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Banks struggle to create "living wills"

Tue, 2015-03-24 09:00

On Monday, regulators rejected the "living wills" drawn up by BNP Pariabas, Royal Bank of Scotland and HSBC.  These plans, required by the Dodd-Frank financial reform legislation passed in 2010, are supposed to help end the era of "Too Big To Fail" by making systemically important financial institutions plan for their own demise.

But what is a "living will" for a bank? 

Oliver Ireland, partner in the financial services practice at Morrison and Foerster, says it's about having a plan that maps what happens after a bank's failure. "Is this going to solve all the problems? Probably not," says Ireland. "But, if you thought about it ahead of time, you're going to be in a lot better shape than if you haven't."

Mike Konczal, fellow at the Roosevelt Institute, says the shortcomings the Federal Reserve and FDIC have found in some banks' "living wills" are in part about inadequate analysis of interconnections. 

Rob Johnson, president of the Institute of New Economic Thinking, says inadequate "living wills" are themselves a product of incentives: Bankers would prefer to see their companies — and their stock options — bailed out.

"They have a stake in having a muddy or bad or not-credible living will," says Johnson. 

BNP Paribas, the Royal Bank of Scotland and HSBC must submit new plans by Dec. 31.

Quiz: Who’s in charge here

Tue, 2015-03-24 08:12

Almost two-thirds of school administrators are women, according to the U.S. Census Bureau.

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The "Angelina Jolie effect" on medical testing

Tue, 2015-03-24 03:01

Two years ago, actress and filmmaker Angelina Jolie wrote in the New York Times of her decision to have a double mastectomy. The surgery was preventative. Jolie carries a mutation of the BRCA1 gene, heightening her risk of breast cancer. In the months after the op-ed appeared, researchers discovered what they now call the "Angelina Jolie effect." 

"What we noticed is that very soon after Angelina Jolie went public with her risk-reducing surgery for her breasts, that there was a massive increase in referrals to clinics dealing with inherited breast cancer," said Gareth Evans, a professor of genomic medicine at Manchester University. His research focused on women in the UK, but he said similar trends were found  in the U.S., Australia and Malaysia. 

Today, in another op-ed, Jolie writes of her choice to have her Fallopian tubes and ovaries removed. Evans says he suspects clinics will see a similar bump in referrals. Many medical professionals have pointed out that Jolie's particular medical circumstances are uncommon, but say that awareness, as long as it is informed, is a positive thing.

PODCAST: Spicing things up

Tue, 2015-03-24 03:00

We haven't lost the thread that low gasoline prices are helping American pocketbooks and businesses that consume fossil fuel. But we are also watching the effects on an oil and gas industry. And guess who's warning loudly about the potential health effects of electronic cigarettes. More on that. Plus, all over the news today, a new study suggesting that whole grains in the diet is associated with people living longer. Eating healthier is also pushing people to cook more instead of just pulling something out of the freezer. This trend has been good to the spice company, McCormick where profits out today beat estimates. 

All the news that's fit to print...on Facebook

Tue, 2015-03-24 03:00

The New York Times is reporting that Facebook is in talks with a group of news organizations that might start publishing their content directly on the social network. Right now, publishers post links to Facebook that bring users to the original content on the publisher's websites.

This new kind of arrangement could have big implications for the publishing partners, which reportedly include the New York Times. And Mike Isaac, technology reporter at the Times and broke this story, says one big change could be an impact to the advertising model. 

Click the media player above to hear more.

Shell's Arctic drilling questioned over safety concerns

Tue, 2015-03-24 02:00

The U.S. government won’t confirm, but it’s widely expected to reaffirm a controversial Arctic oil lease sale by the end of March.

Shell Oil wants to drill for oil and gas in the Chukchi Sea, despite major equipment failures and accidents a few years ago. The Interior Department has proposed tighter rules for Arctic drilling, including a containment dome nearby, in case of a blowout.

Click the media player above to hear more.

 

Your yard is getting smarter, too

Tue, 2015-03-24 02:00

The internet of things is coming to your front lawn...literally. The market for devices that can connect your yard may be new, but it’s already rather interesting.

“ It all comes down to sensor technology,” says Lindsey Turrentine, editor-in-chief at CNET.com. “Sensors are getting small and cheap, and now they can be embedded in things like the ‘Eden.’”

