKWORK ORANGE 1971 5 THE DAY THE EARTH STOOD STILL 1951 6 BLADE RUNNER 1982 7 ALIEN 1979 8 TERMINATOR 2: JUDGMENT DAY 1991 9 INVASION OF THE BODY SNATCHERS 1956 10 BACK TO THE FUTURE 1985 WESTERN 1 THE SEARCHERS 1956 2 HIGH NOON 1952 3 SHANE 1953 4 UNFORGIVEN 1992 5 RED RIVER 1948 6 THE WILD BUNCH 1969 7 BUTCH CASSIDY AND THE SUNDANCE KID 1969 8 McCABE & MRS. MILLER 1971 9 STAGECOACH 1939 10 CAT BALLOU 1965 SPORTS 1 RAGING BULL 1980 2 ROCKY 1976 3 THE PRIDE OF THE YANKEES 1942 4 HOOSIERS 1986 5 BULL DURHAM 1988 6 THE HUSTLER 1961 7 CADDYSHACK 1980 8 BREAKING AWAY 1979 9 NATIONAL VELVET 1944 10 JERRY MAGUIRE 1996 MYSTERY 1 VERTIGO 1958 2 CHINATOWN 1974 3 REAR WINDOW 1954 4 LAURA 1944 5 THE THIRD MAN 1949 6 THE MALTESE FALCON 1941 7 NORTH BY NORTHWEST 1959 8 BLUE VELVET 1986 9 DIAL M FOR MURDER 1954 10 THE USUAL SUSPECTS 1995 ROMANTIC COMEDY 1 CITY LIGHTS 1931 2 ANNIE HALL 1977 3 IT HAPPENED ONE NIGHT 1934 4 ROMAN HOLIDAY 1953 5 THE PHILADELPHIA STORY 1940 6 WHEN HARRY MET SALLY ... 1989 7 ADAM'S RIB 1949 8 MOONSTRUCK 1987 9 HAROLD AND MAUDE 1971 10 SLEEPLESS IN SEATTLE 1993 COURTROOM DRAMA 1 TO KILL A MOCKINGBIRD 1962 2 12 ANGRY MEN 1957 3 KRAMER VS. KRAMER 1979 4 THE VERDICT 1982 5 A FEW GOOD MEN 1992 6 WITNESS FOR THE PROSECUTION 1957 7 ANATOMY OF A MURDER 1959 8 IN COLD BLOOD 1967 9 A CRY IN THE DARK 1988 10 JUDGMENT AT NUREMBERG 1961 EPIC 1 LAWRENCE OF ARABIA 1962 2 BEN-HUR 1959 3 SCHINDLER'S LIST 1993 4 GONE WITH THE WIND 1939 5 SPARTACUS 1960 6 TITANIC 1997 7 ALL QUIET ON THE WESTERN FRONT 1930 8 SAVING PRIVATE RYAN 1998 9 REDS 1981 10 THE TEN COMMANDMENTS 1956
Interesting facts about the list include:
-- The earliest entry on the list is THE THIEF OF BAGDAD (Fantasy) from 1924; with the most recent being FINDING NEMO (Animated) from 2003.
-- Alfred Hitchcock is the most represented director with 4 films; Steven Spielberg and Stanley Kubrick follow with 3 entries each.
-- James Stewart is the most represented actor with 6 entries; Tom Hanks is next with 4; Warren Beatty, Robert De Niro, Gene Hackman, James Earl Jones, Paul Newman, Jack Nicholson, Al Pacino and John Wayne all have 3 films each.
-- Diane Keaton is the most represented actress with 4 films on the list; Grace Kelly and Talia Shire each have 3 entries.
To compile the final list, AFI distributed a ballot with 500 nominated movies (50 per genre) to a jury of over 1,500 leaders from the creative community, including film artists (directors, screenwriters, actors, editors, cinematographers), critics and historians.
AFI asks jurors to consider the following criteria in their selection process:
FEATURE-LENGTH FICTION FILMS Narrative format, typically over 60 minutes in length.
AMERICAN FILM
English-language film with significant creative and/or production elements from the United States. Additionally, only films released before January 1, 2008 will be considered.
GENRE:
ANIMATED
AFI defines "animated" as a genre in which the film's images are primarily created by computer or hand and the characters are voiced by actors.
FANTASY
AFI defines "fantasy" as a genre where live-action characters inhabit imagined settings and/or experience situations that transcend the rules of the natural world.
GANGSTER
AFI defines the "gangster film" as a genre that centers on organized crime or maverick criminals in a twentieth century setting.
SCIENCE FICTION
AFI defines "science fiction" as a genre that marries a scientific or technological premise with imaginative speculation.
WESTERN
AFI defines "western" as a genre of films set in the American West that embodies the spirit, the struggle and the demise of the new frontier.
SPORTS
AFI defines "sports" as a genre of films with protagonists who play athletics or other games of competition.
MYSTERY
AFI defines "mystery" as a genre that revolves around the solution of a crime.
ROMANTIC COMEDY
AFI defines "romantic comedy" as a genre in which the development of a romance leads to comic situations.
COURTROOM DRAMA
AFI defines "courtroom drama" as a genre of film in which a system of justice plays a critical role in the film's narrative.
EPIC
AFI defines "epic" as a genre of large-scale films set in a cinematic interpretation of the past. Their scope defies and demands-either in the mode in which they are presented or their range across time.
CRITICAL RECOGNITION Formal commendation in print, television and digital media.
MAJOR AWARD WINNER
Recognition from competitive events including awards from peer groups, critics, guilds and major film festivals.
POPULARITY OVER TIME
Including success at the box office, television and cable airing, and DVD/VHS sales and rentals.
HISTORICAL SIGNIFICANCE
A film's mark on the history of moving images through visionary narrative devices, technical innovation, or other ground breaking achievements.
CULTURAL IMPACT A film's mark on American society in matters of style and substance. AFI allows one write-in vote per genre.
At the conclusion of AFI's 10 TOP 10 special at 11:00 p.m. EDT, AFI will premiere a companion web site at http://www.AFI.com that will feature over 400 video clips about all 100 movies within the 10 genres. The site will also feature movie trailers and interview clips, AFI Catalog entries, movie stills and posters. Users can also download all of AFI's popular movie lists, and can comment about their favorite movies on the site. The site will also feature a new edition of 'AFI's 10 TOP 10 Movie Quiz' that tests players' knowledge of the movies from the 10 genres.
The primetime special was executive produced and directed by Gary Smith; executive produced for AFI by former AFI Board Chair Emeritus Frederick S. Pierce; and produced by Dann Netter. SFM Entertainment LLC is the distributor of the program. Sponsors of the series have included Pepsi, Best Buy, Breyers, ConAgra, Procter & Gamble, Anheuser-Busch, Colgate-Palmolive, Sony and all major motion picture companies.
About the American Film Institute
AFI is a national institute providing leadership in screen education and the recognition and celebration of excellence in the art of film, television and digital media. Additional information about AFI is available at AFI.com.
SOURCE American Film Institute
http://www.AFI.com
Copyright (C) 2008 PR Newswire. All rights reserved
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