FT News Briefing Friday, May 3
May 3, 2019
Investors are returning to complex debt-derivatives, stirring memories of past financial crises. In Hollywood, thousands of screenwriters are challenging their agents backed by private equity. The founder of a fentanyl spray company faces conviction for bribing doctors amid the opioid crisis. Barclays is navigating internal strife and a drop in share value, as activist investor Edward Bramson's board bid is met with resistance. Meanwhile, shifts in banking strategies signal a turbulent future for investment divisions.
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CDOs Return
- Investors are returning to synthetic CDOs, a debt product linked to the 2008 financial crisis.
- These CDOs now focus on corporate debt instead of subprime mortgages, offering higher returns than bonds.
Writers vs. Agents
- Writers, including David Simon, are suing their private equity-backed agents.
- They claim unfair profits from their roles as gatekeepers in Hollywood's freelance economy.
Pharma Execs Convicted
- Insys founder, John Kapoor, and colleagues were convicted of racketeering.
- They bribed doctors to overprescribe an addictive fentanyl spray, impacting opioid lawsuits.