The ‘Eden,” Turrentine says, is similar to a large stake that goes into the soil, and is powered by solar energy. Once it’s in the soil, it monitors soil and plants to keep track of nutrients, moisture, and whatever else you may need to know to maintain your yard.

“You can also partner it up with a smart valve,” says Turrentine. The valve connects to a hose or watering device, which helps ‘Eden’ turn on the water when it determines that the plants need water.

What else might  be in store for smart yards in the future?  

“These companies are just starting to figure out the answers to really tough problems,” says Turrentine. “How do you get your outdoor sensors to work over your home wifi? How do you keep water from damaging these devices?"

As they solve these problems, she says, more such devices will start to appear in the market.

“These things are going to be much more accessible in probably five years, maybe ten,” says Turrentine.

 

Health-conscious consumers reach for spices

Tue, 2015-03-24 02:00

Food industry analysts say Americans increasingly prefer home-cooked meals with fresh, simple ingredients. It’s the food that you find in the refrigerated sections on the perimeter of grocery stores, rather than the processed foods stacked on shelves in the middle aisles.

“The center of the store represents items that have not performed as well as those on the perimeter,” says Darren Seifer, a food and beverage analyst at the NPD Group.

That's not great news for some big food companies. But analysts say the spice industry, on the other hand, is getting a boost. People use spices to accent their fresh veggies and meats.

“The overall spice industry is growing mid to single digit type rates — let's call it 3-5 percent — whereas the packaged food guys are barely growing volumes or are slightly negative,” says Brian Yarbrough, a research analyst with Edward Jones.

Yarbrough says the U.S. spice and seasonings industry is a roughly $5 billion market. And it's dominated by McCormick & Company. Yarbrough says while McCormick is benefitting from healthy eating trends, it's losing market share to smaller niche brands and to competitors like Walmart and Safeway, which offer store brands. They're often cheaper.

“It's private label and a lot of these smaller players combined that are definitely impacting the McCormick Business,” he says.

Jeanette Beger, 32, of St. Paul, Minn., is the kind of consumer that McCormick may want to woo. She’s one of the millennials food industry analysts say were driven into their kitchens when the Great Recession rendered dining out unaffordable.

“We use a lot of spices,” Beger says, as she and her toddler spoon turmeric and coriander into a frying pan for a curry dish.

But a glimpse inside Beger's spice cabinet shows how McCormick is losing ground. Only two of the couple dozen spice containers are labeled McCormick. Beger buys niche brands and bulk spices from the local co-op.

Erin Lash, an analyst with Morningstar, says McCormick is trying to get health-conscious consumers like Beger to notice its products in the fresh food sections of stores.

“Over the past year, the company has worked to reposition their products outside the center of the store and place those next to produce and proteins to get them in front of consumers and be that next purchase,” she says.

Brian Yarbrough at Edward Jones says McCormick has been successful acquiring smaller spice makers and may also lean on that strategy as “an avenue of growth.”

 

Big tobacco says your e-cigarette may kill you

Tue, 2015-03-24 02:00

Back in 1994, the heads of the largest tobacco corporations were called before Congress to testify about the effects of tobacco. Each and every executive said they believed nicotine was not addictive. But today we know that the tobacco industry was aware of nicotine's addictiveness—and tobacco's harm—for decades.

So a recent push to put strong warning labels on e-cigarettes and to place them behind the counter, away from children's hands, may seem like big tobacco has had a change of heart. But experts say they believe large tobacco companies are trying to dominate the e-cigarette market by pushing smaller competitors out of business.

Click the media player above to hear more.

#I'mRunningForPresident

Tue, 2015-03-24 01:53
11 months

This month, China's factory sector saw its lowest number in 11 months. As Reuters reports, it could be a sign that China's economy, the second largest in the world, is slowing.

11

That's how many GOP presidential contenders count Ted Cruz as one of their Twitter followers. Cruz became the first major candidate to officially enter the race Monday, and he's keeping tabs on other hopefuls including Scott Walker, Rick Perry and Chris Christie. Jeb Bush and Bobby Jindal don't make the cut, and Christie doesn't follow back. Bloomberg has a fun interactive graphic of all the potential candidates' Twitter info, including the only GOP contender who follows Barack Obama.

