A Hollywood Approach to Finance Reform

The movie business is opposing an effort to make a market out of box office results.

The MPAA’s Bob Pisano wrote to the Commodity Futures Trading Commission: “In our view and based on the materials in the public record, the reputation and integrity of our industry could be tarnished by allowing trading in movie futures contracts in a manner which allows them to be viewed as the economic equivalent of legalized gambling on movie receipts. We can see no public purpose in allowing these contracts to be the subject of interstate commerce.”

Another MPAA official says, “Anyone who has followed the meltdown of the financial markets, and the pain this caused people throughout America, knows how important it is to ensure that the establishment of new financial marketplaces does not open the door to rampant speculation and financial irresponsibility.”

More here.

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