Nearly every major cultural institution in New York has an organization devoted to cultivating future donors. They do this through a series of incentives like free admission to shows, openings and parties, where open bars are meant to open wallets. To oversimplify: liquor out, with hopes of money in later.
Bonds sold to finance Florida housing developments are being issued at the fastest rate in six years as investors seek extra yield from the municipal debt even as 85 percent of such securities have defaulted since 2008.
Xinhua Finance Ltd.’s former chief executive officer, Loretta Fredy Bush, was sentenced to one month in prison for conspiring to obstruct the Internal Revenue Service, resolving U.S. accusations that she joined a $50 million fraud scheme.
Morgans Hotel Group Co., the boutique-hotel operator under pressure from its largest shareholder, said Yucaipa Cos. will swap interests in the company’s convertible notes and preferred stock for its ownership in the Delano South Beach and the Light Group.