$5 billion

That's the worth of the U.S. spice industry, which is primarily dominated by McCormick & Company. It's a good time to be in the spice business - with more families choosing to cook at home instead of eating out, there's an increased interest in spicing up those home-cooked meals. But with the rise of smaller brands, as well as stores producing their own products, companies like McCormick & Company are trying to make their way out of the center of the grocery store and into the produce and protein sections where health-conscious consumers are shopping.

12 hours

The maximum amount of time a cruise ship crew has to clear out all passengers, clean, restock and otherwise turn over what is essentially a small floating city before setting off again. It's a hectic process that runs on astounding efficiency and gets more complicated as the industry builds larger and larger vessels. The New York Times profiles "turnaround day" for  one 6,000-passenger ship.

3 years

That's how long you could potentially go to prison for sending an email that "causes annoyance." Section 66A, a law in India, outlines severe punishment for online activity such as commenting on social networks. As the BBC reports, the Supreme Court in India ruled to strike down the law on Tuesday, saying that it violated people's constitutional right to free speech.

84 percent

The median cell phone ownership in 32 emerging and developing countries, according to a new Pew Research report. Internet access is not nearly as widespread, the survey found, still concentrated in the young and educated in richer countries.

Existing home sales report reveals caution

Mon, 2015-03-23 14:19

The National Association of Realtors released its February existing home sales report on Monday, March 23rd, 2015. Numbers were up by 1.2 percent, but that wasn't enough to make up for the drop in existing home sales in January of 4.9 percent.   Even LeBron James is having trouble selling his Miami house and just dropped the price to $15 million. James is not the only homeowner having trouble finding a buyer, but there aren’t many homeowners putting their houses up for sale either, says Adam DeSanctis, with the National Association of Realtors.     “Current homeowners are possibly waiting for their equity to build up a little bit longer before selling,” he says, or sitting on some low interest rates they snagged refinancing in the last year or two.     McKay Price, who teaches real estate at Lehigh University, says this shortage of homes is good for home sellers, but “If I’m a home buyer and I’m interested in finding just the right house, then I’d be a little bit grumpy about the inventory being as tight as it is,” he says. “I’d want more choices.”   Especially for folks who can’t afford a down payment, much less a 16,000-square-foot mansion. Sorry, LeBron.   

Greece: Time and money is running out

Mon, 2015-03-23 11:23

The Greek government is running out of money. The country has only enough cash to last another couple of weeks.

So when Greek Prime Minister Alexis Tsipras had talks with German Chancellor Angela Merkel in Berlin today, it's not surprising he wanted her support for financial concessions.

Germany is the largest contributor to Greece's various bailouts, so it has a powerful voice in European negotiations. However, the relationship between the two countries isn't going so well.

Just as the saying goes: "history repeats itself" — the two countries’ disagreement goes back to World War II.

"The Greeks have dusted down an old claim for reparations for Nazi atrocities against Greece during World War II," says Marketplace’s Stephen Beard. "That has played very badly in Germany."

Meet the guardian of Fenway Park

Mon, 2015-03-23 11:00

Boston's Fenway Park is the hallowed home of the Red Sox, famous for the so-called "green monster" wall that lives out in high left field and the lone red seat in the bleachers that marks the park's farthest home run.

David Mellor, director of grounds at Fenway Park, keeps the park and all its famous landmarks in good shape and ready for ball games.

Mellor knows all there is to know about the park itself, including temperaments of the green monster.

"The green monster, being 37 feet high and green, absorbs a lot of heat," says Mellor. He says during the spring, fall and winter, the massive heat-absorbing wall helps melt the snow and warm up the grass. "But in the summer, that radiant heat is something we have to monitor and make sure the grass doesn't get too hot or dry out," Mellor explains.

Before it was his job to take care of the park, Mellor dreamt of pitching for Major League Baseball. But a tragic accident ruined Mellor's plans to become a player for the MLB.

"A month after I got out of high school, before I could play baseball in college, I was hit by a car," says Mellor.

In the end, Mellor was destined for Fenway.

"My job is the next best thing to playing, I'm very honored to be here," Mellor says.

America's next financial crisis?

Mon, 2015-03-23 09:40

Michael Lewis is always writing something, and, more often than not, something damning about the financial industry. Most recently, his book "Flash Boys" followed Brad Katsuyama, a Wall Street insider who saw significant problems in high frequency trading. 

In a new afterword for the paperback edition, also published in the latest issue of Vanity Fair, Lewis notes, "When I sat down to write 'Flash Boys,' in 2013, I didn’t intend to see just how angry I could make the richest people on Wall Street." 

The anger was simply a byproduct of what Lewis thought was a straightforward story. 

"The story was: what happens when a good man walks onto Wall Street and finds a problem," Lewis says. "But of course it irritated all the people who were making lots of money off the problem."

That problem was a result of high frequency trading, the transactions that happen in microseconds or nano-seconds. Traders at large firms had access to information moments before other investors, essentially a view a just fractions of a second into the future. Multiply a few pennies to their advantage over 2 million trades per second, it adds up. 

Katsuyama created his own exchange which, Lewis says, puts a few speed bumps in front of that supersonic trading to create a level playing field. Called IEX, it's growing, with backing from venture capitalists and institutional investors. Will that be enough to solve the problem?

"I think there's every possibility, over a period of five to ten years of market-based change," Lewis says. "I don't hold a lot of hope of other sources of change."

Other sources of change could include new regulation, or self-imposed discipline on the part of traders. Regulation would be the purvey of the Securities and Exchange Commission, but officials there have radically different views on how well the market is functioning. On one hand, chair Mary Jo White has told Congress that markets are operating well. Contrast that with former SEC official John Ramsay, who likened the structure of U.S. stock markets to the Death Star. Ramsay is among Lewis's sources, and has gone on to join IEX.  

As for self-discipline, there's too much money encouraging traders to stick with current habits. 

"If you go back to the financial crisis, what caused it wasn't really bad people, it was people badly incentivized," Lewis said. "This is that all over again. It's a very badly incentivized stock market."

And, depressing as that is, it gets worse. At least when Lewis asked the experts he featured in "Flash Boys."

"If the market continues to be structured as it is, you're looking at the next financial crisis."

If animal feed were organic, could we afford eggs?

Mon, 2015-03-23 08:50

The World Health Organization now says the weed-killer glyphosate, better known as Roundup, probably causes cancer. Most corn and soybeans produced in the U.S. are treated with glyphosate.

But, Americans don't eat much corn — not unless you live on Fritos, or maybe Coca-Cola, which is sweetened with corn syrup. We instead eat animals that eat corn: cows, pigs, chickens. Maybe we’re consuming glyphosate when we eat a nice, juicy steak or an Egg McMuffin.

If we ended up switching away from chemicals like the Monsanto-marketed Roundup — say, if all our animal feed were organically grown — how much would our eggs and milk cost? 

To start with: Organic corn costs more. From $11 a bushel to almost $14, according to the U.S. Department of Agriculture, with conventional corn selling for less than $4

But animal feed is a relatively tiny part of the cost of our food. You know how many eggs you get from a bushel of corn? More than 200 eggs, which is less than two cents worth of corn per egg. Triple that cost, by using organic corn to feed the chickens, and you're only at six cents.

Higher feed prices do not tend to push up grocery bills, says Bruce Babcock, an economist at Iowa State University who studies corn.

"We did run this experiment where we doubled the price of corn," he says, and he’s not talking about an experiment in the lab, this was in the real world. The price of corn goes up and down, and you can see what grocery prices do.

"It wasn’t so long ago that we had $8 corn, not $4 corn," he says, "and people hardly noticed at the supermarket."

So, why did I pay almost five bucks for a dozen organic eggs yesterday? I asked David Bruce, who runs the egg program at the Organic Valley co-op. His members sold $50 million worth of eggs last year.

He says, organic producers do have other costs — and the distributor and the store both take a cut of my $5. But basically, he says, I paid that much because I wanted them — and so did a lot of other people.

"Demand is outstripping supply," he says. "You know, we’re filling orders at 60 percent," meaning, if a distributor asks for a 100 cases, a farmer can only send 60.

If the whole world went organic, there would be more supply — more organic corn, more organic chickens — and price would probably come down.

Quitting the Bakken: one oil worker walks away

Mon, 2015-03-23 08:38

In the past few years, workers from all over America have flocked to North Dakota for jobs in the booming oil industry. For a lot of people struggling through their own hard times, it’s been an opportunity for a second chance. And for some, it was their last resort. But since summer 2014, oil prices have dropped by half. Some 75,000 oil workers nationwide have lost their jobs, and more have had their hours cut.

Apryl Boyce is one of those workers. She's 42, tall, tough-looking and pretty, with long blond hair tucked beneath a crocheted beanie. She came to the Bakken last fall and has spent months driving a one-ton truck all over the oil field, at all hours of the day, as a hot shot, a driver who hauls equipment from one job site to another. Recently, things have slowed down a lot.

"It used to be you’d get called out at four in the morning and be doing runs until 10 at night," she said.

Now, she waits by the phone most of the day. There are 80 fewer drilling rigs here in North Dakota than there were six months ago. That means less to haul around.

At the office of Badlands Service Group, the small oil field company Apryl works for, owner Jim Levasseur said his work force is 40 percent smaller than it was a few weeks ago. He's been cutting people's hours — and then a lot of them have quit.

"They’re wanting 60 to 80 hours a week, and if they’re only going to get 40 hours a week, they’re going to go home," he said. "It may not be as much money, but at least they’re home every night and not sacrificing."

Given how dangerous the oil field is, Jim said, he doesn't blame them for leaving. "People get killed up here on a weekly basis. These are the worst conditions I’ve ever seen for working."

Safety is only part of why Apryl is leaving. Her unpleasant housing situation is another major contributor. A week ago, Jim combined employee housing to cut costs. He asked Apryl to move in with 11 young men in a tired old ranch house on what used to be the outskirts of Williston, which is now hemmed in by new apartment buildings.

"I try to wear bulky pajamas and heavy sweatshirts and try to be as unattractive as possible," she said. "Because I don’t want to provoke any unwanted comments."

Apryl looked for other places to live, but an average one bedroom here still runs over $2,000. Her ad on Craigslist seeking housing didn’t work, either: She received a bunch of offers of free rent in exchange for sexual favors.

"There weren't any legit, comfortable offers," she said.

But there's another reason, a deeper reason, why she decided to leave. Ten years ago, her mother died. At that time Apryl sold everything she owned (except a storage unit full of her mother's cookbooks) and began bouncing from job to job: oil field trucker in Colorado, cattle ranch cook in Wyoming. She was running, she said, from anything she used to do, anything that made her feel like herself — until she got to the Bakken.

"It took the absolute grungiest, dingiest, darkest part of life to make me realize you can stop running," she said.

The oil field slowdown has given her a chance to pause. To think about what brought her to the Bakken, and what no longer keeps her there.

"I lost myself in the oil fields," Apryl said. "I lost myself chasing money for all the wrong reasons, and I’m not going to let it happen again."

Two days later, Apryl left Williston for a mountain town in Colorado she had talked about a lot. She’s running again, but this time to a place that feels like home.

Quitting the Bakken: one oil worker walks away

Mon, 2015-03-23 08:38

In the past few years, workers from all over America have flocked to North Dakota for jobs in the booming oil industry. For a lot of people struggling through their own hard times, it’s been an opportunity for a second chance. And for some, it was their last resort. But since summer 2014, oil prices have dropped by half. Some 75,000 oil workers nationwide have lost their jobs, and more have had their hours cut.

Apryl Boyce is one of those workers. She's 42, tall, tough-looking and pretty, with long blond hair tucked beneath a crocheted beanie. She came to the Bakken last fall and has spent months driving a one-ton truck all over the oilfield, at all hours of the day, as a hot shot, a driver who hauls equipment from one job site to another. Recently, things have slowed down a lot.

"It used to be you’d get called out at four in the morning and be doing runs until 10 at night," she said.

Now, she waits by the phone most of the day. There are 80 fewer drilling rigs here in North Dakota than there were six months ago. That means less to haul around.

At the office of Badlands Service Group, the small oil field company Apryl works for, owner Jim Levasseur said his work force is 40 percent smaller than it was a few weeks ago. He's been cutting people's hours — and then a lot of them have quit.

"They’re wanting 60 to 80 hours a week, and if they’re only going to get 40 hours a week, they’re going to go home," he said. "It may not be as much money, but at least they’re home every night and not sacrificing."

Given how dangerous the oilfield is, Jim said, he doesn't blame them for leaving. "People get killed up here on a weekly basis. These are the worst conditions I’ve ever seen for working."

Safety is only part of why Apryl is leaving. Her unpleasant housing situation is another major contributor. A week ago, Jim combined employee housing to cut costs. He asked Apryl to move in with 11 young men in a tired old ranch house on what used to be the outskirts of Williston, which is now hemmed in by new apartment buildings.

"I try to wear bulky pajamas and heavy sweatshirts and try to be as unattractive as possible," she said. "Because I don’t want to provoke any unwanted comments."

Apryl looked for other places to live, but an average one bedroom here still runs over $2,000. Her ad on Craigslist seeking housing didn’t work, either: She received a bunch of offers of free rent in exchange for sexual favors.

"There weren't any legit, comfortable offers," she said.

But there's another reason, a deeper reason, why she decided to leave. Ten years ago, her mother died. At that time Apryl sold everything she owned (except a storage unit full of her mother's cookbooks) and began bouncing from job to job: oilfield trucker in Colorado, cattle ranch cook in Wyoming. She was running, she said, from anything she used to do, anything that made her feel like herself — until she got to the Bakken.

"It took the absolute grungiest, dingiest, darkest part of life to make me realize you can stop running," she said.

The oilfield slowdown has given her a chance to pause. To think about what brought her to the Bakken, and what no longer keeps her there.

"I lost myself in the oilfields," Apryl said. "I lost myself chasing money for all the wrong reasons, and I’m not going to let it happen again."

Two days later, Apryl left Williston for a mountain town in Colorado she had talked about a lot. She’s running again, but this time to a place that feels like home.

Why RadioShack's bankruptcy ended in an auction

Mon, 2015-03-23 08:36

A bankruptcy auction began for RadioShack Monday. One bidder is Standard General, a hedge fund that is also a major RadioShack shareholder and creditor. It wants to keep approximately half RadioShack's stores open through a deal with Sprint. But other bidders are expected to be liquidators, looking to simply sell off all RadioShack's assets. 

The bankruptcy auction is a different approach than the restructuring and relaunching that characterized, for example, American Airlines' bankruptcy. But Peter Gilhuly, co-chair of the insolvency practice at Latham and Watkins, says it's actually more common, especially for retailers. 

"Auctions are wonderful mechanisms for determining a price and allocating a resource," says Bob Hansen, professor of business administration at the Tuck School of Business at Dartmouth.

But bankruptcy auctions legally can optimize only that price, looking for the "highest and best offer" to pay back creditors — even though the different plans will have vastly different outcomes for the business. Standard General says its plan will save 9,000 jobs.

"That's what makes this news," says Michael Pachter, analyst at Wedbush Securities. "We just don't know. And people's jobs are in the balance."

Big changes on the way to the NFL

Mon, 2015-03-23 08:30

Forget basketball and the NCAA tournament for a minute here. Let's talk football.

The NFL is having its annual owners meeting this week in Phoenix, out of which have come two things of note:

One: the NFL's gonna suspend its longstanding and much-hated blackout rule for this coming season. That's the rule that had kept home games off television in local markets unless they're sold out 72 hours before kickoff.

And two: the league will broadcast the October 25 Jacksonville vs. Buffalo game online via Facebook or YouTube.

When you consider that the NFL signed $27 billion worth of television contracts just a couple of years ago, it's an interesting first step.

How a poison pill works

Mon, 2015-03-23 05:33

For months, the biggest mall operator in the U.S., Simon Property Group (SPG), has been trying to buy the third largest, Macerich.

SPG has tried everything: SPG asked the board of directors from Macerich nicely, it has thrown money at shareholders, and now it's waging a nasty campaign in the press against the company's directors.

It's a classic example of a hostile takeover, and as SPG has gotten more and more hostile, Macerich has responded with some hostility of its own: a "poison pill."

A poison pill is essentially a deterrent designed to make a buyout very unpleasant for the acquiring company. Poison pills come in all sorts of shapes and sizes and have a variety of effects.

Poison pills come in two basic forms: They can either make an acquisition very hard to swallow, or they can have awful side-effects.

The Macerich poison pill falls into the first camp. If SPG attempts to buy up a huge chunk of Macerich — specifically 10 percent or more of the company — current shareholders will be able to buy one preferred share for every share of Macerich that they already hold. This will dilute the value of SPG's 10 percent stake, and also make it doubly expensive to buy Macerich.

Pretty hard to swallow, right?

There is one antidote to this poison, though, and that's money — and SPG has buckets of money. The company may decide it wants Macerich so badly it is prepared to spend the money and swallow the poison — with Macerich right along with it. 

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